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MBA論文_公司業績和財務杠桿對現金分紅的影響—基于A股制造業上市公司的實證研究(62頁)

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更新時間:2015-7-26

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摘 要
股利政策是公司財務管理中的一個重要決策,公司管理層需要決定
將稅后盈余的多大比例作為股息發放給股東,同時也相應決定了多大比
例將留存在公司進行再投資以支持公司未來的增長。股息和留存收益都
是可取的但是彼此沖突。通常來說,財務經理會制定合理的股利政策,
既滿足股東現時現金回報的要求,也滿足公司未來發展的需要。制造業
上市公司有大額的資本性支出,債務融資是資本性支出的主要來源,債
務對業績及股利政策均有影響。
本文在文獻回顧的基礎上,結合我國制造業現金股利分配的現狀,探
討了我國制造業現金股利分配的影響因素。文章從盈利能力、流動性、
成長性、資本結構四個方面選取了現金分紅的相關影響因素作為解釋變
量,并選取資產規模、股權結構、年份和子行業作為控制變量,從絕對
股利收益(每股股利)和相對股利收益(股利收益率)兩方面,采用 A
股制造業上市公司 2007年-2012 年的相關數據,對業績和資本結構對
于股利政策的影響進行實證檢驗,得到盈利能力對于股利政策具有很強
的解釋能力,資本結構和流動性指標對于股利政策具有較強的解釋能力,
成長性指標對于股利政策的影響并不明顯等結論。具體檢驗過程包括描
述性統計和相關性分析、基于年份均值的截面數據檢驗和基于全樣本數
據的面板數據檢驗。
關鍵詞:現金分紅,股利政策,業績,財務杠桿
ABSTRACT
Dividend decision is one the major decision in financial management. A
firm is to decide what portion of earnings would be distributed as dividend to
the shareholders and what portion of the same would be retained in the firm
for its future growth. Both dividend and retention are desirable but they are
conflicting to each other. Generally, a finance manager formulates a suitable
dividend policy, which satisfies the shareholders without hampering future
progress of the firm. Manufacturing companies have huge capital expenditure,
needed more capital for expansion and for new technology. These capitals
mostly come as a debt and there is an impact of debt on earnings and
dividend.
Being based on the study of dividend policy literature, this paper explores
the factors that influence cash dividend of China’s manufacturing listing
companies by analyzing the status quo of the dividend paying of these
companies. The paper sets cash dividend and dividend ratio as dependent
variables, and chooses factors from the perspectives of profitability, liquidity,
grow capability and debt levels as independent variables, and asset size,
ownership structure, the years and sub-industry as controlling variables, to
analyze the relationship among profitability, debt level and dividend policy
by collecting relative data of manufacturing listing companies from 2007 to
2012. Key findings of the study includes: profitability has strong relationshipwith
dividend policy, debt level and liquidity have relatively strong
relationship with dividend policy while the relationship between grow
capability and dividend policy is weak. The study process includes
descriptive statistical analysis, correlation analysis, regression analysis based
on both yearly average of cross section data and full sample of panel data.
KEY WORDS: cash dividend, dividend policy, profitability, financial
leverage
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