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摘要红利分配政策是上市公司发展过程中尤为重要的政策，它对于公司的发展与公司的外在形象都有很大的影响。但是我国的红利分配政策却有很多需要改善的地方。它主要表现在很大一部分公司不分配红利，对于红利政策的制定与认识有偏差。本文主要研究了红利政策的影响因素从而可以为公司制定红利政策提供参考意见。本文主要研究的因素有：公司的成长能力、盈利能力、营运能力、现金流量与资本的流动性。一方面,本文对于这些因素与红利政策的影响作出预测，搜集上市公司的数据先进行了实证分析。通过分析实证的结果发现，盈利能力、营运能力和公司资金的流动性的提高，公司所发放红利的比例也会相应的提高。但是另一方面发展能力与每股经营现金流的提高则会造成红利分配的比率下降。所以根据实证分析结果，上市公司要注意这些影响因素，并且实行股权激励政策，给予股东更多的制定红利分配政策的话语权。25259
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关键词 ：红利分配政策 实证分析 影响因素
毕业论文外文摘要
Title Study on Factors Affecting the Firm’s Dividend Policy
Abstract
Dividend policy is a very important policy for the company's development .It has a great impact on company's development and the company's external image. However regarding to China's pidend policy, there are many problem to deal with. Mainly in the large part of the company , they do not pay pidend.The company has wrong idea with the pidend policy for the development and the deviations of the pidend policy. This paper studies the factors affecting the development of pidend policy and for the company pidend policy the paper provides some helpful suggestions. The main factors are: the company's growth, profitability, operational capacity, cash flow and liquidity of capital. First, we predict the relationship about these factors and pidend policy, listed companies to collect data to an empirical analysis. By analyzing the empirical results show that with the increasing of the profitability of liquidity, operational capacity and corporate capital, the company will increase the proportion of pidend payment. But on the other hand development of capacity and improvement of operating cash flow per share pidend rate will result in a reduction. Therefore, according to the results of the empirical analysis, the listed companies should pay attention to these factors, and the implementation of the right to speak equity incentive policy to give shareholders more of policymaking.
Keywords ： Dividend policy Empirical Analysis Impact Factors
目 录
1 引言 1
1．1 研究背景 1
1．2 研究目的及意义 2
1. 3 文献综述 2
1. 4 基本框架与研究方法 4
2 我国股利分配政策的现状以及其影响因素 5
2. 1 我国上市公司基本的股利分配政策 5
2. 2 影响股利分配政策的因素的概述 6
3 红利分配政策的影响因素实证分析 8
3. 1 研究假设 8
3. 3 变量设计 8
3.3.1 被解释变量 8
3.3.2 影响因素 9
3. 4 建立模型 9
3. 5 回归分析 10
4 结论与政策建议 13
4. 1 结论 13
4. 2 政策建议 13
致谢 15