创业板上市公司股利分配现状及影响因素研究.docVIP

创业板上市公司股利分配现状及影响因素研究 摘要 本文主要通过2010年至2014年我国创业板上市公司股利政策和不同类型股利政策的数据变化来分析我国创业板上市公司现金股利政策的分配现状，据此总结出五个特点：一、大多数公司都会选择分配股利；二、选择只派现的公司比例并不稳定，但派现依然是目前创业板大多数上市公司的主流选择；三、现金分红连续；四、现金股利分布变化较大，趋向低股利发展；五、大部分创业板上市公司的股票股利采用转增的形式，很少见到有公司采用送股、送股+转增的分配方式。总体来说，创业板上市公司有能力也有意愿进行派现。与此同时，运用了线性回归研究现金股利与公司盈利能力和股本规模以及上市时间的关系，创业板上市公司盈利能力中的每股收益对现金股利分配具有较大影响，正相关关系较为显著，或者说模型构建较为成功，而净资产收益率对现金股利分配的影响解释能力相对较弱。另外，股本规模越大，上市时间越长的公司越存在不分配股利的可能。中等股本规模作为衡量现金股利的参考意义不大，如果企业更看重公司自身的规模，那么很有可能会不太重视进行现金股利分配。 关键词：创业板，股利分配，现金股利，影响因素 Abstract This paper mainly through 2010-2014 of GEM listed companies dividend policy and dividend policy of different types of data changes to analyze the status quo distribution of GEM listed companys cash dividend policy, whereby summarized five characteristics: First, most companies will choose the distribution of dividends; Second, choose only to send the current ratio of the company is not stable, but the school is still now most listed companies on GEM mainstream choice; Third, cash dividends continuously; Fourth, cash dividend distribution varied tend low dividend development; Fifth, most of the GEM companys stock dividend in the form of the use of capitalization, rarely seen adoption bonus, bonus + conversed distribution. Overall, GEM listed companies have the ability and willingness to send now. At the same time, the use of linear regression analysis of the relationship between cash dividends and the companys profitability and capital size and time to market, the profitability of companies listed on GEM of having a greater impact on earnings per share cash dividend, more significant positive correlation, or more successful model building, while return on equity for cash dividend distribution affects the interpretation of capacity is relatively weak. In addition, the share capital of the larger, longer-listed companies may not be the presence of dividends. Moderate equity scale as a measure of cash dividends of reference of little significance, if companies pay more attention