中国上市公司现金股利政策对企业价值的影响

摘要股利政策与投资和融资决策被视为公司财务理论的三大核心内容。现金股利作为股利政策的主要形式，是对股东进行利益回报的重要方式，合理的现金股利政策可以向公司内外部利益相关者传递公司的信息，树立良好的公司形象，降低代理成本，引导公司良性发展。因此，研究现金股利政策具有十分重要的理论意义与现实意义，现金股利政策的正确选择对于企业价值的提升有重要影响。本论文分五个部分。第一部分为引言，介绍了本文研究的目的和意义以及研究方法。第二部分对股利政策和企业价值做了概念的界定。第三部分是阐述一些国内外股利和公司价值的关系理论以及提出本文的假设。第四部分是对我国上市公司现金股利分配的现状进行分析。第五部分建立模型并进行分析。最后得出是否支付现金股利与企业价值负相关，而股利支付率与企业价值正相关。64865

关键字现金股利政策上市公司企业价值关系

毕业论文外文摘要

Title Effect of Chinese listing Corporation cash pidend policy on corporation value

Abstract

Dividend policy, investment and financing decision are recognized as the three important elements of the corporate finance theory. As the main pattern of the pidend policy, cash pidend is an important way to benefit shareholders. An appropriate cash pidend policy could not only pass information to stakeholders in or outside the company, foster a good and healthy company image, cut the agency cost, but also lead the company to go on the track of sound progress. Therefore, the study of cash pidend policy is of great theoretical and realistic significance. The right choice of cash pidend policy leads to the promotion of corporation value. This paper is pided into five parts with the first part as an introduction which presents the purpose, meaning and research method. Secondly, definitions of pidend policy and corporation value are given. Thirdly, a statement is made about the relational theory between capital bonus and corporation value at home and abroad. This part also gives an assumption of this paper. Fourthly, we present an analysis about the present situation of the cash pidend allocation among quoted companies in China. In the end, a model is created and an analysis is given based on the model. Finally this paper reach a conclusion that weather pay cash pidends has a negative correlation with the corporation value,and payout ratio has a positive correlation with the corporation value.

Keywords cash pidend policy quoted companies corporation value

relation

1 引言 1

1.1 本文的研究意义和目的 1

1.2 本文的主要研究思路及基本框架 1

1.3 本文的研究方法 2

2 概念界定 3

2.1股利政策概述 3

2.2 公司价值 3

3 理论分析与假设提出 5

3.1 现金股利与公司价值关系的理论分析 5

3.2 国内相关文献研究 7

3.3 假设提出 9

4 我国上市公司现金股利分配现状分析 11

4.1 我国现金股利分配情况分析 11

4.2 股利政策的特点 12

4.3 股利政策的问题分析中国上市公司现金股利政策对企业价值的影响:http://www.751com.cn/kuaiji/lunwen_72247.html