【作者】 李杨；

【导师】 王勇；

【作者基本信息】 对外经济贸易大学 ， 国际贸易， 2018， 硕士

【摘要】 股利与公司价值之间的关系一直是学者们研究的热门话题。我国因资本市场起步较晚、政策介入性强、公司治理水平还处于初步阶段等因素,股利政策一直未能形成良好的引导机制。尤其是外贸类上市公司股利分配,更是受到国际贸易环境、汇率风险、外贸销售额占比等因素的影响,表现出更多不确定性。本文对2014年以来我国外贸类上市公司股利分配特征进行统计分析,通过定量化研究方法,即选择2014到2016年三年间深沪两市外贸类上市公司股作为研究样本,选择股利支付率作为被解释变量,采用多元线性回归分析法(OLS)研究股利政策的影响因素。在变量选择上,主要从公司治理结构、股利指标、盈利能力、成长能力、偿债能力、营运能力、现金流特征、资本结构、外贸销售额占比等方面考量股利政策的影响因素。将我国外贸类上市公司分类区别处理,得出如下结论:外贸类上市公司盈利能力强,负债水平合理,发展处于成熟期,企业外贸销售额占比相对较高等,公司倾向于股利发放。而对于股权结构不合理、资产收益率较低等各项指标不均衡的公司,股利政策受公司本身发展的影响,难以尽如人意。根据本文研究结果建议通过完善相关法律政策,优化外贸类上市公司股权结构,提高信息披露透明度,制定持续稳定的股利政策等方式,保障内外部因素,以期促成稳定良好的股利政策引导机制。更多还原

【Abstract】 The relationship between dividends and corporate value has always been a hot topic among scholars.Due to the late start of capital market,strong policy intervention and initial stage of corporate governance,the dividend policy has failed to form a good guiding mechanism.In particular,the dividend distribution of foreign trade listed companies is influenced by factors such as international trade environment,exchange rate risk and the proportion of foreign trade sales,shows more uncertainty.This paper analyzes the dividend distribution characteristics of foreign trade listed companies in China since 2014,through quantitative research methods,that is,the stock of foreign trade listed companies from 2014 to 2016 in Shenzhen and Shanghai was selected as the research sample,the dividend payout ratio was selected as the explanatory variable,use multiple linear regression analysis(OLS)to study the influence factors of dividend policy.On the variable selection,mainly from the corporate governance structure,the dividend index,profit ability,growth ability,debt paying ability,operating ability,the cash flow characteristics,capital structure,the proportion of foreign trade sales concerns the influence factors of dividend policy.Have classified the foreign trade listed companies in China,came to the conclusion:the foreign trade company’s main business income accounts for a high proportion,the profitability is strong,the debt level is reasonable,the development is in the maturity stage,the proportion of foreign trade sales is high,companies tend to pay dividends.However,for companies with unbalanced equity structure and low return on assets,the dividend policy is affected by the development of the company,which is unsatisfactory.According to this article research results,suggested to perfect relevant legal policies,optimize the equity structure of foreign trade listed companies,improve information disclosure transparency,continuous and stable dividend policy,safeguard internal and external factors,in order to facilitate the stable and good dividend policy guiding mechanism.更多还原