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论文编号：	2229
作者编号：	041901
上传时间：	2010/5/26 10:44:17
中文题目：	我国上市公司股利政策影响因素的实证研究
英文题目：	Dividend Policy, Cash Dividend, Cash Flow, Dividend Policy stability
指导老师：	刘建
中文关键字：	股利政策 现金股利 现金流量 股利政策稳定性
英文关键字：	Dividend Policy, Cash Dividend, Cash Flow, Dividend Policy stability
中文摘要：	自我国20世纪90年代初创建证券市场以来，证券市场对我国经济发展做出了巨大贡献。随着证券市场的发展和上市公司的壮大，对上市公司的研究，包括对股利政策的研究显得越来越重要。股利政策是现代公司财务管理的三大核心内容之一，人们逐渐认识到，股利政策不仅仅是一个利润分配问题，它与股东的财富，公司在市场上的形象，甚至是公司的交易成本、代理成本等都有关系。恰当的股利分配政策，可以树立起良好的公司形象，激发投资者对公司持续投资的热情，并为公司的长期、稳定发展打下坚实的基础。但由于对股利政策的研究的时间较短，相关研究成果不多。 本文首先简要介绍了西方学者关于股利政策的理论和实证研究，以期学习借鉴其思维方式和研究方法来解决我国的股利分配问题。然后，在将股利政策进行严格定义的基础上，对1997年来，我国上市公司股利分配行为的基本特点进行了总结和归纳。根据2002年、2003年、2004年我国上市公司年报中与现金股利分配相关的基本财务数据，对其现金股利分配的情况进行了全面的分析。本文进一步分析了我国上市公司现金股利分配与其每股收益、每股经营性净现金流量、资产负债率等因素的相关性。本文运用多元线性回归分析的逐步回归法，对影响上市公司股利政策的主要因素进行实证检验。结果表明，当前上市公司的现金股利政策主要受以下几个因素的影响：公司当年的每股收益、上年的每股现金股利。 最后，在前文理论分析和实证检验的基础上，本文对规范我国上市公司的股利分配行为，提出了一些具体的建议，希望对促进我国上市公司现金股利分配的合理化起到一定的积极作用，推动我国证券市场的健康发展。
英文摘要：	Since the stock market was found in china in 1990's, it had greatly helped our economy's development. Along with the development of security market and the growth of listed companies, research on the dividend policies of listed companies has acquired an increasing importance. Dividend policy is one of the three major concerns in a corporation financial management. Scholars believe that dividend is not only a profit-distribution question, but also relates to stockholders' wealth, the image of listed company, and transactional cost and agency cost. Proper dividend policy could be helpful to establish a favorable company image, encourage the investors' enthusiasm for the constant investment and build solid base for the extended and stable development of company. Because of limited study time, there are not many valuable achievements in China today. This dissertation briefly introduces western literature review and empirical studies about dividend policy, and tries to apply similar theory and research methods to solve dividend policy issues in China. Then, the article concludes the characteristics of listed companies' dividend policy in China since 1997. This paper collects related statistics with the distribution of the cash dividends of the listed companies from 2002 to 2004, analyses its present situation. The author continues to analyses the relationship between cash dividend distribution and its influence factors. Based on the qualitative analysis and former investigations, multi-factor regression analysis is involved to check the main factor influencing dividend policy. The result shows that dividend policy of current list companies is primarily infected by following factors：Company’s yield per share and last year cash dividend per share. Finally, the dissertation provides some suggestions on regulating listed companies' dividend policy in China. Thus, to regulate the cash dividend distribution policy of the listed companies in china and to promote our stock market’s healthy development.
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