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论文编号：	7537
作者编号：	2120132411
上传时间：	2015/6/11 23:04:42
中文题目：	中国商业银行现金股利政策与经营绩效的相关性研究
英文题目：	The Research on the Relationship between the Cash Dividends Policy and Performance of Chinese Commercial banks
指导老师：	王曼舒
中文关键字：	商业银行；现金股利；经营绩效
英文关键字：	Commercial Bank; Cash dividend; Operating performance
中文摘要：	截至目前，我国拥有众多数量的商业银行，具体包括：5家大型商业银行、12家股份制商业银行、135家城市商业银行、1家邮政储蓄银行，除此之外还有47家外资银行和众多农村商业银行。这些商业银行既是资金融通的媒介，又是信用中介、支付中介，在信用创造、提供金融服务方面发挥着巨大作用，是我国经济发展的坚强后盾。所以，研究我国商业银行的经营绩效就极其重要。同时，股利政策作为上市公司的三大财务政策之一，必然会在一定程度上影响着公司的发展。而目前现金股利是我国商业银行股利分配的主要形式，因此，从股利政策的角度出发，研究现金股利与商业银行经营绩效的相关关系就显得非常必要。因此，本文以我国16家银行业上市公司为研究样本，探讨我国商业银行现金股利与经营绩效的相关关系，为商业银行现金股利政策的制定提供合理建议。 本文主要分为五部分，第一章引言，包含如下内容：研究背景和选题意义，研究内容、研究框架、研究方法和创新点；第二章相关理论回顾和文献综述，首先介绍本文所提及的相关概念，其次回顾有关股利政策以及经营绩效的相关理论，最后介绍当前国内外的研究现状；第三章为现状分析，对我国银行业上市公司现金股利、经营绩效方面进行描述性统计，展现当前现状，并指出其存在的问题；第四章为实证研究，主要运用理论加实证分析的研究方法，以股利政策有关理论为基础，通过选取2003-2013年间16家银行业上市公司数据，提出假设，选取因变量和自变量，通过多元回归模型进行实证分析，判断实证结果，验证假设是否成立；第五章：研究结论与展望，主要包括研究结论与建议，本文的研究局限以及对未来的展望。 本文通过对我国16家银行业上市公司进行实证分析，最后发现商业银行是否支付现金股利、现金股利支付水平与银行经营绩效水平呈正相关关系，发放现金股利、每股现金股利高、股利支付率高的商业银行其经营绩效要比不发放现金股利或是现金股利支付水平低的银行好，这是由于银行管理层在对未来前景有良好预测时，会通过股利政策向投资者传达信息，吸引投资者并增加投资者信心，促进自身长远发展。而股利收益率与商业银行经营绩效的关系并不显著，说明股利收益率并不能反映商业银行经营绩效水平的高低。
英文摘要：	Up to now, there are lots of commercial banks: they are 5 large commercial banks in our country, 12 share-holding commercial banks, 1 postal savings bank, 133 city commercial banks, 47 foreign banks, in addition, there are also many rural commercial banks. The commercial bank is the strong backing for the economic development of our country and plays a great role to provide financial services. They are the medium of financing, and also credit agencies and payment intermediaries. Therefore, the research on China's commercial banks operating performance is particularly important. At the same time, the dividend policy as one of the three financial policies of listed companies, is bound to affect the development of the company. At present the cash dividend is the main form of dividend distribution of China's commercial banks, therefore, correlation study on the cash dividend and operation performance of the commercial bank is very necessary from the point of view of dividend policy point of view. Therefore, we take 16 Chinese listed commercial banks as the research sample, to investigate the relationship between cash dividend and the operation performance over the 2003-2013 period, and provide a theoretical basis and reasonable suggestions for the commercial banks to distribute cash dividends. There are five parts, the first part is introduction, which introduces the research background and significance, then followed by the overview of research content, framework, methods and innovation. The second chapter is the review of the related theories and literature, firstly introduces related concept, secondly review relevant theories about dividend policy and performance, finally introduces the current research status at home and abroad. The third part is the analysis of the present situation of commercial bank including cash dividend and operating performance, showing the current situation, and pointing out existing problems. The fourth chapter is the empirical study, it mainly uses the methods of theoretical and empirical analysis, select 16 listed banks’ data during 2003-2013, then put forward a hypothesis, choose dependent and independent variables, at last come to the empirical results through multiple regression model. The fifth chapter is about research conclusion and prospect, mainly including the research conclusions and recommendations, and pointing out the limitations of this research and future prospect. We finally find the positively correlated relationship between the banks’ performance and whether to pay cash dividend, cash dividend payment level. If the bank distributes cash dividend, and has high cash dividend per share, dividend payment rates, then the performance is better than the banks which have no cash dividend or low level of cash dividend. So the results support the hypothesis that high dividend payouts of recent times is regarded as a signal of strong future earnings to come. However, stock returns and operating performance of listed banks show no significant positive correlation, indicating that the stock return rate does not reflect the level of listed banks’ operating performance.
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