【作者】 王强；

【导师】 王建文；

【作者基本信息】 合肥工业大学 ， 会计学， 2018， 硕士

【摘要】 股票投资回报是由资本增益和收入收益共同组合而成,作为一个阶段性的复利收益计算,资本增益是计算到锁定阶段的最后,但收入收益的处理在传统的收益计算中存在一定的偏差。股票分红收益是收入收益,根据个体偏好可进行补充股票投资或进行无风险利率投资等,这对于最终收益计算乃至股票复权计算有重大影响。而随着A股市场的监管趋严,对上市公司股利回报的要求提升,市场上涌现了大量的高比例分红上市公司,它们与低比例分红的上市公司相比,其整体投资回报究竟如何?本文进行了理论与实证两方面的研究。首先本文在对国内外相关文献进行综述的基础上,对股利理论、国内相关政策和2007年以来上市公司股利支付的现状进行了描述性统计。发现股息比例与投资回报之间不存在必然联系;其次,通过理论分析推测到传统的股票除息及复权方法的不合理,并通过合理假设对于股票除息的前后复权价和股票投资总收益进行重新计算,引入股息再投资收益,即利用项目评价的内部收益率(IRR)和外部收益率(ERR)对股票再投资收益进行计算,并得出股票相对真实的前后复权价。最后对股票除息复权价进行分析计算后,用考虑了股息再投资的内部收益率反映股票收益情况,用股息率反映公司股利支付水平,以A股市场部分公司2014-2016年数据为样本,对内部收益率与股息率的相关性进行论证,发现只有当股息率超过某个“阀值”时,股票收益率才与股息率正相关,这说明低股息率的股票投资收益受更多复杂因素影响。最后在前文对股价复权设置方法和股息率与股票收益率研究的基础上,提出有关政策和建议。本研究所发现的现金股息支付与股票收益率的关系,对上市公司如何制定现金股息政策及投资者选择适当的投资标的具有一定的参考意义。更多还原

【Abstract】 The return on stock investment is a combination of capital gain and income.As a phased compound interest calculation,the capital gain is calculated to the final stage of the lock-in phase.However,there is a certain bias in the processing of income in the traditional income calculation.Equity dividend income is a kind of income which can be used to supplement stock investment or risk-free interest rate investment according to individual preferences,which has a significant impact on the final revenue calculation and even the stock recovery right calculation.With the tightening of supervision on the A-share market,the demand for return on dividends of listed companies has increased,and a large number of high-priority dividend-paying listed companies have emerged in the market.What is the overall return on investment compared with listed companies with low dividends? This paper conducts theoretical and empirical research.Firstly,based on the review of domestic and foreign related literatures,this article makes descriptive statistics on the dividend theory,domestic related policies and the status of dividend payment of listed companies since 2007.It is found that there is no inevitable relationship between the proportion of dividends and return on investment.Secondly,through theoretical analysis,it is inferred that the traditional method of exdividend and rehabilitation of stocks is unreasonable,and through the reasonable assumptions before and after the ex-dividend of stocks and the total return on stock investment are recalculated.The dividend reinvestment income is introduced,ie,the project’s internal rate of return(IRR)and external rate of return(ERR)are used to calculate the reinvested earnings of the stock,and the relative real adjusted stock price is obtained.After analyzing and calculating the stock ex-dividend recovery right price,the company uses the internal rate of return that considers dividend reinvestment to reflect the stock returns and uses the dividend yield to reflect the company’s dividend payment level.Take the 2014-2016 data of some A-share market companies as a sample.The correlation between internal rate of return and dividend yield was demonstrated.It was found that only when the dividend yield exceeds a certain threshold,the stock yield is positively related to the dividend yield,which means that the stock yield of low dividend yield is more complex.Factors affect.Finally,on the basis of the previous research on the method of stock price restoration,the dividend yield and stock returns,relevant policies and recommendations are proposed.The relationship between the payment of cash dividends and stock returns found in this study has certain reference significance for the listed company how to formulate a cash dividend policy and investors to select appropriate investment targets.更多还原