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论文编号：	1881
作者编号：	041833
上传时间：	2010/5/18 10:54:03
中文题目：	股票股利政策影响因素研究
英文题目：	Stock Dividend Affecting Factors
指导老师：	周宝源
中文关键字：	股票股利 影响因素 实证研究
英文关键字：	Stock Dividend Affecting Factors Empirical Study
中文摘要：	股利政策与公司的投资政策和筹资政策紧密联系在一起，是投资活动和筹资活动的延续，同时又影响着公司的形象和股票的市场价格、流动性。股利政策研究是公司财务研究的三个部分之一，吸引了众多的学者。我国的股票市场经过十多年的发展，取得了很大的进步，但是市场还不够成熟，股利政策波动性较大，缺乏连贯性，不分配的公司很普遍，存在多样的分配形式。股利政策影响因素的深入研究不仅能够让我们更好的理解公司的股利政策决策行为，而且可以让我们通过控制这些影响因素来规范其股利决策行为。所以本文在以往相关研究的基础上，拓展和深入研究影响我国股票股利政策的因素。 本文首先对现有的主流股票股利理论进行了阐述，随后对影响我国上市公司股票股利政策的因素进行了全面分析，接下来利用逻辑回归模型，以我国2000年至2003年深市和沪市发放股利的公司为样本进行实证分析，分析会引起公司发放股票股利的因素。最后，综合上述理论分析与实证结果，针对我国特殊的情况，提供了建设性意见。 本文通过实证研究，证明股本流动性与股票股利有显著的正相关关系；当期的每股业绩和成长能力会影响公司股票股利的决策；下年度的每股收益与股票股利显著负相关，与信息传递假说推导出的结论相反；公司的规模与股票股利的关系明显，获得了关于引起注意假说的证据；资产流动性与股票股利没有关系。根据该研究结论，从股市的二元结构、流通股东地位、投资者素质、市场环境、经济增长方式方面提出了建设性意见，为规范上市公司股票股利分配行为，为上市公司制定适合的股票股利政策提供了依据。 股票股利 影响因素 实证研究
英文摘要：	Dividend policy has strong relationships with investment policy and financing policy, and it is an extension of the activities of the company to raise and invest money. What more, dividend policy may not only influence the image of the company, but also cause the fluctuation of its stock price and the liquidity of the stock. The research about dividend policy is the one of the three parts in corporation finance research, which attracts many scholars. Stock market has more than ten year’s history in our country and makes a great progress; however, the market is not mature. There are many characteristics, such as unstable, less coherence, widespread no dividend and lots of different choices. At this situation, deeper research will make us understand the corporation dividend policy decision better, and we can control the factors to restraint it. On the basis of the relevant study, this thesis researched which factors influence stock dividend policy in our country. At first, the paper concludes the primary stock dividend theories, analyzes the affecting factors. Then author selects some representative financial indexes concerned about stock dividend policy, applies the logistic regression method, and analyzes the different indexes’ influence on the stock dividend policy. As last, on the basis of theory analysis and data, the author gives some suggestions in order to improve the stock dividend policy decision of public owned corporations, and to promote Stock Market. This article demonstrates that the liquidity of the capital stock has a significant relationship with stock dividend, the current performance per share and growth ability affect the decision of stock dividend policy, EPS of next year is significant negative with stock dividend. Attention hypothesis has been proved and the liquidity of assets has no relationship with stock dividend. According the research results, the author gives the constructive suggestions concerned about stock market structure, circulation stock holders’ positions, ability of investors, stock market environment, the way of economy’s increase. These suggestions are used to restrain the action of stock dividend policy decisions, and they also supply foundation for corporations to reach more suitable stock dividend policy. Stock Dividend Affecting Factors Empirical Study
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