中小板上市公司现金股利政策影响因素的实证研究

发布时间：2018-03-27 05:27

本文选题：中小企业板　切入点：现金股利　出处：《集美大学》2016年硕士论文

【摘要】：科学的股利政策能够使公司价值得以提升,同时也能保护投资者权益,使其投资获得相应的回报,从而使投资者更加坚定投资信念并且激发其热情。我国中小板市场开板以来,持续性实施“高派现”的股利政策,这种高回报与主板市场相比具有较大差异。因此,对于中小板上市公司现金股利政策的研究具有重要意义。本文首先对国内外学者关于股利政策的研究成果进行综述,并阐述相关经典理论;其次,通过描述性统计的方式对2009-2014年这五年间中小板上市公司现金股利政策的现状和特征进行分析;再次,从内部和外部两个角度出发分析了中小板上市公司现金股利政策的影响因素,并选取了11项代表性财务指标,以2012年12月31日至2014年12月31日期间在中小板上市的461家公司的数据作为样本,采用多元线性回归分析法进行实证研究,最终得出结论:包括盈利能力、偿债能力、运营能力、公司规模、现金流量、股权集中度、公司风险水平、行业股利支付水平、再融资动机在内的9项因素与每股现金股利支付水平均具有显著相关关系。最后,根据本文的理论分析与实证检验结果,针对中小板上市公司现金股利分配现状提出了相关建议。
[Abstract]:The scientific dividend policy can promote the value of the company, at the same time, it can protect the investors' rights and interests, make their investment get the corresponding return, thus make the investors more firm in their investment faith and stimulate their enthusiasm. Carry out the dividend policy of "high cash" continuously, this kind of high return has the big difference compared with the main board market. Therefore, It is of great significance to study the cash dividend policy of small and medium-sized listed companies. Firstly, this paper summarizes the research results of domestic and foreign scholars on dividend policy, and expounds the relevant classical theory; secondly, This paper analyzes the current situation and characteristics of cash dividend policy of small and medium-sized board listed companies in the five years from 2009 to 2014 through descriptive statistics. This paper analyzes the influencing factors of cash dividend policy of small and medium-sized board listed companies from both internal and external angles, and selects 11 representative financial indicators. From December 31, 2012 to December 31, 2014, the data of 461 companies listed on small and medium-sized boards are taken as samples, and the empirical research is carried out by means of multiple linear regression analysis. Finally, the conclusions are as follows: profitability, solvency, operational capacity, etc. Nine factors, such as company size, cash flow, equity concentration, corporate risk level, industry dividend payment level and refinancing motivation, are significantly correlated with the cash dividend payment level per share. Based on the theoretical analysis and empirical results of this paper, the paper puts forward some suggestions on the cash dividend distribution of small and medium-sized listed companies.
【学位授予单位】：集美大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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