中国上市公司红利政策行为及其影响因素分析——以金融（银行保险券商信托）为例.docVIP

PAGE PAGE 26 中国上市公司红利政策行为及其影响因素分析 ——以金融（银行保险券商信托）为例 摘要：股利政策是财务界三大决策之一，它关系着管理者当局、股东、债权人等各方面的利益，也与公司未来的发展密切相关，是上市公司一项非常重要的方针和策略。股利政策的影响因素因其复杂性，引起国内外众多学者的关注。学者们发现一些因素始终比其他因素更重要，例如每股收益，但是因为不同行业的性质和特征不同，尚未发现一系列通用的影响因素。 本文在对国内外文献进行归纳总结的基础上，分析了我国A股上市公司股利分配的现状，接着单独分析金融行业的股利分配现状。最后，采用金融行业的面板数据进行实证分析，建立回归模型，并运用stata软件进行数据处理，得出如下结论：每股收益和总资产周转率是金融业上市公司股利政策的影响因素。 综合以上分析，本文在基于优化金融业股利政策的出发点上，提出改善性建议。 关键词：金融业；上市公司；股利政策；每股收益 Chinese Listed Companies Dividend Policy Actions and their Impact Factors ——In the Case of Financial (Banking, Insurance, Security and Trust) Abstract: Dividend policy is one of the three most important financial decisions in finance circles, it ties up various aspects of benefit of management authorities, shareholders, creditors. It’s also closely related to the development of the company’s future as an important policy and strategy in listed company. Because of the affecting factors’ complexity, it attracts the attention and interest of many research scholars around the world. Scholars found that some factors are always more important than other factors, such as earnings per share. For the different nature and features of different industries, they haven’t found a common set of factors yet. This paper based on the domestic and international literature review, analyzing the current?situation of dividend distribution of the A-share listed firms, and then?analyzing present situation of the financial industry individually. Finally, this paper makes an empirical study with the help of the tools of financial industry panel data, building regression model and using stata software for data processing, to one conclusion: EPS and total assets turnover are the factors that affect dividend policy of financial listed companies. Synthesizes the above analysis, the article is based on putting forward suggestions to optimize the financial sector’ dividend policy. Keywords: Dividend policy; listed companies; financial industry; earnings per share 一、 绪论 （一） 选题背景 近年来，国内外的许多专