半强制分红政策对企业价值影响的实证分析
关键词 半强制分红政策 企业价值 实证研究
毕业论文外文摘要
Title The Empirical Analysis on the Influence of Semi- mandatory Dividend Policy on the Value of Enterprises
Abstract
In 2008, the China Securities Regulatory Commission issued a "Decision on Amending Some Provisions of cash pidends of listed companies," state, and people come to pay more attention and discussion to the semi mandatory pidend policy. After the reference to domestic and foreign literatures, this study selected research topic "the Influence of Semi-mandatory Dividend Policy on the Value of Enterprises": First, based on the review of existing literature and theoretical analysis, this paper collect the data of Chinese listed firms in A share market during 2006-2013, explain their pidends situation, and put an emphasis on the cash pidend of manufacturing industry. Secondly, use eviews and excel software to build mathematical models,and carry out the empirical analysis on the data of manufacturing industry during 2008-2012. The study found that semi-mandatory pidend policy have a positive impact on the enterprise value, moreover, the higher level of pidend payment, the greater the enterprises value. Finally, we put the objective evaluation and policy recommendations on the basis of the above theories and research.
Keywords Semi-mandatory Dividend Policy Enterprise value empirical analysis
目 次
1 绪论 1
1.1 研究背景及研究意义 1
1.2 文献综述 2
1.3 研究方法及研究内容 4
1.4 本文创新点 5
2 半强制分红政策与企业价值的理论基础 6
2.1 半强制分红政策的内涵及发展历程 6
2.2 股利与企业价值的相关概念 7
2.3 股利政策对企业价值的影响的理论分析 8
3 我国上市公司半强制分红现状分析 9
3.1 我国上市公司股利分配现状 9
3.2 我国制造业上市公司半强制现金股利分配现状 12
4 半强制分红政策对企业价值的影响实证研究 15
4.1 数据来源和样本选择 15
4.2 变量说明 15
4.3 研究假设与模型 16
4.4 实证检验和分析 16
结论 22
致谢 23
参考文献24
1 绪论
1.1 研究背景及研究意义
股利政策是现代企业经营管理的重要内容，在很大程度上对企业的治理结构、未来发展和保护股东权益等都具有重要意义。
现代企业的一大特征是所有权与经营权相分离，由此导致的代理成本问题引起了人们的极大关注，尤其在我国，大多数企业的股权结构存在“一股独大”这一特征，信息不对称等问题导致大股东对企业决策具有较为绝对的话语权，而外部的中小投资者的利益则无法得到很好的保护。中小股东作为资本市场上重要的参与者之一，利益长期受损将会影响资本市场的有序发展。