我国上市公司现金股利分配政策的实证分析资料.doc

PAGE 我国上市公司现金股利分配政策的实证分析 摘要 股利分配政策是公司财务管理的三大核心内容之一。股利分配不仅是公司收益分配的重要策略也是公司筹资与投资活动的延续，而且对投资者、证券市场以及上市公司本身都会产生重大的影响。 本文首先介绍了文章的研究背景以及研究意义，中外文献回顾等，并对2006-2009年沪深300股的股利政策进行了统计分析，在此基础上以现金股利政策为研究重点，针对是否发放现金股利分配这一问题进行了实证分析，得出的结果表明现金股利支付比例高，有盈利的公司现金股利分配意愿强；现金股利支付率水平呈现下降的趋势；部分公司分红极低等特点。通过logistic实证模型研究发现，每股收益现金股利分配有一定影响，非流通股比例、资产负债率、每股经营活动产生的现金流量净额等因素与我国上市公司的股票股利分配政策无明显关系。 关键词： 上市公司；现金股利政策；实证分析 Empirical analysis of cash dividend distribution policy about Listed Companies in China Zhu Yu Qing (Accounting, Business School of ShanTou Abstract Dividend policy is one of the three-core elements in corporate financial management. It is not only an important strategy of income distribution in company, but also the development of financing and investing activities. It can affect the investors, securities businesses, and listed companies. This thesis will firstly introduce the research background, research purpose, and the literature review (at home and abroad). Then it turns to the statistical analysis of dividend policy, which is about the 300 stock of Shanghai and Shenzhen from 2006 to 2009. Then the last part, highlighting the dividend policy of stock, is to give a definition of variate and to explain the hypotheses of research by making the empirical model and testing the data of samples. Through the statistical analysis of the 300 stock of Shanghai and Shenzhen from 2006 to 2009, this thesis comes to some results: there are various types of distribution of securities businesses in China，and there are few distributions of dividend; dividend policy is lack of continuity and stability, and the features of short-term behavior is serious. Based on the study of the empirical model, this thesis finds that assets liabilities ratio has some influence on dividend policy, and that the dividend policy of listed company in China has no clear relationship with some factors, such as the revenue rate of main business, the proportion of outstanding shares, and assets liabilities ratio