通航上市公司现金股利政策的影响因素分析

发布时间：2018-08-28 11:03

【摘要】：现金股利政策是上市公司利润分配方面的一项财务政策,它能反映上市公司的财务状况,能够为投资者的投资决策提供参考依据。良好的现金股利政策,能够帮助上市公司在资本市场建立良好信誉、维持良好的公司形象,能够容易地获得融资,满足资金需求。而现阶段,我国证券市场发展尚未成熟,还存在着诸多问题和弊端,比如许多上市公司对现金股利政策采取消极对待的态度,不分配股利或者分配的股利金额仅仅满足证监会要求等。因此,分析上市公司现金股利政策的影响因素则有十分重要的研究价值。通用航空产业是我国民用航空领域的一个重要组成部分,其发展能够拉动其他产业的经济增长,在我国经济增长中扮演重要的角色。通航产业是一个对技术要求很高的产业,它的发展占用的资金比较多,合适稳定的现金股利政策会使之容易得到融资,获得大量的资金支持。目前,我国通航上市公司在现金股利分配方面已经出现了一些弊端,不及时处理这些弊端就会导致公司的持续经营出现问题。本文将通航上市公司作为研究对象,通过理论分析及实证分析来探究通航上市公司影响现金股利政策的因素,进而为我国监管部门的监管方案以及通航上市公司的现金股利政策提供一些理论及实证依据。本文选取了2011-2015年度的数据,从是否分配现金股利及发放现金股利的水平两方面进行理论分析及实证分析。本文在分析通航上市公司现金股利分配的现状后,归纳汇总了目前存在的问题,并理论分析了影响现金股利政策的因素,主要从流动资产占比、盈利能力、现金流量、偿债能力等方面进行了研究。然后应用二元logistic回归模型及逐步回归模型对这些影响因素进行了实证分析,并对实证结果进行了个体研究。最后,依据这些实证分析的结论,提出了优化现金股利政策的建议。
[Abstract]:Cash dividend policy is a financial policy in profit distribution of listed companies. It can reflect the financial situation of listed companies and provide reference for investors to make investment decisions. Good cash dividend policy can help listed companies to establish good reputation in the capital market, maintain a good corporate image, can easily obtain financing to meet the capital needs. However, at this stage, the development of China's securities market is not yet mature, and there are still many problems and drawbacks. For example, many listed companies take a negative attitude towards the cash dividend policy. Do not distribute dividend or the amount of dividend distribution only meet the requirements of the SFC and so on. Therefore, it is of great value to analyze the influencing factors of cash dividend policy of listed companies. General aviation industry is an important part of civil aviation field in China. Its development can stimulate the economic growth of other industries and play an important role in the economic growth of our country. The navigable industry is an industry with high technical requirements, and its development takes up a lot of funds. A suitable and stable cash dividend policy will make it easy to obtain financing and obtain a large amount of capital support. At present, there have been some drawbacks in the cash dividend distribution of listed companies in China, which will lead to the problems of the company's continuing operation if they are not dealt with in time. In this paper, we take listed companies as the research object, through theoretical analysis and empirical analysis to explore the impact of listed companies on the cash dividend policy factors, Then it provides some theoretical and empirical basis for the supervision scheme of China's regulatory authorities and the cash dividend policy of listed companies. Based on the data of 2011-2015, this paper makes theoretical and empirical analysis on whether or not to distribute cash dividends and the level of cash dividends. After analyzing the current situation of cash dividend distribution of listed companies, this paper summarizes the existing problems, and theoretically analyzes the factors that affect the cash dividend policy, mainly from the proportion of current assets, profitability, cash flow. The ability to repay debt has been studied. Then we use the binary logistic regression model and the stepwise regression model to analyze these influencing factors and make an individual study of the empirical results. Finally, according to the conclusions of these empirical analysis, the suggestions of optimizing cash dividend policy are put forward.
【学位授予单位】：沈阳航空航天大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F562.6;F560.68

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