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基于企业生命周期的股利分配研究,14200字自己的原创毕业论文,仅在本站独家提交,大家放心使用摘要股利分配政策是现代公司治理的一项重要内容,也是公司理财的核心内容之一,一直是国内外金融专家讨论的热点,许多学者都试图从不同角度对股利分配政策进行研究。近年来,随着企业生命周期理论的兴起,逐渐开始有学者从企业生命周期的角度来解...
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基于企业生命周期的股利分配研究
14200字
自己的原创毕业论文,仅在本站独家提交,大家放心使用
摘 要
股利分配政策是现代公司治理的一项重要内容,也是公司理财的核心内容之一,一直是国内外金融专家讨论的热点,许多学者都试图从不同角度对股利分配政策进行研究。近年来,随着企业生命周期理论的兴起,逐渐开始有学者从企业生命周期的角度来解释上市公司股利分配政策,认为当公司处于不同生命周期的发展阶段时,应该采取相应的股利分配政策。建立适应企业生命周期要求的股利分配政策,是一个急需解决的问题。
本文首先从介绍企业生命周期理论和股利分配政策理论入手,并回顾总结了对于两者关系的研究现状。其次,本文以企业生命周期定性特征为切入点,利用综合指标法对样本公司的生命周期进行划分。最后进行实证分析,采用描述性统计的方法分别从股利发放形式、股利发放水平两个层面讨论了基于公司生命周期的三类上市公司股利分配政策的差异性。经过研究得出如下结论:在股利发放形式方面,不同生命周期的上市公司股利分配形式没有显著性差异;在股利发放水平方面,不同生命周期的公司现金股利的发放水平有显著差异。
关键词:企业生命周期 股利分配政策 上市公司
ABSTRACT
Dividend policy is an important part of modern corporate governance is one of the core content of corporate finance, financial experts at home and abroad has been a hot discussion; many scholars have tried to be studied from different angles dividend distribution policy. In recent years, with the rise of the corporate life cycle theory gradually began to scholars from the perspective of the corporate life cycle to explain the listed company's dividend distribution policy that when a company is in various stages of development life cycle, it should take appropriate dividend policy. Dividend distribution policy and establishing corporate life cycle requirements is an urgent problem.
This paper describes the enterprise life cycle theory and the theory of dividend distribution policy to start, and summarizes the status of the review of the relationship between the two. Secondly, the qualitative characteristics of the life cycle of the enterprise as a starting point, the life cycle of the sample companies use to divide comprehensive index method. Finally, the empirical analysis using descriptive statistical methods were released from the form of dividends; dividend payout level two levels discussed three types of listed companies based on the life cycle of the company's dividend distribution policy differences. After the study concluded that: in the form of dividend payment terms, there was no significant difference in the form of dividend distribution company listed on the different lifecycle dividend payout in many forms; in dividend payout levels , there are significant differences in the level of cash dividends distributed in different life cycle.
