创业板上市公司成长性对其股利分配政策影响的实证研究

发布时间：2018-06-06 01:31

本文选题：创业板上市公司 + 成长性　；参考：《海南大学》2014年硕士论文

【摘要】：2009年10月30日,中国创业板市场正式成立,创业板的上市条件比较宽松,主要是为一些创新型、成长型、风险型的中小企业提供了一个融资的平台。成长能力强是创业板上市公司普遍具有的最突出的特点。同时,股利分派政策一直以来都特别得到上市公司高层的关注,是上市公司重要的财务政策之一。影响股利政策的因素有很多,如未来成长机会、盈利能力等。本文试图从成长性的视角探索其对创业板上市公司股利分配政策的影响,即成长性的高低是否影响其对股利分配政策的制定,为探索解决创业板市场“股利之谜”提供一定的实证依据。本文选择153家2010年12月31日前在深交所上市的创业板上市公司为样本,通过近三年的年报数据,从盈利能力、偿债能力等多个方面,选取具有代表性的主要财务指标,然后运用因子分析法对中国的创业板上市公司的成长性进行实证研究,并最终通过计算成长性综合得分将创业板上市公司分为成长性和非成长性两类,接下来从成长的角度,对于成长性是否会影响创业板上市公司的股利分配政策进行假说,继而采用描述统计、比较分析、回归分析等方法实证检验假说的成立与否,最终得出本文的结论,即创业板上市公司的成长性与其股利政策波动性呈现正相关关系,即高成长性公司比低成长性公司股利支付稳定性及连续性都更高。根据上述实证分析结论,本文从宏观法律、政府监管、外部投资者、上市公司本身四个方面提出了对策建议,希望能为各方研究提供有价值的信息。最后,本文还指出了其尚存的不足之处以及今后研究的努力方向。
[Abstract]:On October 30, 2009, China's gem market was formally established, and the listing conditions of the gem were relatively loose, mainly to provide a financing platform for some innovative, growth-oriented and risk-based SMEs. Strong growth ability is the most prominent characteristics of gem listed companies. At the same time, dividend distribution policy has been paid special attention by the top management of listed companies, which is one of the important financial policies of listed companies. There are many factors affecting dividend policy, such as future growth opportunities, profitability and so on. This paper attempts to explore its impact on the dividend distribution policy of gem listed companies from the perspective of growth, that is, whether the level of growth affects the formulation of dividend distribution policy. In order to find a way to solve the "riddle of dividend" in the gem market, this paper selects 153 listed companies listed on Shenzhen Stock Exchange before December 31, 2010 as a sample, and through the annual report data of nearly three years, from the profitability, In this paper, the main financial indicators are selected, and then the growth of gem listed companies in China is empirically studied by factor analysis. Finally, through the calculation of growth comprehensive score, the gem listed companies are divided into growth and non-growth, then from the growth point of view, whether growth will affect the gem listed companies dividend distribution policy hypothesis, Then, using descriptive statistics, comparative analysis, regression analysis and other methods to test the hypothesis or not, the conclusion of this paper is that the growth of gem listed companies is positively related to the volatility of dividend policy. That is, high growth companies than low growth companies dividend payment stability and continuity are higher. According to the above empirical analysis conclusion, this paper puts forward countermeasures and suggestions from four aspects of macro law, government supervision, external investors and listed companies themselves, hoping to provide valuable information for all parties to study. Finally, the paper also points out its remaining shortcomings and the direction of future research.
【学位授予单位】：海南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

【参考文献】