我国中部地区民营上市公司股利政策的实证研究

发布时间：2018-06-01 23:14

本文选题：民营上市企业 + 股利政策　；参考：《山西财经大学》2014年硕士论文

【摘要】：从1990年上海证券交易所成立至今短短的24年间，中国证券市场发生了翻天覆地的变化，同时，证券市场已经渐渐成为了我国社会主义市场经济的主力军。随着证券市场的不断发展，民营上市公司作为我国新生力量，在近几年的发展中突飞猛进，经过2013年底的报告得知，民营上市公司的加权每股净收益远高于沪、深两市的水平，这些数据都表现出了民营上市企业强大的生命力和较强的盈利能力。但是，民营企业在高速发展的同时表现出了一些问题，特别是中部地区民营上市企业出现了，例如股权结构不合理、家族企业利润分配不规范、股利分配连续性和稳定性差以及恶性分红等等问题，这些问题的出现将制约着民营上市企业的可持续发展。本文在阐述了股利分配政策相关理论的基础上，在中部六省770家民营上市公司中选取40家有代表性的公司作为样本研究，收集了2009-2013年五年间样本公司的年报及相关财务指标，首先从现有的财务指标出发，简单描述了中部六省民营上市企业的股利分配现状；其次，运用构建模型的方法，通过SPSS软件进行了相关性测试和多元回归模型的分析，找出民营上市企业股利支付水平和派现能力的影响因素；最后，基于描述性分析和多元回归分析的结果，找出中部地区民营上市企业在股利政策上出现的问题，并对此提出优化民营企业股利政策具体的建议。本文运用数据分析和多元回归分析的方法，进行了以下六部分的研究：第一章，主要研究本文的背景和意义、国内外相关的文献研究以及本文在股利政策研究方面表现出的创新和不足；第二章，主要介绍传统以及现代的股利政策；第三章，主要介绍了中部六省民营上市公司股利分配的现状，通过对民营上市企业股利分配情况、派现比例以及股利支付率的分析，指出中部地区民营上市企业具有股利分配较为普遍、股利支付主要以现金为主、股利支付率偏低等问题；第四章，是对中部地区样本民营上市企业实证研究的研究设计；第五章，主要是实证的结果分析，在运用描述性统计结果分析、相关性测试以及多元线性回归分析之后，得出了股利集中度、董事长管理人员的比例、独立董事的比例是如何影响股利政策。第六章，主要有针对性地提出了自己的建议，包括：规范股利政策制定、提高公司盈利能力、优化公司股权结构等。
[Abstract]:Since the establishment of the Shanghai Stock Exchange in 1990, China's securities market has undergone earth-shaking changes. At the same time, the securities market has gradually become the main force of our socialist market economy. With the continuous development of the securities market, private listed companies, as a new force in our country, have made rapid progress in recent years. After the report of the end of 2013, we know that the weighted net income per share of the private listed companies is much higher than that of the Shanghai and Shenzhen stock markets. These data all showed the strong vitality and the strong profitability of the private listed enterprises. However, at the same time of the rapid development of private enterprises, there are some problems, especially the emergence of private listed enterprises in the central region, such as unreasonable ownership structure, non-standard profit distribution of family enterprises, The problems of poor continuity and stability of dividend distribution and malignant dividends will restrict the sustainable development of private listed enterprises. On the basis of explaining the relevant theories of dividend distribution policy, this paper selects 40 representative companies among 770 private listed companies in six central provinces as the sample, and collects the annual reports and related financial indexes of the sample companies during the five years from 2009 to 2013. Starting from the existing financial indicators, this paper briefly describes the status quo of dividend distribution of private listed enterprises in six central provinces. Secondly, by using the method of constructing model, the correlation test and the analysis of multivariate regression model are carried out by SPSS software. Finally, based on the results of descriptive analysis and multiple regression analysis, we find out the problems in dividend policy of private listed enterprises in the central region. And put forward to optimize the private enterprise dividend policy specific suggestions. This paper uses the methods of data analysis and multivariate regression analysis to study the following six parts: chapter one, the background and significance of this paper. Domestic and foreign relevant literature research and this article in the dividend policy research aspect displays the innovation and the insufficiency; the second chapter, mainly introduces the traditional and the modern dividend policy; the third chapter, This paper mainly introduces the current situation of dividend distribution of private listed companies in six provinces of central China, and points out that the distribution of dividend in private listed enterprises in the central region is relatively common through the analysis of the distribution of dividend, the proportion of dividend payout and the rate of dividend payment in private listed enterprises in the central region. Dividend payment is mainly cash, dividend payment rate is low; the fourth chapter is a sample of private listed enterprises in the central region empirical research design; the fifth chapter, mainly empirical results analysis, After using descriptive statistical analysis, correlation test and multiple linear regression analysis, the paper concludes how dividend concentration, the proportion of chairman and management, and the proportion of independent directors affect dividend policy. In the sixth chapter, the author puts forward his own suggestions, including standardizing dividend policy, improving the profitability of the company, optimizing the structure of the company's equity, and so on.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.5;F832.51;F275

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