【作者】 张驰；

【导师】 王艺明；

【作者基本信息】 厦门大学 ， 资产评估， 2018， 硕士

【副题名】基于沪深A股上市公司的研究

【摘要】 股利政策是企业的核心决策之一,在公司经营中发挥了举足轻重的作用。同时,我国证券市场的发展仍处于初级阶段,投机性特征明显。研究我国上市公司的股利政策与企业价值的影响,有利于上市公司制定科学、稳定的股利政策,促进我国证券市场的健康、良好发展。目前,国内外学者就上市公司股利政策的研究主要针对股东方面开展研究,而针对高层管理者特征的研究大多是和公司绩效和公司投资决策挂钩的,系统研究高层管理者特征对股利政策的影响的论文并不多。另一方面,系统研究上市公司股利政策与企业价值关系的文章也不多,有些学者也仅仅是针对现金股利对企业价值的影响进行分析,但是如何影响,影响程度具体有多大却未能得到充分的验证。基于此,本文将对CEO的个人特征与上市公司股利政策之间的关系以及股利政策对企业价值的影响两方面进行实证研究,同时CEO个人特征、股利政策及企业价值三者之间的关系进行机制分析。本文的创新点在于:通过选定沪深A股上市公司为研究对象,通过回归分析,从高层管理者的视角研究上市公司的股利政策问题,旨在形成对上市公司股利政策的全面认识。同时,通过研究股利政策对企业价值影响,并引入中介效应模型,进一步挖掘CEO个人特征、股利政策以及企业价值之间的联系,为研究上市公司股利政策问题开辟新思路,希望能为上市公司制定股利分配方案、优化高管人员构成及完善激励机制等方面提供参考和借鉴。笔者以2014—2016年沪深A股的上市公司为样本,分别研究了我国上市公司CEO个人特征对公司股利政策的影响以及股利政策对企业价值的影响。研究表明:CEO年龄、CEO任职期限、CEO薪酬以及CEO的持股数与股利分配正相关;CEO的教育背景与股利分配负相关;CEO的性别与股利分配不相关;而股利分配和股利支付率均与企业价值正相关。最后,本文从上市公司、政府部门和投资者的角度分别给出了可行性建议。更多还原

【Abstract】 Dividend policy is one of the company’s core decisions and plays a pivotal role in company operations.At the same time,the development of China’s securities market is still in its infancy and its speculative features are obvious.Studying the dividend policy and corporate value of listed companies in China will help the listed companies formulate scientific and stable dividend policies and promote the healthy and sound development of China’s securities market.At present,scholars at home and abroad research on the dividend policy of listed companies mainly focus on the research of shareholders.The research on the characteristics of senior managers is mostly linked to corporate performance and corporate investment decisions,and systematically studies the influence of top management characteristics on dividend policies.There are not many papers.On the other hand,there are not many articles systematically studying the relationship between listed companies’ dividend policies and corporate values.Some scholars only analyze the impact of cash dividends on corporate value,but how they affect,how large the impact is,but they are not fully realized.Verification.Based on this,this article will conduct an empirical study on the relationship between the personal characteristics of CEOs and the dividend policies of listed companies and the impact of dividend policies on the value of companies.At the same time,the relationship between CEO personal characteristics,dividend policy and corporate value will be carried out.Mechanism analysis.The innovation of this paper lies in:Through the selection of Shanghai and Shenzhen A-share listed companies as the research object,through regression analysis,from the perspective of senior managers to study the dividend policy of listed companies,it aims to form a comprehensive understanding of the dividend policies of listed companies.At the same time,through studying the impact of dividend policy on corporate value,and introducing an intermediary effect model to further explore the links between CEO personal characteristics,dividend policies,and corporate value,in order to open up new ideas for the study of dividend policy issues of listed companies,hoping to develop for listed companies.It provides reference and reference for dividend distribution plans,optimization of senior executives,and improvement of incentive mechanisms.The author uses the listed companies of Shanghai and Shenzhen A-shares from 2014 to 2016 as samples to study the influence of the personal characteristics of listed companies on the dividend policy of the company and the influence of dividend policy on the value of the company.Research shows that CEO age,CEO tenure,CEO pay,and CEO’s shareholding are positively related to dividend distribution;CEO’s education background is negatively related to dividend distribution;CEO’s gender is not related to dividend distribution;and dividend distribution and dividend payout ratio Both are positively related to corporate value.Finally,this paper gives feasible advice from the perspective of listed companies,government departments and investors.更多还原