上市公司现金股利分配的影响因素分析.pdfVIP

上市公司现金股利安排的影响因素分析 摘要：上市公司通过现金股利的方式安排企业盈利和回报投资者，长久以来受到企业的 各方利益相关者高度关注。公司的现金股利安排政策，不仅与公司自身情况有关，也与行业整 体情况、宏观环境，国家政策等等因素有关。理想的现金股利安排政策，应该在维护股东利 、保有企业价值和帮助企业未来成长之间谋求平衡，可以起到稳定公司股价、增加投资者信念 ，以长期投资取代投机的作用，其意义十分重大。本文参考国内外文献，以2015年深市A股公 司数据为样本，提出假设和设置解释变量，建立影响现金股利安排的多元回来模型，分析各种 因素对股利安排的影响。由实证分析结果，对公司现金股利政策提出建议和意 。 关键词 ：现金股利；股利安排；影响因素分析 ANALYSIS OF INFLUENCING FACTORS OF CASH DIVIDEND DISTRIBUTION OF LISTED COMPANIES Abstract ：Cash dividend is an important way for the listed companies to distribute the profits and repay the investors which concerned by many kinds of stakeholders of company. The cash dividend policy is related to the companys own situation, the whole industry, the macro environment, the national policy and so on. The ideal cash dividend policy should seek a certain balance between the interests of shareholders, the value of the enterprise and the growth of the enterprise. It can play an important role in stabilizing the stock price of the company, enhancing the confidence of the investors and replacing the speculation with the long-term investment. This paper refers to the domestic and foreign literature, with the data of 2015 Shenzhen Stock Exchange A shares companies as a sample, and put forward the hypothesis set of explanatory variables, a multiple regression model of cash dividend distribution, analysis of the impact of various factors on dividend distribution. According to the empirical analysis, some suggestion of the companys cash dividend policy should be offered. Key words ：cash dividend; dividend distribution; influencing factors 目 录 一、绪论1 （一）选题背景1 （二）研究的目的和意义1 （三）文献综述1 1.盈利能力1 2.公司规模2 3.投资机会2 4.负债水平3 5.股权结构3 （四）研究思路与方法4 二、研究理论基础4 （一）相关概念界定4