旅游上市公司股利分配政策影响因素的实证研究

发布时间：2018-04-09 19:44

本文选题：旅游上市公司　切入点：股利分配意愿　出处：《广西大学》2017年硕士论文

【摘要】：旅游上市公司对于推动我国旅游业的发展起着重要作用。本文以股利政策影响因素为切入点,选择旅游行业上市公司为具体研究对象,利用旅游上市公司的股利分配相关数据和有关财务比率数据,研究了旅游行业上市公司股利分配意愿的主要影响因素、现金股利支付水平的主要影响因素和股票股利支付水平的主要影响因素,主要包括公司规模、公司盈利能力、公司偿债能力、公司成长能力、现金流状况、利润质量、每股盈余公积金、企业收入水平、企业生命周期、企业营运能力、股权集中度、董监高薪酬和监管因素等。并通过建立模型、运用Logistic回归和逐步回归对模型进行分析,最后得出以下结论:(1)企业规模、盈利能力、偿债能力、利润质量及生命周期与股利支付意愿呈正相关,成长能力与股利支付意愿呈负相关,现金流状况、每股盈余公积金及监管因素与股利支付意愿关系不显著;(2)盈利能力、偿债能力、现金流状况、每股盈余公积金、营运能力及董监高薪酬水平与现金股利支付水平呈正相关,成长能力、收入水平、生命周期及监管因素与现金股利支付水平呈负相关,企业规模和利润质量与现金股利支付水平关系不显著;(3)盈利能力与股票股利支付水平呈正相关,公司规模、现金流状况及每股盈余公积金与股票股利支付水平呈负相关,成长能力与股票股利支付水平关系不显著。并提出以下建议:对旅游上市公司而言,应努力提高自身盈利能力、扩大自身规模并改善自身资本结构;对监管者而言,应引导投资者进行价值投资,并健全上市公司信息披露机制。
[Abstract]:Tourism listed companies play an important role in promoting the development of tourism in China.This article takes the dividend policy influence factor as the breakthrough point, selects the tourism industry listed company as the concrete research object, uses the tourism listed company dividend distribution related data and the related financial ratio data,This paper studies the main influencing factors of dividend distribution intention of listed companies in tourism industry, the main influencing factors of cash dividend payment level and the main influencing factors of stock dividend payment level, mainly including the company size, the profitability of the company.Corporate solvency, corporate growth, cash flow, profit quality, earnings per share provident fund, enterprise income level, enterprise life cycle, business operation capacity, equity concentration, Dong Jiangao compensation and regulatory factors.By establishing the model and using Logistic regression and stepwise regression to analyze the model, the following conclusions are drawn: 1) the scale, profitability, solvency, profit quality and life cycle of the enterprise are positively correlated with the willingness to pay dividends.The growth ability is negatively related to the willingness to pay dividends, the cash flow status, the surplus accumulation fund per share and the regulatory factors have no significant relationship with the dividend willingness to pay dividends) profitability, solvency, cash flow status, surplus per share provident fund.The operating ability and the salary level of Dong Jiangao are positively correlated with the level of cash dividend payment, while the growth ability, income level, life cycle and regulatory factors are negatively correlated with the level of cash dividend payment.There is no significant correlation between enterprise size, profit quality and cash dividend payment level. (3) profitability is positively correlated with stock dividend payment level, while company size, cash flow status and earnings per share accumulation fund are negatively correlated with stock dividend payment level.The relationship between growth ability and stock dividend payment level is not significant.The following suggestions are put forward: for tourism listed companies, they should strive to improve their profitability, expand their own size and improve their own capital structure; for regulators, investors should be guided to invest in value.And improve the information disclosure mechanism of listed companies.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F590.66;F592.6;F832.51

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