A股市场股利政策对比分析

发布时间：2018-01-13 17:38

本文关键词：A股市场股利政策对比分析　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：为了研究A股市场的股利政策，本文首先以全部A股作为样本，研究从1995年到2011年的现金股利、股票股利和混合股利政策受哪些因素影响。通过我们的研究发现公司的规模和盈利能力与现金股利、股票股利和混合股利都成正相关关系，公司的负债水平与现金股利和混合股利呈负相关关系，公司的自由现金流、留存收益、国有股控股比例对现金股利、股票股利和混合股利分别有不同的影响。本文再以交叉上市的A股股票为样本，同时选取了等量的可比非交叉上市的股票，，研究交叉上市是否对股利分配有影响。此外本文还研究了交叉上市公司的股利政策和非交叉上市的公司的股利政策分别受哪些因素影响。通过研究发现，交叉上市与股利分配呈正相关关系，但交叉上市的公司和非交叉上市的公司股利政策所受到的影响因素有所不同。
[Abstract]:In order to study the dividend policy of A-share market, this paper first takes all A-shares as a sample to study the cash dividend from 1995 to 2011. Through our research, we find that the size and profitability of the company are positively correlated with cash dividend, stock dividend and mixed dividend. The debt level of the company is negatively related to the cash dividend and the mixed dividend. The free cash flow, retained earnings and the holding ratio of state-owned shares have different effects on the cash dividend, stock dividend and mixed dividend. In this paper, cross-listed A-share stocks as a sample, and the same amount of comparable non-cross-listed stocks. In addition, this paper studies the dividend policy of cross-listed companies and the dividend policy of non-cross-listed companies. There is a positive correlation between cross-listing and dividend distribution, but the influence factors of dividend policy are different between cross-listed companies and non-cross-listed companies.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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