【摘要】：作為近年來國(guó)際管理類研究比較熱門的理論之一,企業(yè)生命周期理論受到廣泛關(guān)注。根據(jù)這一理論,企業(yè)的發(fā)展類似于生物體的發(fā)展,將經(jīng)歷生命歷程的產(chǎn)生、發(fā)展、成熟和衰亡這些階段,在一定程度上顯示出周期性現(xiàn)象。如果企業(yè)想在市場(chǎng)上保持長(zhǎng)久發(fā)展的地位,認(rèn)識(shí)其所處的生命周期階段并掌握變動(dòng)規(guī)律十分必要。企業(yè)應(yīng)該明確其目前所處的生命周期階段或狀況,確立比較合適的財(cái)務(wù)策略,不斷完善企業(yè)管理能力,提高企業(yè)競(jìng)爭(zhēng)能力,推動(dòng)其健康發(fā)展。 股利政策是公司稅后凈利潤(rùn)是分配給股東或進(jìn)行內(nèi)部留存的一種選擇,現(xiàn)金股利的發(fā)放與否既影響到股東、債權(quán)人等利益相關(guān)者的利益,又關(guān)系到公司未來發(fā)展的走向。作為目前解釋股利政策的主導(dǎo)理論,信號(hào)理論和代理成本理論卻在解釋中國(guó)上市公司的現(xiàn)金分紅政策過程中遇到了瓶頸。了解我國(guó)上市公司在生命周期的不同階段時(shí),是否會(huì)根據(jù)其內(nèi)部和外部環(huán)境影響因素而制定不同需要的現(xiàn)金股利分配政策十分必要。 基于現(xiàn)金股利的分配會(huì)根據(jù)其企業(yè)生命周期的變化發(fā)生改變,因此,企業(yè)應(yīng)該根據(jù)其所處生命周期的不同階段來對(duì)其現(xiàn)金股利分配政策進(jìn)行動(dòng)態(tài)調(diào)整。而從生命周期的角度來研究上市公司在生命周期不同階段的現(xiàn)金股利政策是否存在差別及其原因探析,不僅補(bǔ)充了中國(guó)上市公司現(xiàn)金股利政策的理論研究基礎(chǔ),而且有助于公司股東和監(jiān)管層更好地掌握公司的現(xiàn)金股利政策相關(guān)情況,同時(shí)還可以引導(dǎo)上市公司根據(jù)其所處生命周期階段制定更加合理現(xiàn)金股利政策,增加市場(chǎng)價(jià)值。 公司現(xiàn)金股利生命周期理論的研究剛剛起步,實(shí)證研究很少,而且沒有形成規(guī)范性研究。由于目前的研究主要集中在上市公司現(xiàn)金分紅是否顯示生命周期特點(diǎn),很少有研究對(duì)現(xiàn)金分紅政策從微觀的生命周期不同階段的差異分析的這個(gè)角度來進(jìn)行研究。因此,本文試圖通過實(shí)證分析中國(guó)上市公司不同生命周期階段對(duì)公司現(xiàn)金股利的影響情況來進(jìn)一步探討其原因。本文分別對(duì)上市公司處于生命周期不同階段的現(xiàn)金股利支付意愿、現(xiàn)金股利支付率運(yùn)用LOGISTIC回歸和多元回歸進(jìn)行分析,結(jié)果表明,中國(guó)的股票上市公司支付現(xiàn)金股利的意愿和現(xiàn)金股利支付率都顯示出一定的生命周期特點(diǎn),而且具有較大差異,特別是處于成熟期的公司其現(xiàn)金股利支付意愿和現(xiàn)金股利支付率都明顯高于生命周期的其他階段。 本文研究的意義主要有兩個(gè)：一是通過描述分析我國(guó)上市公司現(xiàn)金股利分紅的現(xiàn)狀,找出其存在的問題并通過相關(guān)舉措使其不斷完善；二是在公司制定其現(xiàn)金股利時(shí),把其所處的企業(yè)生命周期不同階段作為考慮因素,同時(shí)結(jié)合公司的行業(yè)特性做出更加科學(xué)的選擇。
[Abstract]:As one of the most popular theories in international management research in recent years, enterprise life cycle theory has received extensive attention. According to this theory, the development of enterprises is similar to the development of organisms, which will experience the emergence, development, maturity and decline of life process, and show cyclical phenomena to a certain extent. If the enterprise wants to maintain the position of long-term development in the market, it is necessary to understand its life cycle stage and master the law of change. Enterprises should make clear their current life cycle stage or situation, establish a more appropriate financial strategy, constantly improve the management ability of enterprises, improve the competitiveness of enterprises, and promote their healthy development. Dividend policy is a choice of distribution to shareholders or internal retention of after-tax net profit. Whether cash dividend is paid or not only affects the interests of shareholders, creditors and other stakeholders, but also related to the future development trend of the company. As the leading theory to explain dividend policy, signal theory and agency cost theory have encountered bottlenecks in the process of explaining the cash dividend policy of listed companies in China. It is necessary to understand whether listed companies in China will formulate different needed cash dividend distribution policies according to their internal and external environmental factors at different stages of their life cycle. Based on the change of the life cycle of the enterprise, the distribution of cash dividend will change. Therefore, the enterprise should adjust its cash dividend distribution policy dynamically according to the different stages of its life cycle. From the point of view of life cycle, this paper studies whether there are differences in cash dividend policy of listed companies in different stages of life cycle and its causes, which not only complements the theoretical research basis of cash dividend policy of listed companies in China. Moreover, it is helpful for shareholders and regulators to better grasp the cash dividend policy of the company, and at the same time, it can guide the listed companies to formulate a more reasonable cash dividend policy according to their life cycle stage and increase the market value. The research on the life cycle theory of corporate cash dividend has just started, but the empirical research is very few, and there is no normative research. As the current research mainly focuses on whether the cash dividend of listed companies shows the characteristics of the life cycle, few studies have studied the cash dividend policy from the perspective of the difference analysis of different stages of the micro life cycle. Therefore, this paper attempts to further explore the reasons through empirical analysis of the impact of different life cycle stages of listed companies on corporate cash dividends in China. In this paper, the willingness to pay cash dividends in different stages of the life cycle of listed companies is analyzed by LOGISTIC regression and multiple regression. The results show that: The willingness to pay cash dividends and the cash dividend payment rate of listed companies in China show certain life cycle characteristics, and there are great differences. Especially in the mature period, the willingness to pay cash dividends and the rate of cash dividend payments are significantly higher than those in other stages of the life cycle. There are two main significance of this study: first, through the description and analysis of the current situation of cash dividend dividends of listed companies in China, find out the existing problems and make them perfect through relevant measures; Second, when the company formulates its cash dividend, it takes the different stages of the enterprise life cycle as the consideration factor, and makes a more scientific choice according to the industry characteristics of the company.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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