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论文编号：	1938
作者编号：	031713
上传时间：	2010/5/14 8:33:46
中文题目：	我国上市公司现金股利政策影响因素研究
英文题目：	cash dividend influencing factors empirical research game
指导老师：	黄菊珊
中文关键字：	现金股利 影响因素 实证研究 博弈
英文关键字：	cash dividend influencing factors empirical research game
中文摘要：	股利政策作为上市公司财务管理的三大政策之一，一直是西方财务学研究的热点。近年来，中外学者们进行了大量的理论探索和实证研究，产生了许多观点迥异的理论学说。本文在借鉴国内外已取得的研究成果的基础上，从财务因素和非财务因素两个方面进行分析，对我国上市公司现金股利的影响因素进行了较为全面的研究。本论文分五个部分进行了阐述： 第一部分是绪论。本文在第一部分中介绍了文章的研究背景、意义、方法及研究内容，并回顾了中外学者在探讨影响上市公司制定现金股利政策的因素方面所进行的实证研究，这些实证研究为后文提出检验假设提供了一定的参考依据。 第二部分是股利政策的相关理论分析。本文首先对股利、股利政策等相关概念进行了界定，然后简要介绍了西方股利政策理论发展过程中一些有代表性的理论及现金股利的影响因素，构成了本文进行实证研究的理论基础。 第三部分和第四部分是本文的重点。第三部分是对影响我国上市公司现金股利的财务因素的实证分析。首先提出了研究假设，对样本选取、变量设计、统计软件和研究方法等实证设计进行了说明，然后对实证结果进行了分析，对样本进行了描述性统计分析和回归分析，得出了我国上市公司现金股利的分配与公司盈利能力成正相关，与公司成长能力、债务负担、长期预测发展潜力成负相关关系的结论。 在第四部分，作者将博弈论引入了对现金股利影响因素的研究中，通过一个博弈模型分析了股利政策的决定过程，以期从一个非财务的方向研究上市公司现金股利的影响因素。 第五部分是本文的结论部分，对全文的研究进行了总结。
英文摘要：	As one of the three important policies of financial management of listed corporations, dividend policy is always studied by western finance. Recently, scholars have conducted a lot of theoretical studies and empirical analyses, and put forward various theories with different ideas. By using Chinese and western countries’ successful dividend theories and empirical study methods, this paper is an attempt to analyze Chinese listed companies’ influencing factors of cash dividend policy from financial aspect and other aspects. This paper is divided into five chapters as follow: The first part introduces the background, meaning, researching method and main contends. Then it looks into works on the influencing factors of dividend policy by both Chinese scholars and foreign scholars. This part provides some reference for the hypothesis test in later part. The second part is introduction of correlative theories. This part defines the important concepts such as dividend and dividend policy firstly, and then gives a historical overview of the most important theories of dividend policy and the influencing factors of dividend. Dividend policy theories and influencing factors are the theories based of empirical research in the paper. Part three and part four are important parts in this paper. In part three, the author puts forward research problem and research hypotheses, describes variables, research methods and so on. Then the author analyzes the result of empirical research. The author analyzes the swatch by descriptive statistic method and multiple regression method. The empirical result shows that earning capability, growing capability, indebted rate and long-term growing capability can influence dividend policy of the listed companies in our country. In part four, the author explores the process of a dividend police’s determination through a game-theory model, looking forward to find the influencing factors of cash dividend from a non-financing aspect. The last part makes a conclusion for this paper.
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