格力电器连续高派现对企业价值影响研究.docxVIP

目 录 TOC \o 1-3 \h \z \u 1引言 2 2股利政策与企业价值概述 3 2.1股利政策相关概念 3 2.2企业价值相关概念 5 3格力电器股利政策现状 5 3.1格力电器企业概况 5 3.2格力电器股利政策的选择 7 3.3格力电器股利政策的特征 8 4格力电器高派现股利政策动因分析 11 4.1传递良好的经营与发展信号 11 4.2减少现金流，降低代理成本 12 4.3迎合投资者的现金股利偏好 13 5格力电器高派现股利政策与企业价值分析 15 5.1股利支付的方式对企业价值的影响 15 5.2股利支付的水平对企业价值的影响 15 5.3股利支付连续性对企业价值的影响 16 6启示 17 6.1制定股利政策重点考虑现金分红 15 6.2连续高现金分红能有效促进企业价值的增长 16 6.3连续高现金分红可通过不同途径影响企业价值 13 7结束语 17 参考文献 18 致谢 19 17 17 格力电器连续高派现对企业价值影响研究 摘 要：我国上市公司大多奉行的股利政策多为低分红的股利政策，少数公司采取不分红的政策，那么一直反其道而行之的格力电器公司就成为本文的研究对象。本论文将结合股利政策与企业价值相干理论，来剖析格力电器持续高派现股利政策与企业价值相关性。在结合格力电器公司股利分配状况，又借鉴了大量的国内外文献，在此基础上运用各种方法分析了格力电器高分红股利政策与企业价值相关性。研究发现格力电器股利政策在一定程度上对于企业价值的提升具有推动作用，对企业的经营，盈利，投融资偏好也有一定的反映。最后，论文依据研究结论从格力电器与企业价值的关系出发提出了相关建议。试图对其他上市公司在制定股利政策优化股利政策方面提供有益的借鉴。 关键词：格力电器公司；连续高现金分红；企业价值；股利政策 Research on the Influence of Gree Electric ContinuousHigh Distribution on Enterprise Value Abstract：Most of the listed companies in our country follow the dividend policy of low dividend policy, a few companies adopt the policy of no dividend, then Gree Electric Company has been the opposite of its research object. This paper will combine the dividend policy and the enterprise value related theory to analyze the Gree electric appliance continuous high dividend policy and the enterprise value correlation. In combination with the dividend distribution situation of Gree Electric Appliance Company, and draw lessons from a large number of domestic and foreign literature, on this basis, the use of various methods to analyze the Gree Electric High dividend policy and enterprise value correlation. It is found that the dividend policy of Gree Electric Appliances is of certain value to the enterprise The promotion of the positive role of the business, profit, investment and financing preferences also have a certain reflection. Finally, according to the research conclusion, the paper puts forward some suggestions on the