内蒙古兰太实业股利分配存在的问题及对策研究

发布时间：2018-05-07 22:34

本文选题：利润分配 + 股利政策　；参考：《内蒙古大学》2017年硕士论文

【摘要】：80年代初期,资本市场开始在我国萌芽,随后逐渐发展起来,迄今为止已有37年的时间。由刚开始市场的方兴未艾、国人的懵懂无知,到现如今证监会的成立、《证券法》等法律法规的不断完善和专业人士的涌入,资本市场已经渐渐走向成熟,以往那种只注重融资聚财而忽略回报股东的行为已经不再被普罗大众所接受,股票红利回报在人们心中的地位日渐提升。社会各界人士认为上市公司在利用投资者的资金为自身谋得发展之时,同时也更加应该承担起回报投资者、回报社会的责任。由此,上市公司制定一个合理的、能兼顾各方利益的股利政策是极为必要的,这不仅能树立一个良好的企业形象,还会促进资本市场上投融资双方的良性互动,保持资本市场长期稳定发展。笔者对内蒙古自治区27家上市公司自上市以来历年的股利分配政策进行了相关信息和数据资料的收集,通过整合、对比与分析,发现自治区内位于阿拉善盟的兰太实业股份有限公司(以下简称为"兰太实业")在股利分配方面存在着十分典型和突出的问题,非常具有代表性,能够全面清晰地反映整个内蒙古地区上市公司在分红上存在着的显著问题,因而选取了兰太实业作为研究对象进行研究。其次,运用描述性统计法和比较分析法对其历年报表、公司简史、年度利润分配实施公告、非公开发行股票预案、非公开发行股票申购、控股股东增持计划等各种公开发布的信息进行分析,通过纵向分析和横向分析相结合的方式,全面概括内蒙古兰太实业股份有限公司的现金分红现状,综合对比后发现公司以再融资为目的进行派现、超负荷派现、融资派现、派现水平低、大股东过分的主导权优势、股利分配方式单一和股利支付稳定性差是其比较突出的问题。然后,针对问题通过数据分析和财务信息综合解读找到对应的原因,认为抛开行业、地区、政策法规等外部因素,公司自身的原因如股权结构的不完善、股权分配缺乏合理的配套指导、过分重视大股东股利分配意愿、筹融资能力较差、盈利能力不足、资产质量不优、负债水平高、现金流量不足、企业投资活动多等也是非常关键的。最后,结合市场和公司自身的发展情况,对完善内蒙古兰太实业股利分配提出了相关建议。
[Abstract]:In the early 1980s, the capital market began to sprout in China, and then gradually developed, so far it has been 37 years. From the beginning of the market is in the ascendant, the Chinese ignorant, to now the establishment of the Securities Regulatory Commission, "Securities Law" and other laws and regulations continue to improve and the influx of professionals, the capital market has gradually matured. In the past, the practice of focusing only on raising money and ignoring the return on shareholders is no longer accepted by the general public, and the status of dividend returns in people's minds is rising day by day. People from all walks of life think that listed companies should take the responsibility of returning investors and society when they use the funds of investors for their own development. As a result, it is extremely necessary for a listed company to formulate a reasonable dividend policy that takes into account the interests of all parties, which not only sets up a good corporate image, but also promotes the benign interaction between investment and financing in the capital market. We will maintain long-term and stable development of the capital market. The author collected the relevant information and data of the dividend distribution policies of 27 listed companies in Inner Mongolia Autonomous region since their listing, and compared and analyzed them through integration, comparison and analysis. It was found that the Lantai Industrial Co., Ltd. (hereinafter referred to as "Lantai Industry"), which is located in Alashan League in the autonomous region, has very typical and prominent problems in dividend distribution, and it is very representative. It can reflect the obvious problems of the listed companies in Inner Mongolia, so we choose Lantai Industry as the research object. Secondly, by using descriptive statistical method and comparative analysis method, the paper analyzes the past years' statements, the brief history of the company, the announcement of the distribution of annual profits, the plan for the non-public issuance of shares, and the application for the non-public issue of shares. Through the combination of vertical analysis and horizontal analysis, the paper comprehensively summarizes the cash dividend situation of Inner Mongolia Lantai Industrial Co., Ltd. After comprehensive comparison, it is found that the company pays cash for the purpose of refinancing, overload payout, financing payout, low cash distribution level, excessive dominant power advantage of large shareholders, single dividend distribution mode and poor stability of dividend payment. Then, through the analysis of data and comprehensive interpretation of financial information to find the corresponding reasons, think that the industry, regions, policies and regulations and other external factors, the company's own reasons such as the imperfect ownership structure, Lack of reasonable guidance for equity distribution, excessive emphasis on the willingness of major shareholders to distribute dividends, poor ability to raise and raise capital, insufficient profitability, poor quality of assets, high level of liabilities, insufficient cash flow, Enterprise investment activity is also very important. Finally, according to the development of the market and the company itself, some suggestions are put forward to improve the dividend distribution of Inner Mongolia Lantai Industry.
【学位授予单位】：内蒙古大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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