经济波动下的财务弹性对现金股利政策的影响研究

发布时间：2018-05-30 04:31

  本文选题：经济波动 + 财务弹性　； 参考：《湖南大学》2016年硕士论文

【摘要】：投资、融资以及股利政策是企业财务管理三大主题。其中,股利政策会对企业发展及整体价值产生重大影响。随着财务弹性理论的不断研究,越来越多的学者开始关注财务弹性对股利政策的影响。已有的大量经验研究表明,企业不同的财务弹性对股利政策有很大影响,且这种影响也会受到经济波动的影响。因此,探讨不同经济波动下,财务弹性对股利政策的影响是十分必要的。本文以财务弹性为主题,以企业财务核心概念之一的现金股利政策为落脚点,对经济波动下、企业财务弹性对现金股利政策的影响进行研究。在回顾大量相关文献及理论依据的基础上,本文提出三个主要假设并建立相应回归模型,以2004-2015年披露的A股上市公司为样本,对研究假设进行检验。研究发现：财务弹性是决定企业是否分发股利的一个重要因素,高财务弹性的企业往往倾向于支付现金股利,而低财务弹性的企业倾向于不发股利。进一步研究发现,在不同的经济波动期,上市公司财务弹性对现金股利政策的影响不尽相同；在相同的经济波动期,具有不同生命周期的上市公司财务弹性对现金股利政策的影响也不尽相同；在不同的经济波动期,具有相同生命周期的上市公司财务弹性对现金股利政策影响也不尽相同。针对上述研究结论,本文为改善股权政策治理效应的发挥,提高企业投资效率和整体价值,提出了证监会应进一步完善股利分配政策、引导上市公司制定科学的利润分配规划的政策建议。
[Abstract]:Investment, financing and dividend policy are three major themes of corporate financial management. Among them, dividend policy will have a significant impact on the development and overall value of enterprises. With the research of financial elasticity theory, more and more scholars begin to pay attention to the influence of financial elasticity on dividend policy. A large number of empirical studies have shown that different financial flexibility of enterprises has a great impact on dividend policy, and this impact will also be affected by economic fluctuations. Therefore, it is necessary to explore the impact of financial elasticity on dividend policy under different economic fluctuations. This paper takes the financial elasticity as the theme, takes the cash dividend policy, one of the core concepts of enterprise finance, as the foothold, and studies the influence of the enterprise financial elasticity on the cash dividend policy under the economic fluctuation. On the basis of reviewing a large number of relevant literature and theoretical basis, this paper puts forward three main hypotheses and establishes the corresponding regression model, taking A share listed companies disclosed from 2004 to 2015 as samples to test the research hypotheses. It is found that financial elasticity is an important factor to determine whether or not a company distributes dividends. Enterprises with high financial elasticity tend to pay cash dividends, while those with low financial elasticity tend not to pay dividends. Further study shows that the financial elasticity of listed companies has different effects on the cash dividend policy in different periods of economic fluctuation; in the same period of economic volatility, The financial elasticity of listed companies with different life cycles has different effects on the cash dividend policy, and the financial elasticity of listed companies with the same life cycle has different effects on the cash dividend policy in different economic fluctuation periods. In view of the above conclusions, in order to improve the governance effect of equity policy and improve the investment efficiency and overall value of enterprises, this paper puts forward that the CSRC should further improve the dividend distribution policy. To guide listed companies to formulate scientific profit distribution planning policy recommendations.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275
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本文编号：1953951