本文關鍵詞：企業(yè)社會責任對股利政策的影響研究　出處：《北方工業(yè)大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 股利政策 股利政策影響因素 企業(yè)社會責任 社會責任評分

【摘要】：在企業(yè)理財經(jīng)營管理中,股利政策一直被當作一項重要考慮要素,因此它長久的成為財會研究領域探討的高頻課題之一。在企業(yè)的經(jīng)營管理中,管理層(股東大會或者董事會)做出以規(guī)范的條例形式發(fā)布的關于對發(fā)放股利相關事項的措施就是股利政策,它涵蓋了企業(yè)決定是否發(fā)放、何時發(fā)放、發(fā)放多少等問題。為了使企業(yè)能夠合理的分配凈收益,同時從股利政策對企業(yè)的重要性角度考慮,企業(yè)必須要權衡好股東、公司本身以及債權人的利益,以此制定出理想的股利政策。之前的研究中對股利政策的影響因素可以歸納為各種限制條件、企業(yè)的盈利能力、償債能力、成長性指標、股權集中度、機構持股比例以及股利政策的連續(xù)性等。這些研究側重點不同,但是共同說明了企業(yè)管理者要想制定理想的股利政策需要處理好與哪些因素的關系。西方不少企業(yè)在承擔社會責任的體會中更進一步認識到社會責任對企業(yè)的重要性,因此我國企業(yè)也受到啟發(fā),逐步開始關注自身在企業(yè)管理上對社會責任方面的履行情況和披露情況,因此它也受到學術界的廣泛關注。本文在此提出一個新的視角,從企業(yè)社會責任的履行程度方面研究其是否會對股利政策產(chǎn)生影響以及影響程度。對股利政策的考量方面,本文沿襲前人的一貫思路,一是考慮當年是否發(fā)放股利,二是用每股股利和股利支付率來衡量支付股利的強弱程度,三是用當年與上年股利發(fā)放與否作比較考量股利政策的穩(wěn)定性。對于企業(yè)社會責任這一解釋變量,本文在大量分析前人研究數(shù)據(jù)來源的基礎上擬采用潤靈環(huán)球(RKS)社會責任評分指數(shù)。本文選取2009-2014年在上交所和深交所A股上市的公司作為研究樣本,模型構建上將前人研究的影響股利政策影響因素中普遍認可的因素選擇為控制變量,在此基礎上構建多元線性回歸模型,借助SPSS軟件和EVIEWS系統(tǒng)對所選取的樣本進行數(shù)據(jù)分析,分析變量之間的內在關系,從而驗證假設。本文最終得出結論:履行社會責任程度高的企業(yè)較履行程度低的企業(yè)更愿意支付股利,其股利支付水平也更高;履行社會責任程度高的企業(yè)較履行程度低的企業(yè)的股利政策的穩(wěn)定性更強;企業(yè)社會責任影響股利政策在時間上具有滯后性,當期社會責任的履行對下期股利支付水平的影響更大。
[Abstract]:In the management of financial management, dividend policy has been considered as an important factor, so it has long been one of the high-frequency topics in the field of financial accounting research. The measures issued by the management (shareholders' general meeting or board of directors) in the form of standard regulations on matters related to the payment of dividends are dividend policy, which covers whether and when enterprises decide whether to issue dividends. In order to make the enterprise distribute net income reasonably and consider the importance of dividend policy to the enterprise, the enterprise must balance the interests of shareholders, company itself and creditors. The influence factors of dividend policy in the previous study can be summarized as a variety of constraints, profitability, solvency, growth indicators, equity concentration. The institutional shareholding ratio and the continuity of dividend policy are different. But it shows that the managers of enterprises should deal with the relationship with the factors if they want to make the ideal dividend policy. Many enterprises in the West have further realized the importance of social responsibility to the enterprises in their experience of social responsibility. Sex. Therefore, China's enterprises are also inspired, gradually began to pay attention to their own corporate management on social responsibility performance and disclosure. Therefore, it is also widely concerned by the academic community. This paper puts forward a new perspective. From the performance of corporate social responsibility whether it will have an impact on the dividend policy and the degree of influence. On the consideration of dividend policy, this paper follows the consistent thinking of predecessors. One is to consider whether to pay dividends in the current year, the other is to use dividend per share and dividend payment rate to measure the extent of dividend payment. Thirdly, the stability of dividend policy is compared with that of the previous year. The explanation variable of CSR is corporate social responsibility. In this paper, based on the analysis of previous data sources, RKS is proposed to be used. Social responsibility rating Index. This paper selects A shares listed on Shanghai Stock Exchange and Shenzhen Stock Exchange as research samples from 2009-2014. The model constructs the multivariate linear regression model, which is generally accepted as the control variable among the influential factors of dividend policy studied by predecessors. With the help of SPSS software and EVIEWS system, the data of the selected samples are analyzed to analyze the internal relationship between the variables. Finally, this paper draws a conclusion that enterprises with high degree of social responsibility are more willing to pay dividends than those with low degree of social responsibility, and the level of dividend payment is higher than that of enterprises with low degree of social responsibility. The stability of dividend policy of enterprises with high degree of social responsibility is stronger than that of enterprises with low degree of performance; Corporate social responsibility (CSR) affects dividend policy with lag in time, and the performance of current social responsibility has a greater impact on the level of dividend payment in the next period.
【學位授予單位】：北方工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F270;F275;F832.51

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本文編號：1374962