我国创业板上市公司股利政策影响因素研究

发布时间：2018-04-28 13:01

本文选题：创业板上市公司 + 股利政策　；参考：《黑龙江大学》2014年硕士论文

【摘要】：股利政策是指公司管理者对股利支付有关事项的确定，是股份制企业利润分配的重要组成部分，与筹资决策、投资决策并称为企业的三大财务管理活动。股利政策一直是国内外理论界和实务界研究和探讨的热点。自20世纪50年代起，国外学者便对股利政策开始展开研究，并产生了许多经典理论。我国学者也在20世纪90年代中后期逐步开始对股利政策的研究，并取得了一系列的研究成果。但目前国内的股利政策研究大多是基于我国主板市场，由于我国创业板市场起步较晚，对创业板上市公司股利政策的相关研究还比较匮乏。而某一上市公司的股利政策的优劣，直接影响到该公司的投资、筹资活动，关系到公司经营者、债权人及其他利益相关者的权利和义务。因此，对于刚刚起步且投资风险相对较高的创业板上市公司来说，对其股利政策进行研究显得尤为重要。股利政策的影响因素主要包括：国家宏观经济环境因素、法律因素等外部因素以及自由现金流量、偿债能力等企业内部因素。本文在回顾有关国内外股利政策影响因素的文献的基础上，查阅相关的统计数据，对我国创业板上市公司年报的内容进行整理，主要从企业自身的角度考虑设置了相应的股利政策影响因素指标，选取2010年1月1日至2012年12月31日共计325家分配股利且数据有效的创业板上市公司的相关数据作为样本数据，以spss17.0统计软件为工具，采用实证研究方法，，对影响我国创业板上市公司股利政策的因素进行研究。本文在对我国创业板上市公司现行股利政策的动因进行了实证分析的基础上，分别从加强公司内部控制、提高盈利能力等企业内部环境的优化及加强法律法规建设、完善国家宏观经济环境等企业外部环境的优化两个方面提出了完善我国创业板上市公司股利政策的具体对策。希望可为推动我国创业板上市公司持续、健康发展提供一定的帮助。
[Abstract]:Dividend policy refers to the company managers to determine the relevant matters of dividend payment, is an important part of the profit distribution of joint-stock enterprises, and financing decisions, investment decisions are known as the three major financial management activities of enterprises. Dividend policy has always been a hot spot in the theoretical and practical circles at home and abroad. Since the 1950s, foreign scholars began to study dividend policy, and produced many classical theories. Chinese scholars began to study dividend policy gradually in the middle and late 1990s, and obtained a series of research results. However, most of the domestic dividend policy research is based on the main board market, because the gem market started late, the research on the dividend policy of gem listed companies is still relatively scarce. The dividend policy of a listed company has a direct impact on the company's investment, financing activities, related to the rights and obligations of the company's managers, creditors and other stakeholders. Therefore, it is very important to study the dividend policy for the listed companies with relatively high investment risk. The influencing factors of dividend policy include: national macroeconomic environmental factors, legal factors and other external factors, as well as free cash flow, solvency and other internal factors. On the basis of reviewing the literature on the influencing factors of dividend policy at home and abroad, this paper reviews the relevant statistical data, and collates the contents of the annual report of listed companies on the gem. Mainly from the point of view of the enterprise itself, set up the corresponding impact factors of dividend policy indicators, select a total of 325 companies from January 1, 2010 to December 31, 2012, and the relevant data of gem listed companies with valid data as sample data. With the spss17.0 statistical software as the tool, this paper studies the factors that influence the dividend policy of the listed companies in the gem by using the empirical research method. On the basis of the empirical analysis of the motivation of the current dividend policy of the listed companies on the gem, this paper respectively strengthens the optimization of the internal environment of the companies, such as strengthening the internal control of the companies, improving their profitability, and strengthening the construction of laws and regulations. The paper puts forward the concrete countermeasures to perfect the dividend policy of the listed companies on the gem in two aspects, such as perfecting the national macroeconomic environment and optimizing the external environment of the enterprises. Hope to promote the gem listed companies sustainable and healthy development to provide some help.
【学位授予单位】：黑龙江大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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