【作者】 刘莹；

【导师】 许敏；

【作者基本信息】 南京工业大学 ， 管理科学与工程， 2003， 硕士

【摘要】 股利政策是现代公司理财活动的三大核心之一，也被认为是当代理财学上的一个难解之谜。股利政策影响因素的研究是股利政策理论研究的重要分支。其研究目的在于使股利政策成为公司管理层与公司其他各个相关利益人之间都可以理解的“语言”，从而降低信息不对称的危害程度。在目前的技术水平下，还无法获得具体公司股利政策的影响因素。通过统计学的方法，从一组公司中发现共有的规律，可以在一定程度上克服信息不对称的危害。但是，除非所有公司的股利政策影响因素相同，否则运用统计学方法所得的结果，必然与某个具体公司股利政策的实际影响因素存在“偏离”。为了将这种“偏离”控制在最小范围，本文分别以各个行业的上市公司为研究样本，寻找影响各个行业上市公司股利政策的因素(考虑到t检验时样本量不小于30的要求，本文只研究影响是否发放现金股利的因素和影响现金股利发放水平的因素)，并与以全体上市公司为研究样本所得到的结果进行比较，考察是否有区别，区别是否显著，从而判断分行业研究股利政策是否有意义。本文将分以下五章。 第一章，引言。本章阐述分行业研究股利政策影响因素的目的。 第二章，文献回顾。本章对西方经典研究、香港和台湾地区研究成果以及我国大陆现有研究成果进行回顾。 第三章，研究设计。本章描述分别以各个行业的上市公司为样本和以全体上市公司为样本进行实证分析的样本选取、研究方法、研究假设、解释变量。 第四章，数据处理。本章运用多元线性回归的方法，分别获得了影响各个行业以及全体上市公司是否发放现金股利的因素和现金股利发放水平的因素。 第五章，结论及思考。本章比较分析上述数据处理结果，发现以全体上市公司为样本研究时通过的解释变量数一般多于以各个行业的上市公司为样本研究时通过的解释变量数，以全体上市公司为样本研究时得到的R~2和R~2修正值一般小于以各个行业的上市公司为样本研究时得到的R~2和R~2修正值。另一方面，以全体上市公司为样本研究时通过的假设与以各个行业的上市公司为样本研究时通过的假设之间都有很大差异。由此，笔者认为，分行业研究股利政策影响因素南京工业大学硕士学位论文有意义。本章最后提出本文的后续研究建议。更多还原

【Abstract】 Dividend policies, one of the three key elements in modern financial management, are considered a puzzling riddle of the modern financial management. The study on the affecting factors of dividend policies, as a vital branch of the dividend policies into the "language" that both the company’s administrative staff and its holding shareholders understand, in order to lower the extend of harm brought by information imbalance. Through statistics, finding out the laws in common among a group of companies could overwhelmed the harm from information imbalance to some degree. However, unless each of the companies’ affecting factors of the dividend policies equates with each other, the results through statistics must "diverge" from the real affecting factors of the dividend policies. To take charge of such "divergence" to a minimum, this thesis takes the listed companies of different professions as its research samples, seeks the affecting factors of the dividend policies on the companies of all professions (taking the requirement that the sample value should be no less than 30 in the t test into account, this thesis focuses only on the factors whether to pay cash dividend and the factors affecting the cash dividend paying levers) and then compares them with the results from the samples of the listed companies, and explores whether these are some distinctions existing and whether it is of significance to research dividend policies according to the profession that each company belongs to. This thesis is divided into 5chapters as follows:Chapter 1, introduction. This chapter tells the purpose of researching the factors of dividend policies according to the companies’ profession.Chapter 2, literatures review. This chapter reviews the research achievement in the Hong Kong and Taiwan region and in the China’s mainland as well as the western classic research.Chapter 3, researches design. This chapter describes the research methods, research assumptions, and explanatory variables of positive analysis.Chapter 4, data analyzes. By the diverse line returns to return, This chapter respectively obtains the factors that affect the listed companies at different professions or all the listed companies to pay the cash dividend and their cash dividend paying levels.Chapter 5.conclusions and implications. This chapter compares the results of the data analysis above, and finds that the passed explanatory variables in the research sampling all the listed companies tend to exceed those in the research sampling the listed companies of different professions in numbers, the R2 and Adj.R2 in the research sampling all the listed companies tend to be less than those in the research sampling the listed companies of different professions. On the other hand, these are much diversity between the proved assumptions in the research sampling all the companies and those in the research sampling the listed companies of different professions. Therefore, the author considers that it is of importance to research dividend policies accounting to the companies’ professions. At the end of this chapter, the author puts forward some suggestions on the topic’s further study.更多还原