企业生命周期对我国上市公司现金股利的影响研究

发布时间：2019-06-07 10:05

【摘要】：作为近年来国际管理类研究比较热门的理论之一,企业生命周期理论受到广泛关注。根据这一理论,企业的发展类似于生物体的发展,将经历生命历程的产生、发展、成熟和衰亡这些阶段,在一定程度上显示出周期性现象。如果企业想在市场上保持长久发展的地位,认识其所处的生命周期阶段并掌握变动规律十分必要。企业应该明确其目前所处的生命周期阶段或状况,确立比较合适的财务策略,不断完善企业管理能力,提高企业竞争能力,推动其健康发展。股利政策是公司税后净利润是分配给股东或进行内部留存的一种选择,现金股利的发放与否既影响到股东、债权人等利益相关者的利益,又关系到公司未来发展的走向。作为目前解释股利政策的主导理论,信号理论和代理成本理论却在解释中国上市公司的现金分红政策过程中遇到了瓶颈。了解我国上市公司在生命周期的不同阶段时,是否会根据其内部和外部环境影响因素而制定不同需要的现金股利分配政策十分必要。基于现金股利的分配会根据其企业生命周期的变化发生改变,因此,企业应该根据其所处生命周期的不同阶段来对其现金股利分配政策进行动态调整。而从生命周期的角度来研究上市公司在生命周期不同阶段的现金股利政策是否存在差别及其原因探析,不仅补充了中国上市公司现金股利政策的理论研究基础,而且有助于公司股东和监管层更好地掌握公司的现金股利政策相关情况,同时还可以引导上市公司根据其所处生命周期阶段制定更加合理现金股利政策,增加市场价值。公司现金股利生命周期理论的研究刚刚起步,实证研究很少,而且没有形成规范性研究。由于目前的研究主要集中在上市公司现金分红是否显示生命周期特点,很少有研究对现金分红政策从微观的生命周期不同阶段的差异分析的这个角度来进行研究。因此,本文试图通过实证分析中国上市公司不同生命周期阶段对公司现金股利的影响情况来进一步探讨其原因。本文分别对上市公司处于生命周期不同阶段的现金股利支付意愿、现金股利支付率运用LOGISTIC回归和多元回归进行分析,结果表明,中国的股票上市公司支付现金股利的意愿和现金股利支付率都显示出一定的生命周期特点,而且具有较大差异,特别是处于成熟期的公司其现金股利支付意愿和现金股利支付率都明显高于生命周期的其他阶段。本文研究的意义主要有两个：一是通过描述分析我国上市公司现金股利分红的现状,找出其存在的问题并通过相关举措使其不断完善；二是在公司制定其现金股利时,把其所处的企业生命周期不同阶段作为考虑因素,同时结合公司的行业特性做出更加科学的选择。
[Abstract]:As one of the most popular theories in international management research in recent years, enterprise life cycle theory has received extensive attention. According to this theory, the development of enterprises is similar to the development of organisms, which will experience the emergence, development, maturity and decline of life process, and show cyclical phenomena to a certain extent. If the enterprise wants to maintain the position of long-term development in the market, it is necessary to understand its life cycle stage and master the law of change. Enterprises should make clear their current life cycle stage or situation, establish a more appropriate financial strategy, constantly improve the management ability of enterprises, improve the competitiveness of enterprises, and promote their healthy development. Dividend policy is a choice of distribution to shareholders or internal retention of after-tax net profit. Whether cash dividend is paid or not only affects the interests of shareholders, creditors and other stakeholders, but also related to the future development trend of the company. As the leading theory to explain dividend policy, signal theory and agency cost theory have encountered bottlenecks in the process of explaining the cash dividend policy of listed companies in China. It is necessary to understand whether listed companies in China will formulate different needed cash dividend distribution policies according to their internal and external environmental factors at different stages of their life cycle. Based on the change of the life cycle of the enterprise, the distribution of cash dividend will change. Therefore, the enterprise should adjust its cash dividend distribution policy dynamically according to the different stages of its life cycle. From the point of view of life cycle, this paper studies whether there are differences in cash dividend policy of listed companies in different stages of life cycle and its causes, which not only complements the theoretical research basis of cash dividend policy of listed companies in China. Moreover, it is helpful for shareholders and regulators to better grasp the cash dividend policy of the company, and at the same time, it can guide the listed companies to formulate a more reasonable cash dividend policy according to their life cycle stage and increase the market value. The research on the life cycle theory of corporate cash dividend has just started, but the empirical research is very few, and there is no normative research. As the current research mainly focuses on whether the cash dividend of listed companies shows the characteristics of the life cycle, few studies have studied the cash dividend policy from the perspective of the difference analysis of different stages of the micro life cycle. Therefore, this paper attempts to further explore the reasons through empirical analysis of the impact of different life cycle stages of listed companies on corporate cash dividends in China. In this paper, the willingness to pay cash dividends in different stages of the life cycle of listed companies is analyzed by LOGISTIC regression and multiple regression. The results show that: The willingness to pay cash dividends and the cash dividend payment rate of listed companies in China show certain life cycle characteristics, and there are great differences. Especially in the mature period, the willingness to pay cash dividends and the rate of cash dividend payments are significantly higher than those in other stages of the life cycle. There are two main significance of this study: first, through the description and analysis of the current situation of cash dividend dividends of listed companies in China, find out the existing problems and make them perfect through relevant measures; Second, when the company formulates its cash dividend, it takes the different stages of the enterprise life cycle as the consideration factor, and makes a more scientific choice according to the industry characteristics of the company.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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