财务管理专业毕业论文--江浙沪纺织业上市公司股权结构和股利政策的研究.docVIP

摘 要 公司股利政策一直是财务研究的一个热点，作为公司财务管理的三大内容之一，它不仅决定了流向投资者和留存在公司内用以再投资的资金数量，还能够向投资者传递关于公司经营业绩的信息，股利的发放还反映了公司大股东与中小股东以及股东与经营者之间利益博弈的关系，不同的利益主体可能从自身利益出发以各自不同的方式参与上市公司股利政策的制定，因此，恰当的股利政策对公司的长期稳定发展、投资者持续投资热情的激发有着非常重要的作用。江浙沪是我国传统的纺织业重点产业区，当前三地都有不少纺织业上市公司。借鉴前人的研究成果，分析股权结构对股利政策产生影响程度及其原因是本文的主要研究目的。 文章以2008、2009、2010年度沪深两市A股江浙沪纺织行业上市公司为研究样本，系统性地检验了公司股权结构和股利政策的关系，同时从股权集中度和股东属性两个方面分析股利政策的影响因素。在描述性统计中，分组比较了股权集中度和股东属性两种股权结构下江浙沪纺织业上市公司的股利分配方案，在数理分析中选用每股现金股利和配股数量两个指标，对江浙沪地区纺织行业上市公司的股利政策的内容进行了较为全面的考察。 关键词：江浙沪纺织业上市公司；股权结构；股利政策 Abstract Dividend policy has been a hot topic of financial research, financial management as one of the three, it not only determines the flow to investors and retained for reinvestment in the company the amount of money, but also to pass on the company to investors Operating performance information, dividend payment also reflects the companys largest shareholder and minority shareholders and the interests of shareholders and managers game the relationship between the different stakeholders in their own interests may be different ways in their dividend policies of listed companies Therefore, the appropriate dividend policy of the companys long-term stability and development, investor enthusiasm for continued investment in the excitation has a very important role. Jiangsu, Zhejiangs textile industry is the focus of Chinas traditional industrial areas, many of the textile industry currently has three listed companies. Draw on previous research results, analysis of ownership structure affect the extent of dividend policy and the reasons The main purpose of this article.???? Annual article 2008,2009,2010 Jiangsu, Zhejiang and Shanghai and Shenzhen A share listed companies in the textile industry as the sample, systematically testing the companys ownership structure and dividend policy of relations, while ownership concentration and shareholder from the properties of both Factors Influencing Dividend Policy. In descriptive statistics, group comparisons of the ownersh