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论文编号：	1509
作者编号：	2120071986
上传时间：	2009/6/22 12:52:38
中文题目：	中国上市公司现金股利政策影响因
英文题目：	Research of Cash Dividend Poli
指导老师：	王全喜
中文关键字：	现金股利政策;资本成本;>
英文关键字：	Cash Dividend Police;Capital C
中文摘要：	股利政策作为公司理财活动的核心内容之一，一直是财务管理的热点问题。特别是现金股利的发放，既关系到公司股东的利益，又关系到公司未来的发展。合理的股利分配政策，不仅可以树立良好的公司形象，而且能激发投资者对公司持续投资的热情，从而能使公司获得长期、稳定的发展条件和机会。自2005年股权分置改革以来，公司对现金股利政策的选择日趋规范化、合理化。但是在取得巨大成功的同时，由于制度性缺陷以及监管制度不完善等问题，我国上市公司的股利政策表现出了与西方成熟资本市场不同的“股利之谜”。我国上市公司股利政策究竟受到哪些因素的影响，这是本文主要探讨的问题。 本文首先对现金股利影响因素相关理论和文献进行了回顾。综合前人的研究结论，本文发现大多数文献的研究对象主要集中在财务状况、盈利能力和治理结构等方面。但是对于资本成本与现金股利关系的研究还不是很多。资本成本作为企业财务的重要指标，对于企业的融资、投资、分配等决策都有重大影响。那么作为企业重要分配决策的现金股利政策是否受到了资本成本的影响，其影响作用有多大，就成为本文所需要关注的重要方面。因此本文根据中国的国情和资本市场现状，将资本成本和财务状况、盈利能力、治理结构相结合，综合考察了上市公司现金股利政策的影响因素。 本文选择了2005-2007年的沪深两市公司为样本，构造出上市公司现金股利政策影响因素的回归模型。利用Pearson相关分析，多元线性回归和K-W检验，得出如下结论：企业资本成本是影响上市公司现金股利政策的重要因素，会对其产生显著的负向影响，资产负债率和企业成长性也对现金股利政策具有负向影响。此外，盈利能力、现金流状况、第一大股东持股比例和公司规模对企业现金股利政策具有正向影响。实证结果是对样本状况的整理和反映，受当前上市公司信息披露状况的限制。但本文对实际情况的反映基本上客观准确，最后试探性的提出相应建议以体现实践意义。
英文摘要：	Dividend Policy is one of the core content of the corporate finance. Especially the cash dividend not only affects the interests of the shareholders but also the company's future development. The reasonable Dividend policy could set a good corporate image and stimulate the enthusiasm of continued investment of the shareholder. As a result, the corporation could get a lot of long-term and stable development opportunities. From the reform of the shareholder structure of listed companies in 2005, corporations chose the dividend policy more and more standard and reasonably. But we should notice that Because of the innate institutional deficiency and the imperfect supervising system, Chinese listed companies’ dividend policy display a different “dividend puzzle” from the west mature capital market. What are the influencing factors of dividend policy is the topic of this paper. Firstly after reviewing the theory and literature related to the cash dividend policy, I found that most topic of the research concentrate on the financial situation, profitability and management structure. But there isn’t much research about the relationship between capital cost and cash dividend policy. As an important indicator of corporate finance, capital cost affects the financing, investment and distribution of a corporation a lot. As an important business decision-making of the cash dividend distribution policy has been affected by the cost of capital has become an important aspect of need to pay attention to. Therefore this article in accordance with Chinese national conditions and the status of capital markets, capital costs and financial position, profitability, management structure by combining a comprehensive survey of the factors of cash dividend policy. This paper chose the data of Shanghai and Shenzhen stock markets, between 2005 and 2007 for a sample of listed companies, structure a cash dividend policy of the impact of factors regression model. The main method including Pearson correlation analysis, multiple linear regression and the K-W test, finally I make the following conclusions: the impact of capital cost is an important factor of the cash dividend policy of listed companies, which with asset-liability ratio and growth has a significant negative impact. In addition, profitability, cash flow situation, the ratio of the largest shareholding and cash-to-business company size has a positive impact on dividend policy. The empirical research is just be summarized automatically and reflected, and it is restricted by the corporate information disclosure of listed companies. The article is trying its best to reduce the disadvantage which comes from various noises. In addition, the actuality is correctly imaged and it draws a conclusion. At last the author puts forth some suggestion in order to embody the practice sense.
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