我国上市公司现金股利分配政策对公司价值的影响

发布时间：2018-07-12 21:33

本文选题：上市公司 + 现金股利　；参考：《江西农业大学》2014年硕士论文

【摘要】：股利政策作为企业融资和投资的平衡点，一方面要考虑企业的资本结构合理性和扩大再生产的需求，另一方面还要顾及投资者的投资回报需求，如何在这二者之间做权衡，目前并没有一定的结论，，成为众多学者争论的焦点。企业是选择以股票的形式支付股利，还是以现金的形式支付股利，又让不少企业管理者犯难。不同的人，站在不同的角度，会对上市公司分配现金股利的行为产生不同的看法，那么，在既响应国家提倡上市公司定期进行现金分红的号召下，又满足广大投资者对现金分红的回报需求下，上市公司能否通过这一举措同时达到提升公司价值的目标呢？本文将借助SPSS、Excel软件对深交所和上交所A股市场上的1760家上市公司数据，采用比较分析、描述性统计和逐步多元回归等方法对这个问题进行研究探讨。经过实证分析后发现，上市公司现金股利分配的行业差异并不是普遍现象，在经济复苏背景下的上市公司是否支付现金股利、股利支付率均与公司价值负相关。
[Abstract]:As the balance point of financing and investment, dividend policy should consider the rationality of capital structure and the demand of expanding reproduction on the one hand, on the other hand, take into account the investment return demand of investors, and how to balance the two. At present, there is no certain conclusion, which has become the focus of many scholars. Enterprises choose to pay dividends in the form of stock or cash, which makes many enterprise managers find it difficult to pay dividends. Different people, from different angles, will have different views on the behavior of listed companies in allocating cash dividends. Well, in response to the call of the state that listed companies should regularly carry out cash dividends, And to meet the return needs of the vast number of investors to cash dividends, can the listed companies through this measure to achieve the goal of enhancing the value of the company at the same time? In this paper, the data of 1760 listed companies in Shanghai and Shenzhen Stock Exchange are studied with the help of SPSS Excel software. The methods of comparative analysis, descriptive statistics and stepwise multivariate regression are used to study this problem. After empirical analysis, it is found that the industry difference of cash dividend distribution of listed companies is not a common phenomenon, whether or not the listed companies pay cash dividends and the dividend payment rate are negatively correlated with the company value under the background of economic recovery.
【学位授予单位】：江西农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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