本文關(guān)鍵詞： 高派現(xiàn) 股利政策 財務(wù)狀況 股權(quán)結(jié)構(gòu) 股利信息傳遞效應(yīng)　出處：《石河子大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：在當(dāng)前市場經(jīng)濟環(huán)境下,財務(wù)政策主要包括:風(fēng)險管理政策、信用管理政策、融資管理政策、資金投資政策以及股利政策,其中股利政策對企業(yè)經(jīng)營狀況、企業(yè)未來的發(fā)展有顯著地影響,然而企業(yè)制定、實施股利政策過程中存在著大量的問題。股利政策也直接影響投資者的利益,因此合理引導(dǎo)上市公司的股利政策,保護投資者的利益,已成為我國資本市場經(jīng)濟研究的重要課題。其中現(xiàn)金股利分配政策對上市公司的未來業(yè)績具有一定的信號傳遞作用,并對其公司的長遠發(fā)展具有顯著影響,近幾年,受國家政策以及市場經(jīng)濟的影響,我國上市公司股利政策派現(xiàn)金額不斷提高,從而高派現(xiàn)現(xiàn)象引起了企業(yè)股東、投資者、中國證監(jiān)會的高度關(guān)注。因此,本論文以處于我國家電行業(yè)的格力電器為研究對象,采用案例分析和理論研究相結(jié)合的方法,分析影響上市公司高派現(xiàn)股利政策的因素。本文首先對國內(nèi)外文獻進行了總結(jié)和歸納,其次對高派現(xiàn)股利政策的相關(guān)理論進行分析,之后將股利政策理論與現(xiàn)實高派現(xiàn)行為相聯(lián)系,采用案例分析法,分析歸納格力電器高派現(xiàn)股利政策的影響因素,最后得出本文研究結(jié)論,并提出該論文研究過程中得到的啟示。根據(jù)理論分析和案例研究結(jié)果發(fā)現(xiàn):(1)企業(yè)保持良好的盈利能力是實施高派現(xiàn)股利政策的基礎(chǔ)。(2)具有充足的現(xiàn)金流量是實施高派現(xiàn)股利政策的必要條件。(3)當(dāng)上市公司已經(jīng)從發(fā)展階段邁向成熟階段時,未來的充滿太多的不確定性,從而缺失良好的投資機會,但同時擁有充足的現(xiàn)金流量,并且具有穩(wěn)定的盈利能力,此時公司更傾向于選擇高派現(xiàn)股利政策。(4)當(dāng)企業(yè)所處行業(yè)進入成熟期,企業(yè)經(jīng)營方式或發(fā)生變化,對資金需求大,通過高派現(xiàn)股利政策吸引更多地投資者。(6)上市公司股權(quán)結(jié)構(gòu)的變更對其氋派現(xiàn)行為有決定性影響。(6)在實施高派現(xiàn)股利政策,需要保證信息傳遞的對稱性,投資者更加關(guān)注公司的盈利能力與現(xiàn)金股利兩方面的比較分析。(7)上市公司實施高派現(xiàn)股利政策受證監(jiān)會頒布的條例規(guī)定的影響,并受我國宏觀經(jīng)濟的影響。
[Abstract]:In the current market economy environment, the financial policy mainly includes: risk management policy, credit management policy, financing management policy, capital investment policy and dividend policy. The future development of enterprises has a significant impact, however, there are a large number of problems in the process of making and implementing dividend policies. Dividend policies also directly affect the interests of investors. Therefore, we should guide the dividend policy of listed companies reasonably and protect the interests of investors. It has become an important subject in the study of capital market economy in China, in which the cash dividend distribution policy has a certain signalling effect on the future performance of listed companies, and has a significant impact on the long-term development of their companies. In recent years, due to the influence of national policies and market economy, the dividend policy of listed companies in China has been increasing the amount of cash, thus the phenomenon of high dividend has caused the shareholders and investors of enterprises. China Securities Regulatory Commission (CSRC) is highly concerned. Therefore, this paper takes Gree electrical appliances in China's home appliance industry as the research object, and adopts the method of combining case analysis and theoretical research. This paper analyzes the factors that affect the high dividend policy of listed companies. Firstly, this paper summarizes and summarizes the literature at home and abroad, and then analyzes the relevant theories of high dividend policy. After the dividend policy theory and the reality of high dividend behavior linked to the use of case analysis, analysis of Gree electrical high dividend policy factors, and finally draw the conclusion of this paper. According to the theoretical analysis and case study results, it is found that the good profitability of the enterprises is the basis of implementing the high dividend policy. Having sufficient cash flow is a necessary condition for the implementation of high dividend policy.) when the listed company has moved from the stage of development to the stage of maturity. The future is full of too much uncertainty, thus missing good investment opportunities, but at the same time have sufficient cash flow, and have stable profitability. At this time, the company is more inclined to choose the high dividend policy. 4) when the industry in which the enterprise enters the mature period, the business operation mode may change, and the demand for capital is large. Through the high dividend policy to attract more investors. 6) the change of the stock structure of listed companies has a decisive impact on their cash payout behavior. 6) the implementation of high dividend policy. The symmetry of information transmission needs to be guaranteed. Investors are more concerned about the profitability of the company and cash dividend two aspects of comparative analysis. 7) listed companies to implement high dividend policy by the Securities and Futures Commission promulgated the impact of regulations. And by the macroeconomic impact of our country.
【學(xué)位授予單位】：石河子大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.6;F406.7

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