Key words: the enterprise life cycle dividend policy listed companies
目 录
前言 - 1 -
1 企业生命周期与股利分配概述 - 2 -
1.1 企业生命周期 - 2 -
1.1.1企业生命周期的涵义 - 2 -
1.1.2 企业生命周期的划分 - 2 -
1.2 股利分配 - 3 -
1.2.1 股利分配的涵义 - 3 -
1.2.2 股利的支付方式 - 3 -
1.3 企业生命周期与股利政策的关系 - 4 -
2 基于企业生命周期的股利分配政策分析 - 5 -
2.1 财务战略矩阵和企业生命周期的耦合 - 5 -
2.2 企业生命周期下的股利分配优序 - 7 -
3 基于企业生命周期的股利分配实证分析 - 9 -
3.1 研究假设 - 9 -
3.2 样本选取和数据的来源 - 10 -
3.3 变量设计 - 11 -
3.3.1 股利发放形式的变量设计 - 11 -
3.3.2 股利发放水平的变量设计 - 11 -
3.4 实证分析 - 11 -
3.4.1 股利发放形式分析 - 11 -
3.4.2 股利发放水平分析 - 14 -
4 研究结论与建议 - 15 -
4.1 研究结论 - 15 -
4.2 建议 - 15 -
结束语 - 17 -
参考文献 - 18 -
后记 - 20 -
14200字
自己的原创毕业论文,仅在本站独家提交,大家放心使用
摘 要
股利分配政策是现代公司治理的一项重要内容,也是公司理财的核心内容之一,一直是国内外金融专家讨论的热点,许多学者都试图从不同角度对股利分配政策进行研究。近年来,随着企业生命周期理论的兴起,逐渐开始有学者从企业生命周期的角度来解释上市公司股利分配政策,认为当公司处于不同生命周期的发展阶段时,应该采取相应的股利分配政策。建立适应企业生命周期要求的股利分配政策,是一个急需解决的问题。
本文首先从介绍企业生命周期理论和股利分配政策理论入手,并回顾总结了对于两者关系的研究现状。其次,本文以企业生命周期定性特征为切入点,利用综合指标法对样本公司的生命周期进行划分。最后进行实证分析,采用描述性统计的方法分别从股利发放形式、股利发放水平两个层面讨论了基于公司生命周期的三类上市公司股利分配政策的差异性。经过研究得出如下结论:在股利发放形式方面,不同生命周期的上市公司股利分配形式没有显著性差异;在股利发放水平方面,不同生命周期的公司现金股利的发放水平有显著差异。
关键词:企业生命周期 股利分配政策 上市公司
ABSTRACT
Dividend policy is an important part of modern corporate governance is one of the core content of corporate finance, financial experts at home and abroad has been a hot discussion; many scholars have tried to be studied from different angles dividend distribution policy. In recent years, with the rise of the corporate life cycle theory gradually began to scholars from the perspective of the corporate life cycle to explain the listed company's dividend distribution policy that when a company is in various stages of development life cycle, it should take appropriate dividend policy. Dividend distribution policy and establishing corporate life cycle requirements is an urgent problem.
This paper describes the enterprise life cycle theory and the theory of dividend distribution policy to start, and summarizes the status of the review of the relationship between the two. Secondly, the qualitative characteristics of the life cycle of the enterprise as a starting point, the life cycle of the sample companies use to divide comprehensive index method. Finally, the empirical analysis using descriptive statistical methods were released from the form of dividends; dividend payout level two levels discussed three types of listed companies based on the life cycle of the company's dividend distribution policy differences. After the study concluded that: in the form of dividend payment terms, there was no significant difference in the form of dividend distribution company listed on the different lifecycle dividend payout in many forms; in dividend payout levels , there are significant differences in the level of cash dividends distributed in different life cycle.
Key words: the enterprise life cycle dividend policy listed companies
目 录
前言 - 1 -
1 企业生命周期与股利分配概述 - 2 -
1.1 企业生命周期 - 2 -
1.1.1企业生命周期的涵义 - 2 -
1.1.2 企业生命周期的划分 - 2 -
1.2 股利分配 - 3 -
1.2.1 股利分配的涵义 - 3 -
1.2.2 股利的支付方式 - 3 -
1.3 企业生命周期与股利政策的关系 - 4 -
2 基于企业生命周期的股利分配政策分析 - 5 -
2.1 财务战略矩阵和企业生命周期的耦合 - 5 -
2.2 企业生命周期下的股利分配优序 - 7 -
3 基于企业生命周期的股利分配实证分析 - 9 -
3.1 研究假设 - 9 -
3.2 样本选取和数据的来源 - 10 -
3.3 变量设计 - 11 -
3.3.1 股利发放形式的变量设计 - 11 -
3.3.2 股利发放水平的变量设计 - 11 -
3.4 实证分析 - 11 -
3.4.1 股利发放形式分析 - 11 -
3.4.2 股利发放水平分析 - 14 -
4 研究结论与建议 - 15 -
4.1 研究结论 - 15 -
4.2 建议 - 15 -
结束语 - 17 -
参考文献 - 18 -
后记 - 20 -