上证180公司现金股利分红能力评级研究

发布时间：2018-05-23 10:41

本文选题：分红能力 + 股利政策　；参考：《西南财经大学》2014年硕士论文

【摘要】：股利政策一直被西方学术界称为“不解之谜”。股利政策作为公司财务活动的三大核心内容之一,倍受中外学者的关注。股利是股东投资回报,是股东最为关心的问题,同样作为公司融资活动的延续,恰当的股利政策能激发投资者的投资热情,为公司树立一个良好的企业形象,为公司长远发展创造条件和机会。我国资本市场经过短短二十几年的蓬勃发展,市场规模已经超过绝大部分国家,处于世界第二的位置,参与日常交易的股民人数就有7000多万人。但是同西方发达的资本市场相比较,我国上市公司股利分配行为存在许多与众不同的特点,甚至是有些怪异之处,值得我们去探究。本文首先回顾有关现金股利的中外文献,从股利分配影响因素角度进行梳理,按照信号传递理论、代理理论和生命周期理论为依据,分析总结了5大影响因素：治理结构、法律和市场、公司财务、上期股利政策和所处行业。其中,公司财务因素为重点研究对象,选取7个具有代表性的指标进行衡量,其他因素各选1到2个指标,共计12个指标。本文以2012年的上证180中剔除银行和保险业后的162家公司数据做样本,采用Logit回归模型,研究哪些因素影响上市公司派现与否。再以其中派现的151家作为样本,建立多元回归模型,采用逐步回归的方法,研究现金股利金额与影响因素之间的量化关系。本文对现金分红能力评级研究具有重要意义：第一,对现金股利分配行为的研究已有相当多的文献,但很少有文献涉及到现金股利分红能力评级。故本文对现金分红能力评级研究是一新的研究出发点,给后续研究提供参考。第二,各学者根据自身研究目的的不同,会从不同角度的研究现金股利影响因素,有公司财务状况、治理结构和外部因素等。本文通过对众多学者研究成果的归纳,整理出5个主要因素,以此构建分红能力评价体系。第三,希望相关监管部门和上市公司能以此为鉴,采取有效措施规范和完善现金股利政策,使中国资本市场不断完善和进步。本文在样本选取上只选取了一年数据作为样本,具有特殊性,评价体系应用范围也较为狭窄,可以进一步拓展评价体系的适用范围。
[Abstract]:Dividend policy has been called "an unsolved puzzle" in western academic circles. Dividend policy is one of the three core contents of the company's financial activities. It has attracted the attention of Chinese and foreign scholars. Dividend is the return of shareholders' investment, which is the most concern of shareholders. It is also the continuation of the company's financing activities. The appropriate dividend policy can stimulate the investment of investors. Enthusiasm for the company, to create a good corporate image for the company, and create conditions and opportunities for the long-term development of the company.
After a few years of vigorous development in China's capital market, the market scale has exceeded the vast majority of countries, in the position of second in the world, and the number of people involved in daily transactions is about 70000000. But compared with the developed western capital markets, there are many distinctive characteristics of the dividend distribution behavior of our listed companies. Even some of the weird things are worth exploring.
This paper first reviews the Chinese and foreign documents about cash dividends, and combs the influence factors of dividend distribution. According to the theory of signal transmission, agency theory and life cycle theory, it analyzes and summarizes 5 influential factors: governance structure, law and market, company finance, dividend policy and the industry. As the focus of the study, 7 representative indicators were selected for the measurement. Other factors selected 1 to 2 indicators, a total of 12 indicators.
In this paper, the data of 162 companies after the bank and insurance industry in Shanghai 180 in 2012 are taken as samples and the Logit regression model is used to study which factors affect the distribution of listed companies. Then the multiple regression model is set up with 151 listed companies as samples, and the cash dividend amount and the influencing factors are studied by the stepwise regression method. The quantitative relationship between them.
This paper is of great significance to the research on the rating of cash dividends.
First, there are quite a lot of literature on the study of cash dividend distribution, but few literature involves the rating of dividend dividend capacity. Therefore, this paper is a new starting point for the study of cash dividend rating, which provides a reference for follow-up research.
Second, according to the different purpose of their own research, each scholar will study the influence factors of cash dividend from different angles, including the financial situation of the company, the governance structure and the external factors. Through the induction of the research results of many scholars, this paper collate 5 main factors, so as to build the evaluation system of the dividend capacity.
Third, we hope that the relevant regulatory authorities and listed companies can take this as a lesson and take effective measures to standardize and improve the cash dividend policy so as to improve and improve the Chinese capital market.
In this paper, only one year's data are selected as samples, which are special, and the application scope of the evaluation system is narrow, which can further expand the scope of application of the evaluation system.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】