本文選題：股利政策 + 現(xiàn)金股利　； 參考：《吉林大學(xué)》2012年碩士論文

【摘要】：股利政策作為組織和安排上市公司合理資本結(jié)構(gòu)的主要決策之一，一方面反映了上市公司對(duì)其股權(quán)持有人的應(yīng)得報(bào)酬的必要支付狀況，另一方面也是上市公司向市場(chǎng)傳達(dá)信息，尋求市場(chǎng)反饋的一種有效手段。以往的研究表明，大多數(shù)上市公司更傾向于選擇現(xiàn)金形式的股利政策，且該股利政策在緩解公司管理層與股東之間的矛盾方面卓有成效。然而，在當(dāng)今的市場(chǎng)條件下股利政策往往成為判斷公司價(jià)值以及公司未來(lái)發(fā)展趨勢(shì)的主要標(biāo)準(zhǔn)之一。在這種情況下，股利政策的選擇或者現(xiàn)金股利派發(fā)的改變不僅僅簡(jiǎn)單取決于上市公司管理層與股東層之間的博弈，而更應(yīng)該反映市場(chǎng)對(duì)公司價(jià)值判斷。 本文集中研究上市公司現(xiàn)金股利變動(dòng)與上市公司價(jià)值之間的相關(guān)性，一方面確定上市公司在確定公司股利政策調(diào)整是否參考了公司價(jià)值相關(guān)要素，驗(yàn)證上市公司管理層通過(guò)股利政策向市場(chǎng)傳遞信息進(jìn)而影響市場(chǎng)選擇行為的傾向；另一方面則判定股利政策是否反向地決定了上市公司的價(jià)值，真實(shí)作為一種信息的反饋形式出現(xiàn)在投資者的投資視野中。通過(guò)這兩個(gè)方面的研究，本文將獲得我國(guó)上市公司價(jià)值與股利政策調(diào)整之間相關(guān)性的經(jīng)驗(yàn)結(jié)論，一方面驗(yàn)證經(jīng)典金融理論在中國(guó)市場(chǎng)的成立性，另一方面提供反映我國(guó)資本市場(chǎng)基本特征的事實(shí)，為我國(guó)投資者合理甄別和判定上市公司價(jià)值奠定基礎(chǔ)。 依據(jù)研究思路和研究目的，本文以2008年至2010年間所有發(fā)放現(xiàn)金股利的上市公司為研究樣本，在控制相關(guān)變量影響的前提下，運(yùn)用面板數(shù)據(jù)模型分別測(cè)度上市公司價(jià)值對(duì)上市公司現(xiàn)金股利派發(fā)策略的影響以及上市公司現(xiàn)金股利調(diào)整對(duì)上市公司價(jià)值的影響效應(yīng)。在總結(jié)和整理以往理論和實(shí)證研究結(jié)果的基礎(chǔ)上，本文實(shí)證模型所獲結(jié)果顯示，上市公司在股利政策選擇時(shí)，公司盈利狀況是其考慮股利發(fā)放額度的主要參考之一，當(dāng)然這一過(guò)程中公司內(nèi)部管理層也會(huì)依據(jù)股利政策的穩(wěn)定性和持續(xù)性對(duì)股利政策進(jìn)行微調(diào)；且從部分價(jià)值指標(biāo)的回歸結(jié)果來(lái)看，上市公司明顯具有向外部傳遞價(jià)值信息的傾向，而這些價(jià)值信息最終會(huì)以股利的途徑傳遞給市場(chǎng)投資者。上市公司股利政策對(duì)公司價(jià)值變動(dòng)具有一定的解釋能力，雖然部分指標(biāo)的回歸系數(shù)在不同模型下呈現(xiàn)差異化的特征，但是股利政策對(duì)公司價(jià)值變動(dòng)具有綜合影響，而這種影響既表現(xiàn)為股利政策推動(dòng)市場(chǎng)投票更新市場(chǎng)對(duì)公司的價(jià)值認(rèn)定，同時(shí)也會(huì)因股利政策支付改變?nèi)藗儗?duì)上市公司內(nèi)在價(jià)值的直接判定，兩個(gè)方向的作用最終會(huì)以綜合影響反映在公司各項(xiàng)價(jià)值指標(biāo)中。當(dāng)然，股利政策與公司價(jià)值相關(guān)性本身就是一個(gè)內(nèi)生性的問(wèn)題，因?yàn)樯鲜泄究赡芡ㄟ^(guò)股利政策向市場(chǎng)傳遞信息，進(jìn)而影響市場(chǎng)投資者對(duì)公司價(jià)值的認(rèn)定，而市場(chǎng)投資者的選擇行為又會(huì)修正公司內(nèi)部人對(duì)股利政策的選擇，兩者處于一個(gè)共生和共變的相互影響結(jié)構(gòu)中。
[Abstract]:Dividend policy is one of the main decisions to organize and arrange the reasonable capital structure of listed companies. On the one hand, it reflects the necessary payment status of the listed companies to their equity holders, on the other hand, it is also an effective means for the listed companies to convey information to the market and seek market feedback. The city company is more inclined to choose the dividend policy in the form of cash, and the dividend policy is effective in alleviating the contradiction between the company management and the shareholders. However, under the current market conditions, the dividend policy is often one of the main criteria to judge the company's value and the future trend of the company. In this case, the dividend policy is a dividend policy. The change of choice or cash dividend distribution depends not only on the game between the management of the listed companies and the shareholders' level, but also to reflect the value judgment of the market to the company.
This paper focuses on the correlation between the cash dividend changes of the listed companies and the value of listed companies. On the one hand, determine whether the listed companies can determine whether the company's dividend policy is adjusted to the relevant elements of the company value, and verify the tendency of the listed company management to pass the dividend policy to the market and then influence the market choice behavior. On the one hand, it determines whether the dividend policy determines the value of the listed company in reverse, and the true as a feedback form of information appears in the investor's investment vision. Through the study of these two aspects, this paper will obtain the empirical conclusion of the correlation between the value of listed companies and the adjustment of dividend policy in our country. On the one hand, the classic gold will be verified. On the other hand, it provides the basic characteristics of China's capital market, which lays the foundation for Chinese investors to discriminate and judge the value of the listed companies.
According to the research ideas and research purposes, this paper takes all the listed companies which issued cash dividends from 2008 to 2010 as the research samples. On the premise of controlling the influence of related variables, this paper uses panel data model to measure the influence of listed company value on the cash dividend policy of listed companies and the adjustment of cash dividend of listed companies. On the basis of summing up and sorting out the previous theoretical and empirical research results, the results of this empirical model show that the company's profit status is one of the main references for the dividend distribution of the listed company in the choice of dividend policy, and the internal management of the company will also be based on the stock. The stability and sustainability of the policy on dividend policy made a slight adjustment to the dividend policy; and from the regression results of some value indicators, the listed companies obviously have the tendency to transfer value information to the outside, and the value information will be transferred to the market investors by the way of dividend. Although the regression coefficient of some indexes is different in different models, the dividend policy has a comprehensive effect on the change of corporate value, which is not only shown as a dividend policy to promote the market value of the market to the company, but also to change the people's right due to the payment of the dividend policy. The direct determination of the intrinsic value of a city company, the role of the two directions will eventually be reflected in the value of the company in a comprehensive way. Of course, the relevance of the dividend policy and the company value itself is an endogenous problem, because the listed companies may transfer information to the market through the dividend policy, and then influence the market investors to the company. The value is identified, and the choice behavior of the market investor will choose the insider's dividend policy in the Corrections Corporation. The two are in a symbiotic and covariant structure of mutual influence.

