我国上市公司股利分配影响因素研究

我国上市公司股利分配影响因素研究(论文10000字)
摘要
上市公司的股利分配，就是把企业扣除税费之后的利润额，在投资人和企业这两方利益冲突者之间，进行相对平衡的分配。它会对投资人的投资热忱度产生一定的作用，也会与企业未来的改扩建，投融资等方方面面，有着牢不可破的联系。大众人民，上级政府部门以及企业管理层人员，都会把目光聚焦在股利分配上。上市公司的股利分配，无疑成为当下的热门话题。不管是企业外界的多个客观因素，还是企业内部的主观因素，都深深地限制着上市公司股利分配的制定和实施。
欧洲发达国家的证券市场运作了比较长久的时间，相对来说是成熟的。发达国家的股利分配是可以做到连年持续的，年平均支付率较高且非常稳定。而眼下，我国的证券市场尚且存在着诸多参差不齐的弊病。股利政策的制定太过随意，受人为主观性的影响颇大；分配方式五花八门；股利支付率良莠不齐。
本文开头系统地阐述了研究背景及意义，接着大概地陈述了我国上市公司股利分配之影响因素，然后是实证分析，收取2014-2016年浙江省的200家上市公司的财务数据，采用因子分析法对股利分配影响因素进行分析，提取了3个主因子代替原来的7个自变量并将其命名，“偿债因子F1”，“营运因子F2”和“盈利因子F3”，3个因子对每股股利Y都有促进作用，其中盈利因子影响最大。最后站在不同的立场上，对症下药地提出建议。
关键词：因子分析；股利分配；每股股利

Abstract
The dividend distribution of the listed company is to deduct the profits of the enterprises after taxes and taxes, and make a relatively balanced allocation between the two parties of the interests of investors and enterprises. It will have a certain effect on the investment enthusiasm of investors, and it will have an unbreakable link with the future expansion and investment and financing of the enterprise. The general public, the superior government departments and the management of the enterprise will focus on the dividend distribution. The dividend distribution of listed companies is undoubtedly the hot topic of the moment. Whether it is the objective factors outside the enterprise or the subjective factors within the enterprise, it is deeply restricting the development and implementation of dividend distribution of listed companies.
European developing-country securities markets have operated for longer, relatively mature. The dividend distribution in the developing countries can be continuous for years, and the annual average payment rate is high and very stable. At present, China's securities market still has many uneven defects. The development of dividend policy is too casual and has a great influence on human subjectivity. There are various ways of assigning it; Dividend payments are mixed.
The beginning of the article systematically expounds the research background and significance, then about to set out the influence factors of dividend distribution of listed companies in our country, and then the empirical analysis, the charge of 200 listed companies of zhejiang province in 2014-2016 financial data, using factor analysis method, this paper analyzes the factors which influence on dividend distribution, the three main factors instead of the original seven independent variables and its name, "sinking factor formula one," the operating factor F2 and F3 "" profit factor, three factor Y has a promoting effect on a share dividend, profit factor of influence is the largest. Finally, stand on different positions and make recommendations to the patients.
Keywords：Factor analysis; Dividend distribution; Dividends per share

目录
摘要    I
Abstract    II
目录    III
我国上市公司股利分配影响因素研究    1
一  绪论    1
（一） 研究背景及意义    1
1. 研究背景    1
2. 研究意义    1
（二）研究思路    2
（三）研究方法    2
1. 文献研究法    2
2. 图表分析法    2
3. 实证研究法    2
二 我国上市公司股利分配影响因素的实证研究成果综述    3
（一）股利分配的内部影响因素    3
1. 偿债能力因素    3
2. 盈利能力因素    3
3. 营运能力因素    3
4. 股权结构因素    4
5. 企业规模因素    4
（二）股利分配的外部宏观影响因素    4
1. 行业因素    4
2. 政策因素    5
三 我国上市公司股利分配影响因素的实证研究    5
（一）样本选取和数据来源    5
（二）研究假设    5
（三）变量定义    6
（四）样本变量的描述性统计和相关性分析    6
1. 描述性统计分析    6
2. 因子分析    7
3. 多元线性回归分析    9
（五）股利分配影响因素的实证结果及结论    10
四 完善股利分配的建议    11
（一）维持合理的资产负债率    11
（二）提高盈利水平    11
（三）提升营运能力    11
五 总结与展望    13
参考文献    14
致谢    15