新能源公司现金股利政策与企业价值关系研究.docVIP

新能源上市公司现金股利政策与企业价值关系研究 学院： 专业： 年级： 指导老师： 学生姓名： 日期： 新能源上市公司现金股利政策与企业价值 关系研究 内容摘要：现金股利政策与企业价值的关系一直以来都是财经界研究的热点问 题，研究成果层出不穷，却也始终没有一个成熟的理论成果被普遍接受。两者在 新能源板块中存在怎样的关系是木文要解决的问题。木文以前人的研究成果为依 据进行理论分析并由此提出两个假设，以2013年沪深两市新能源板块139家上 市公司为研究样本，采用托宾Q值代表企业价值作为因变量，采用企业是否支 付股利和股利支付率作为自变量，并选取了其他四项财务指标作为控制变量后建 立实证模型研究新能源上市公司现金股利政策与企业价值的关系。实证结果表明 企业价值与企业是否发放股利具有负相关关系，与股利支付率之间具有负相关关 系。 关键词：企业价值；股利政策；新能源上市公司 Research on the relationship between cash dividend policy andcorporate value of new energy listed companies Abstract: the relationship between cash dividend policy and enterprise value has always been a hot issue in the financial field. The research results are in an endless stream, but there is still no mature theoretical results are generally accepted? What is the relationship between the two in the new energy sector is the problem to be solved in this paper. In this paper, the results of previous studies based on the theoretical analysis and put forward two hypotheses, in 2013, the Shanghai and Shenzhen two city new energy sector 139 listed companies as the research sample, using Tobins Q value represents the enterprise value as the dependent variable, the enterprise whether to pay dividends and dividend payment rate as independent variables, and selected other four An Empirical Study on the relationship between financial indicators as a model of the new energy listed companies cash dividend policy and enterprise value of the control variables? The empirical results show that the value of the enterprise has a negative correlation with the dividend payout ratio, and has a negative correlation with the dividend payout ratio. Key words: enterprise value; dividend policy; new energy listed companies 目录 TOC \o 1-5 \h \z HYPERLINK \l bookmark4 \o Current Document \h 一、 绪论 -2 - （一） 研究背景及意义 -2- 研究背景 -2- 研究意义 -2- HYPERLINK \l bookmark8 \o Current Document \h （二） 国内外文献综述 -3- 1.国外文献综述 -3- HYPERLINK \l bookmark10 \o Current Document \h 二、 股利政策与企业价值相关理论概述 - 4 - HYPERLINK \l bookmark12