管理层能力、公司成长性与现金股利分配

发布时间：2018-06-06 18:33

本文选题：管理层能力 + 公司成长性　；参考：《深圳大学》2017年硕士论文

【摘要】：企业的快速健康发展,离不开一个优秀的管理层。管理层能力的强弱,往往关乎企业生存发展。公司制定利润分配方案时,如何有效平衡公司战略层面要少派发现金股利以满足公司长远发展的未来资金需求,与公司日常管理层面要多派发现金股利以满足资本市场广大投资者的现实利益诉求,考验着管理层的决策能力。由此,管理层能力强弱对公司战略选择与日常管理决策,以及现金股利分配政策的影响如何,已成为当前财务理论界研究的重点问题。本文将深入研究我国上市公司管理层能力、公司成长性对现金股利分配的影响,以期为上述问题的解决有所益处。本文以2012-2015年在深沪两市A股上市公司为研究样本,运用数据包络分析(DEA)、主成分分析、多元线性回归等研究方法,深入研究了公司管理层能力、公司成长性对现金股利分配的影响。本文主要分为五个部分:第一部分绪论。主要介绍研究背景与意义等内容;第二部分基础理论与文献综述。简要阐述本文研究基础理论及国内外相关研究状况;第三部分研究设计。进行实证研究设计,包括理论分析与研究假设、样本选取与数据来源、模型设计与变量定义等内容;第四部分实证结果与分析。检验研究假设是否成立,对实证研究结果进行深入分析;第五部分研究结论与建议。通过上述研究,本文得出如下结论:(一)管理层能力与现金股利分配正相关。即管理层能力越强,现金股利分配越多,越能满足投资者现实利益要求;(二)公司成长性与现金股利分配负相关。即公司成长性越好,资金需求越大,公司越倾向于少派发现金股利;(三)管理层能力与公司成长性的交乘项,同现金股利分配正相关。即公司管理层能力越强,越能有效减缓由公司成长性所带来发放现金股利不足问题,越能有效平衡未来发展与现实需求之间的关系。
[Abstract]:The rapid and healthy development of enterprises can not do without an excellent management. The strength of management ability, often related to the survival and development of enterprises. When the company formulates the profit distribution plan, how to effectively balance the company's strategic level to pay less cash dividends to meet the long-term development of the company's future capital needs, In order to meet the demand of the investors in the capital market, it is necessary to distribute more cash dividends to meet the demands of the investors in the capital market, and to test the ability of the management to make decisions. Therefore, the influence of management ability on the company's strategic choice, daily management decision and cash dividend distribution policy has become a key issue in the current financial theory circle. This paper will deeply study the influence of management ability and company growth on the distribution of cash dividend in China's listed companies in order to help solve the above problems. In this paper, based on the data envelopment analysis, principal component analysis, multiple linear regression and other research methods, the management ability of the A-share listed companies in the Shenzhen and Shanghai stock markets from 2012 to 2015 is studied in depth, using the data envelopment analysis, principal component analysis, multiple linear regression and other research methods. The influence of company growth on cash dividend distribution. This paper is divided into five parts: the first part is introduction. The second part introduces the basic theory and literature review. This paper briefly describes the basic theory and related research situation at home and abroad; the third part of the research design. Empirical research design, including theoretical analysis and research assumptions, sample selection and data sources, model design and variable definition; the fourth part of empirical results and analysis. To test the validity of the research hypothesis, the empirical results of in-depth analysis; the fifth part of the conclusions and recommendations. Through the above research, this paper draws the following conclusion: (1) Management ability is positively correlated with cash dividend distribution. That is, the stronger the management ability, the more cash dividend distribution, the more can meet the real interests of investors. (2) the negative correlation between company growth and cash dividend distribution. That is, the better the growth of the company, the greater the capital demand, the less the company tends to distribute cash dividends (3) the multiplier between the management ability and the growth of the company, which is positively related to the distribution of cash dividend. That is, the stronger the management ability, the more effective it can alleviate the shortage of cash dividend caused by the growth of the company, and the more effectively balance the relationship between the future development and the actual demand.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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