半强制性分红政策对上市公司价值的影响分析-基于制造业数据-会计学专业论文.docxVIP

PAGE PAGE VI ABSTRACT Dividend policy is the profit distribution decisions in the listed companies, dividend distribution will directly influences the future development of the enterprise. How to formulate the reasonable and effective dividend policy is an important content in the decisions of listed companies. Manufacturing industry is an important pillar industry of our country, in 2009, China accounted for 15.6% of the total cost in the global manufacturing industry, became the second largest industrial countries ,which just after the USA. Manufacturing industry is a labor-intensive industry, which can be affected by the external environment easily; on the other hand, whether at home or abroad, our enterprises are in the volatility of the market environment, the enterprise should retain certain money to cope with sudden changes. Due to the short time, the construction of capital market in China is not enough. In order to protect the interests of investors, regulators issued a series of rules and regulations to force the enterprise which have refinancing programs to use cash bonuses. The rules will bring a certain influence to the manufacturing industry. So this article studied the influence of semi-mandatory dividend policy on the manufacturing listed companies, and chose the enterprise value as the research object. Firstly the article reviewed the dividend policy theory, then explained the overall cash dividends of listed companies and put an emphasis on the cash dividends of manufacturing industry: that was the number of companies which chose to use cash dividend increases, but the cash amount did not change obviously. Then, this article selects the enterprise value as the dependent variable, cash dividend amount, financing plan, free cash flow as the independent variables, select the related data from 2006 to 2011 in the 693 a-share listed manufacturing company as samples, use STATA software to carry out the empirical research, to investigate the changes of