制造业上市公司现金股利发放水平影响因素研究

发布时间：2018-12-23 19:00

【摘要】：股利分配（尤其是现金股利的分配）涉及到上市公司有关各方的利益，是重要的财务管理活动之一。合理的现金股利分配政策有利于上市公司的可持续发展，对于处于产业升级转型期的中国制造业上市公司同样也起着非常重要的作用。合理的现金股利政策是建立在决策者对于现金股利政策充分认识的基础之上的，因此分析上市公司现金股利发放的影响因素就显得异常必要。国内外许多学者进行了相关研究，，但由于研究的时间段、角度和样本的差异，没有取得较为一致的结论。本文对我国制造业上市公司现金股利分配情况进行研究，笔者在梳理相关股利政策理论后，以2007年至2011年沪深A股696家制造业上市公司面板数据为研究对象，采用门限回归方法进行实证研究，分析了派现水平与企业规模、股权结构、盈利能力、现金流及负债水平之间是否存在线性和非线性的关系。研究发现：面板门限模型对于样本数据有较强的解释能力，制造业上市公司现金流、盈利能力与派现水平呈显著正相关，负债水平与上市公司的派现水平呈现显著负相关，而股权结构与上市公司的派现水平之间关系不显著。当EPS为门限变量时，公司规模与制造业上市公司的派现水平呈现非线性关系，并且存在双门限值（0.011和0.989）。这种非线性关系在EPS处于不同水平时，会出现不同的显著性。论文末尾在基于上述研究的基础上，提出了完善我国制造业上市公司现金股利政策的相关对策和建议。本文的研究内容有助于了解我国制造业上市公司现金股利政策，对于制造业公司制定合理、有效的股利分配政策有一定的参考价值。
[Abstract]:Dividend distribution (especially the distribution of cash dividend) is one of the important financial management activities, which is related to the interests of listed companies. Reasonable cash dividend distribution policy is conducive to the sustainable development of listed companies, and also plays a very important role in the Chinese manufacturing listed companies in the period of industrial upgrading. The reasonable cash dividend policy is based on the decision makers' understanding of the cash dividend policy, so it is very necessary to analyze the influencing factors of cash dividend distribution of listed companies. Many scholars at home and abroad have carried on the related research, but because of the difference of time, angle and sample, there is no consistent conclusion. This paper studies the cash dividend distribution of manufacturing listed companies in China. After combing the relevant dividend policy theory, the author takes the panel data of 696 listed manufacturing companies in Shanghai and Shenzhen from 2007 to 2011 as the research object. By using threshold regression method, this paper analyzes whether there is a linear and nonlinear relationship between payout level and firm size, equity structure, profitability, cash flow and debt level. It is found that the panel threshold model has a strong explanatory power for the sample data. The cash flow and profitability of listed manufacturing companies are significantly positively correlated with the payout level, while the debt level is negatively correlated with the payout level of listed companies. However, the relationship between equity structure and the payout level of listed companies is not significant. When EPS is the threshold variable, there is a nonlinear relationship between the company size and the payout level of the manufacturing listed companies, and there are two threshold values (0.011 and 0.989). When the EPS is at different levels, the nonlinear relationship will have different significance. At the end of the paper, based on the above research, the paper puts forward the relevant countermeasures and suggestions to improve the cash dividend policy of listed manufacturing companies in China. The research content of this paper is helpful to understand the cash dividend policy of listed manufacturing companies in China, and has certain reference value for manufacturing companies to formulate reasonable and effective dividend distribution policy.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F424

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