本文選題：管理層能力 + 公司成長性　； 參考：《深圳大學》2017年碩士論文

【摘要】：企業(yè)的快速健康發(fā)展,離不開一個優(yōu)秀的管理層。管理層能力的強弱,往往關乎企業(yè)生存發(fā)展。公司制定利潤分配方案時,如何有效平衡公司戰(zhàn)略層面要少派發(fā)現(xiàn)金股利以滿足公司長遠發(fā)展的未來資金需求,與公司日常管理層面要多派發(fā)現(xiàn)金股利以滿足資本市場廣大投資者的現(xiàn)實利益訴求,考驗著管理層的決策能力。由此,管理層能力強弱對公司戰(zhàn)略選擇與日常管理決策,以及現(xiàn)金股利分配政策的影響如何,已成為當前財務理論界研究的重點問題。本文將深入研究我國上市公司管理層能力、公司成長性對現(xiàn)金股利分配的影響,以期為上述問題的解決有所益處。本文以2012-2015年在深滬兩市A股上市公司為研究樣本,運用數(shù)據(jù)包絡分析(DEA)、主成分分析、多元線性回歸等研究方法,深入研究了公司管理層能力、公司成長性對現(xiàn)金股利分配的影響。本文主要分為五個部分:第一部分緒論。主要介紹研究背景與意義等內容;第二部分基礎理論與文獻綜述。簡要闡述本文研究基礎理論及國內外相關研究狀況;第三部分研究設計。進行實證研究設計,包括理論分析與研究假設、樣本選取與數(shù)據(jù)來源、模型設計與變量定義等內容;第四部分實證結果與分析。檢驗研究假設是否成立,對實證研究結果進行深入分析;第五部分研究結論與建議。通過上述研究,本文得出如下結論:(一)管理層能力與現(xiàn)金股利分配正相關。即管理層能力越強,現(xiàn)金股利分配越多,越能滿足投資者現(xiàn)實利益要求;(二)公司成長性與現(xiàn)金股利分配負相關。即公司成長性越好,資金需求越大,公司越傾向于少派發(fā)現(xiàn)金股利;(三)管理層能力與公司成長性的交乘項,同現(xiàn)金股利分配正相關。即公司管理層能力越強,越能有效減緩由公司成長性所帶來發(fā)放現(xiàn)金股利不足問題,越能有效平衡未來發(fā)展與現(xiàn)實需求之間的關系。
[Abstract]:The rapid and healthy development of enterprises can not do without an excellent management. The strength of management ability, often related to the survival and development of enterprises. When the company formulates the profit distribution plan, how to effectively balance the company's strategic level to pay less cash dividends to meet the long-term development of the company's future capital needs, In order to meet the demand of the investors in the capital market, it is necessary to distribute more cash dividends to meet the demands of the investors in the capital market, and to test the ability of the management to make decisions. Therefore, the influence of management ability on the company's strategic choice, daily management decision and cash dividend distribution policy has become a key issue in the current financial theory circle. This paper will deeply study the influence of management ability and company growth on the distribution of cash dividend in China's listed companies in order to help solve the above problems. In this paper, based on the data envelopment analysis, principal component analysis, multiple linear regression and other research methods, the management ability of the A-share listed companies in the Shenzhen and Shanghai stock markets from 2012 to 2015 is studied in depth, using the data envelopment analysis, principal component analysis, multiple linear regression and other research methods. The influence of company growth on cash dividend distribution. This paper is divided into five parts: the first part is introduction. The second part introduces the basic theory and literature review. This paper briefly describes the basic theory and related research situation at home and abroad; the third part of the research design. Empirical research design, including theoretical analysis and research assumptions, sample selection and data sources, model design and variable definition; the fourth part of empirical results and analysis. To test the validity of the research hypothesis, the empirical results of in-depth analysis; the fifth part of the conclusions and recommendations. Through the above research, this paper draws the following conclusion: (1) Management ability is positively correlated with cash dividend distribution. That is, the stronger the management ability, the more cash dividend distribution, the more can meet the real interests of investors. (2) the negative correlation between company growth and cash dividend distribution. That is, the better the growth of the company, the greater the capital demand, the less the company tends to distribute cash dividends (3) the multiplier between the management ability and the growth of the company, which is positively related to the distribution of cash dividend. That is, the stronger the management ability, the more effective it can alleviate the shortage of cash dividend caused by the growth of the company, and the more effectively balance the relationship between the future development and the actual demand.
【學位授予單位】：深圳大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

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