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 饒育蕾;賀曦;李湘平;;股利折價(jià)與迎合:來(lái)自我國(guó)上市公司現(xiàn)金股利分配的證據(jù)[J];管理工程學(xué)報(bào);2008年01期

2 孔小文,于笑坤;上市公司股利政策信號(hào)傳遞效應(yīng)的實(shí)證分析[J];管理世界;2003年06期

3 陳信元,陳冬華,時(shí)旭;公司治理與現(xiàn)金股利:基于佛山照明的案例研究[J];管理世界;2003年08期

4 應(yīng)展宇;股權(quán)分裂、激勵(lì)問(wèn)題與股利政策——中國(guó)股利之謎及其成因分析[J];管理世界;2004年07期

5 鄧建平;曾勇;;上市公司家族控制與股利決策研究[J];管理世界;2005年07期

6 楊漢明;;壽命周期、股利支付與企業(yè)價(jià)值[J];管理世界;2008年04期

7 葉勇;劉波;黃雷;;終極控制權(quán)、現(xiàn)金流量權(quán)與企業(yè)價(jià)值——基于隱性終極控制論的中國(guó)上市公司治理實(shí)證研究[J];管理科學(xué)學(xué)報(bào);2007年02期

8 呂長(zhǎng)江;;現(xiàn)金股利與股票股利的比較分析[J];經(jīng)濟(jì)管理;2002年08期

9 陳曉,陳小悅,倪凡;我國(guó)上市公司首次股利信號(hào)傳遞效應(yīng)的實(shí)證研究[J];經(jīng)濟(jì)科學(xué);1998年05期

10 呂長(zhǎng)江,王克敏;上市公司股利政策的實(shí)證分析[J];經(jīng)濟(jì)研究;1999年12期

相關(guān)碩士學(xué)位論文 前2條

1 曹萍;我國(guó)上市公司股權(quán)結(jié)構(gòu)與公司價(jià)值的相關(guān)性分析[D];暨南大學(xué);2003年

2 陳振華;中國(guó)上市公司控股股東代理問(wèn)題對(duì)現(xiàn)金股利政策影響研究[D];電子科技大學(xué);2006年

，

本文編號(hào)：1855764