我国创业板上市公司股利政策与股价波动的相关性分析

发布时间：2018-06-23 20:50

本文选题：股价波动 + 股利政策　；参考：《安徽农业大学》2017年硕士论文

【摘要】：我国创业板市场成立于2009年10月30,经过几年的快速发展,创业板市场的上市公司无论从总上市公司的数量还是市场总市值都得到了极大的提高。国内外关于股利政策与股价波动的研究大多基于主板市场,由于创业板市场相对于主板市场的特殊性,本文研究在创业板市场中上市公司股利政策与股价波动的相关性,从而对创业板上市公司的股利政策的制定提供一定的借鉴意义。本文主要以理论研究与实证研究相结合的方式研究公司的不同股利政策与股价波动是否存在相关性以及相关的程度如何。实证部分,选取部分创业板上市公司为样本,至于创业板市场成立时间较晚,因此选取截至2012年初在创业板上市的公司为研究样本,选取2012至2016这五年数据进行研究。首先,对不同股利政策与股价波动的相关性进行研究主要针对的是现金股利政策与股票股利政策。其次,以不同的股利政策为依据进行分组,进行进一步深入的研究。通过理论与实证研究本文主要得出以下结论:(1)创业板上市公司的股利政策与股价波动具有相关性,无论现金股利还是股票股利都与股票价格波动都具有显著的相关性。(2)在创业板市场上市公司股利政策中,现金股利与股价波动显著负相关,股票股利与股价波动显著正相关。(3)创业板市场上市公司发放现金股利能够抑制股票价格非理性的波动,现金股利的发放会促进公司股票价格的波动与公司基本面信息的联系具有显著性,而公司不发放现金股利会导致公司股票价格波动更加的非理性,即股价的波动与公司基本面信息、公司内在价值关系不大。本文主要包括五个部分,第一章:绪论,阐述本文的研究背景、意义与文献综述,本文主要的研究内容、研究方法与的基本框架,然后,介绍本文相对创新之处与本文的不足之处。第二章:相关理论分析,对与本文研究的相关概念与股利相关理论进行说明。第三章:分析我国创业板上市公司股利政策特征与现状。第四章:实证过程,本文采用的是多元线性回归的研究方法,实证检验创业板市场上市公司的股利政策与股价波动的关系,股利政策是否对股价波动具有显著的相关性以及影响程度。第五章:结论与启示,通过各种研究得出本文的结论与启示。
[Abstract]:The GEM market in China was founded in 30 in October 2009. After several years of rapid development, the listed companies in the GEM market have greatly improved from the number of the total listed companies and the market value of the market. The research on the dividend policy and the volatility of the stock price at home and abroad is mostly based on the main board market, because the GEM market is relative to the main board. The particularity of the market, this paper studies the correlation between the dividend policy of the listed companies and the fluctuation of the stock price in the GEM market, so as to provide some reference for the formulation of the dividend policy of the GEM listed companies. This paper mainly studies the different dividend policies and the volatility of the stock by combining theoretical and empirical research. The empirical part selects some GEM listed companies as samples, and the time of the founding of the gem is late, so select the companies listed on the gem by the beginning of 2012 as the research samples and select the data from 2012 to 2016 for the five years. First, the different dividend policies and the stock price wave. The main purpose of the study is the cash dividend policy and the stock dividend policy. Secondly, it is divided into groups based on different dividend policies to carry out further research. Through the theoretical and empirical study, the main conclusions are drawn as follows: (1) the dividend policy of the GEM listed companies is related to the volatility of stock prices. Both the cash dividend and the stock dividend have a significant correlation with the stock price fluctuation. (2) in the dividend policy of the GEM listed companies, the cash dividend has a significant negative correlation with the volatility of the stock price, and the stock dividend has a significant positive correlation with the stock price fluctuation. (3) the issuance of cash dividends in the GEM listed companies can inhibit the stock price. Rational fluctuations, cash dividends will promote the volatility of the stock price of the company and the company's basic information, but the company does not pay cash dividends will lead to more irrational stock price volatility, that is, the volatility of the stock price and the company's basic information, the intrinsic value of the company has little relation. This article mainly includes five Chapter 1: the first chapter: introduction, the research background, significance and literature review, the main research content, the basic framework of the research method and the basic framework, and then, introduce the relative innovation of this paper and the shortcomings of this article. The second chapter: the related theory analysis, the related concepts and the dividend related theory of this paper. The three chapter: analysis of the characteristics and status quo of the dividend policy of Chinese GEM listed companies. Fourth chapter: empirical process, this paper uses the multiple linear regression research method, the empirical test of the relationship between dividend policy and stock price fluctuation of the GEM listed companies, whether the dividend policy has significant correlation to the stock price fluctuation and the degree of influence. The fifth chapter: conclusion and inspiration, draw the conclusion and Inspiration of this article through various studies.
【学位授予单位】：安徽农业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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