【作者】 张靖；

【导师】 叶建木；

【作者基本信息】 武汉理工大学 ， 会计学， 2013， 硕士

【摘要】 当代财务管理活动中,股利政策作为其三大活动之一,一直是公司关注和管理的重点。目前,对于公司股利分配政策,国内外已有大量的分析研究,也已形成了较为丰富的股利政策理论,但国际金融社会对于股利政策始终未能达成共识。而创业板作为国内外资本市场的新生产物,相对于主板所具有的市场严格的入市门槛特点,其相对宽松的条件及相对较低的入门门槛,成为高技术含量和高成长潜力的中小企业服务活跃的重要资本市场。因此,创业板股利分配政策具有其自身独有的特征及影响因素。本论文从国内外关于上市公司股利分配政策的理论和实证研究出发,分析我国创业板上市公司的股利分配现状和特点,采用理论和实践相结合的方法对创业板上市公司的股利政策进行研究,用实证方法检验创业板上市公司的现金股利政策影响因素,更好的完善上市公司财务管理和经营活动,促进上市公司为保护股东利益进行理性经营与分配。同时加强投资者风险意识和投资意识,使其进行理性投资。本论文通过理论和实证研究的方法,分别以我国创业板2010年、2011年及2012年进行现金股利分配的公司为研究对象,分析创业板上市公司现金股利分配的主要影响因素。研究内容主要包括五部分：第一部分阐述本文的研究背景及目的,汇总国内外对股利政策影响因素的分析与研究,在此基础上系统阐述本文的主要研究内容以及主要使用的研究方法；第二部分对创业板上市公司进行概述,明确股利分配政策的相关概念,并说明股利分配政策目前较为通用的基本理论,从而为后续分析中国创业板股利政策奠定基础；第三部分,以我国创业板自开市至2012年上市的所有公司为研究对象,研究其是否进行股利分配,股利分配的主要类型,股利分配政策等,并据此对创业板上市公司的现状,从外部与内部两方面分析影响创业板上市公司股利政策的因素。第四部分,以2010年至2012年三年内,创业板上市公司的现金股利分配为研究对象,采用多元线性回归中的逐步分析法对现金股利政策影响因素进行实证研究,并得出相应结论。第五部分对本论文进行总结。通过上述理论与实证分析,本文得出如下结论：创业板上市公司中,90%以上的公司会进行股利分配,股利支付形式以派现和转增为主,并且股利支付水平较高,连续性较好,但存在异常派现行为。在影响创业板上市公司现金股利分配的因素中：盈利能力和积累能力占重要地位,并且与公司现金股利分配呈正相关。现金保障能力、偿债能力与公司现金股利分配呈正相关,成长能力与公司现金股利分配呈负相关。更多还原

【Abstract】 Dividend policy, as one of the contemporary financial management activities, always gets full attention from the company. Currently, there have been a lot of analysis and research about the company’s dividend distribution policy, and there has formed a relatively rich dividend policy theory. However, the international financial community has been unable to reach a consensus. As a product of domestic capital markets newborn, opposed to the motherboard with a strict market threshold characteristics of the market, the GEM has relatively relaxed conditions and low barriers for the high-tech and high-growth potential of SMEs to entry. Thus, the GEM dividend distribution policy has its own unique characteristics and influencing factors. This thesis will begin from theoretical and empirical studies on dividends distribution policy of listed companies. Then it will analyze the present situation and characteristics of the listed companies’ dividend distribution on GEM, using a combination of theoretical and practical methods. And it will use empirical method to test the cash dividends’ influencing factors of listed companies on GEM. The thesis aims to improve the financial management and business activities of listed companies, and promote the companies rational management and distribution for protecting the interests of shareholders. At the same time, it can strengthen investors’ risk awareness and sense of investment, remind them to make rational investment.The thesis will use theoretical and empirical research methods to study on the cash dividend distribution of2010,2011and2012respectively, to analyze main factors of listed companies’ cash dividends on GEM. The study includes five parts: The first part describes the background and purpose, and systematically expounded the main research contents and methods used in the study. With the overview of GEM, the second part will clear related concepts of dividend policy and illustrate the general dividend policy, which is the basis of subsequent analyzes of dividend policy on GEM. In the third part, with the research object of all the listed companies on GEM, the thesis will study whether they distribute dividend, the main types of dividends and the dividend distribution policy and so on. Then it will analyze the influencing factors from both external and internal environment. The fourth part, using the stepwise regression method, we will discuss the influencing factors of cash dividend policy of listed companies on GEM from2010to2012, and draw the appropriate conclusions. The fifth part of this thesis will summary this research.Through the above theoretical and empirical analysis, the thesis draw the following conclusions:GEM-listed companies,90%of the companies will distribute dividends, of which paid in the form of cash dividends and conversed lord, with high levels of dividend payment and good continuity, but there is unusual behavior of distributing cash dividends. In the factors which affects cash dividends of GEM-listed companies:Profitability and ability of accumulate play important roles, positively correlated with the company’s cash dividend. Cash benefits, solvency also have positive correlation with the cash dividend, while the growing ability of the company is negatively correlated with the cash dividend distribution.更多还原