电力上市公司现金股利政策实证研究会计学专业论文.docxVIP

华北电力大学硕士学位论文摘 华北电力大学硕士学位论文 摘 要 股利政策是公司财务政策的重要组成部分，不仅关系到股东的利益，而且直接 关系到公司的融资政策、资本结构、对管理层的监督以及公司的持续发展。我国学 者之前的股利政策研究很少有分行业进行的，本文采用描述性统计方法，对电力行 业和全部上市公司股利分配的现状进行了比较分析，发现电力上市公司虽然更热衷 于分配现金股利，但是股利支付水平仍然较低，股利政策制定也缺乏连续性和稳定 性。在总结国内外研究成果的基础上，本文还针对我国A股电力上市公司的现金股 利分配情况，选取最近三年数据，采用多元线性回归模型，对影响电力上市公司现 金股利分配的因素进行了实证研究。结论表明，电力上市公司现金股利与每股收益 和第一大股东持股比例正相关，与主营业务利润增长率、市净率和流通股比例负相 关，与资产负债率和每股经营净现金流量相关性不显著。最后，根据实证结果和国 内外上市公司股利政策的实践，为我国上市公司制定规范的股利政策提出了一些相 应的建议。 关键词：电力公司，股利政策，现金股利，影响因素 AB STRACT Dividend policy is all important component of the company’S financial policy,it is not only related to the benefit of shareholders，but also directly related to the company’S financing policy,capital structure，the supervision of the management，as well as company’S sustainable development．In this paper,using descriptive statistical methods， made a comparative analysis about dividend distribution between the electricity industry and industry．wide of listed companies，we found that although the listed power companies more interested in distribution of cash dividends，the dividend payment level is still relatively low,policy．makers lack of dividend continuity and stability．on the basis of concluding the research results of our country and abroad，this research selected financial data of listed power firms in lasted three years，it analyzed the charactefistics and influenced factors of listed power company’S cash dividend distribution in China， using multi—regression method．Through the research，I find some important conclusions． So how much cash dividend they distribute depends on their earnings，the shares held by the first maior shareholder,the growth rate of earnings and SO on．In the end，this article bring forward some suggestions to better build dividend policy of listed power firms in China，based on the demonstration analysis． “Ling(Accounting) Directed by associate prof．Yan Suli KEY WORDS：power listed company，dividend policy,cash dividend，influencing factors 华北电力大学硕士学位论文摘 华北电力大学硕士学位论文 摘 要 股利政策是公司财务政策的重要组