中小板上市公司现金股利政策影响因素分析.docxVIP

PAGE 15 中小板上市公司现金股利政策影响因素分析 内容摘要 作为股利政策的重要形式之一，现金股利政策不仅为投资者提供回报，保护投资者权益；同时也是公司投资融资活动的桥梁，能够提升公司的价值水平。中小板上市以来，其较高水平的现金股利分配引起了众多投资者和学者的普遍关注与研究。自Lintner1956年建立公司现金股利支付行为理论模型起，众多学者选择从不同角度着手，希望解开公司的“股利谜团”，但在某些方面仍然无法得到一致结论。因此，研究中小板上市公司现金股利政策具有重要意义。 首先，本文汇集总结了国内外学者关于现金股利政策的研究成果，之后选取5项代表性财务指标，采用实证分析方法，通过对2016—2018三年我国中小板上市公司的数据进行多元回归分析，判断企业现金股利支付水平的影响因素。研究表明，公司规模、盈利能力、现金流量、偿债能力和发展能力5个因素与每股现金股利支付水平具有显著相关关系。 【关键词】中小企业板；现金股利；多元线性回归 Abstract As an important form of dividend policy, cash dividend policy not only protects investors rights and interests, but it is also a bridge for the companys investment and financing activities, which can enhance the level of the company value. Since the small and medium-sized board was listed, its higher level of cash dividend distribution has attracted extensive attention of a great number of investors and scholars. From 1956, when Lintner established the theoretical model of the companys cash dividend payment behavior, many scholars chose to start from different angles, hoping to solve the dividend puzzle of the company. However, for some aspects, many scholars still could not reach a consistent conclusion. Therefore, it is of great significance to study the cash dividend policy of small and medium-sized listed companies. This paper firstly summarizes the research results of domestic and foreign scholars on cash dividend policy, and then adopts empirical analysis method to select 5 representative financial indicators. The empirical analysis method is adopted to carry out a multi-regression analysis of the data of small and medium-sized board listed companies in China in 2016-2018, and to examine the factors affecting the level of cash dividend payment of enterprises. The results show that the companys size, profitability, cash flow, solvency and growth capacity are related to the level of cash dividend payment per share. 【Keyword】SME; cash dividends; multi-linear regression 引言 作为公司核心财务政策之一，股利政策始终是投资者和学者关注的焦点。持续稳定的股利政策有助于树立企业的积极形象，不断扩大企业价值；