基于企業(yè)生命周期的股利分配研究

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摘 要
股利分配政策是現(xiàn)代公司治理的一項(xiàng)重要內(nèi)容，也是公司理財(cái)?shù)暮诵膬?nèi)容之一，一直是國(guó)內(nèi)外金融專(zhuān)家討論的熱點(diǎn),許多學(xué)者都試圖從不同角度對(duì)股利分配政策進(jìn)行研究。近年來(lái)，隨著企業(yè)生命周期理論的興起，逐漸開(kāi)始有學(xué)者從企業(yè)生命周期的角度來(lái)解釋上市公司股利分配政策，認(rèn)為當(dāng)公司處于不同生命周期的發(fā)展階段時(shí)，應(yīng)該采取相應(yīng)的股利分配政策。建立適應(yīng)企業(yè)生命周期要求的股利分配政策，是一個(gè)急需解決的問(wèn)題。
本文首先從介紹企業(yè)生命周期理論和股利分配政策理論入手，并回顧總結(jié)了對(duì)于兩者關(guān)系的研究現(xiàn)狀。其次，本文以企業(yè)生命周期定性特征為切入點(diǎn)，利用綜合指標(biāo)法對(duì)樣本公司的生命周期進(jìn)行劃分。最后進(jìn)行實(shí)證分析，采用描述性統(tǒng)計(jì)的方法分別從股利發(fā)放形式、股利發(fā)放水平兩個(gè)層面討論了基于公司生命周期的三類(lèi)上市公司股利分配政策的差異性。經(jīng)過(guò)研究得出如下結(jié)論：在股利發(fā)放形式方面，不同生命周期的上市公司股利分配形式?jīng)]有顯著性差異；在股利發(fā)放水平方面，不同生命周期的公司現(xiàn)金股利的發(fā)放水平有顯著差異。
關(guān)鍵詞：企業(yè)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 錄
前言 - 1 -
1 企業(yè)生命周期與股利分配概述 - 2 -
1.1 企業(yè)生命周期 - 2 -
1.1.1企業(yè)生命周期的涵義 - 2 -
1.1.2 企業(yè)生命周期的劃分 - 2 -
1.2 股利分配 - 3 -
1.2.1 股利分配的涵義 - 3 -
1.2.2 股利的支付方式 - 3 -
1.3 企業(yè)生命周期與股利政策的關(guān)系 - 4 -
2 基于企業(yè)生命周期的股利分配政策分析 - 5 -
2.1 財(cái)務(wù)戰(zhàn)略矩陣和企業(yè)生命周期的耦合 - 5 -
2.2 企業(yè)生命周期下的股利分配優(yōu)序 - 7 -
3 基于企業(yè)生命周期的股利分配實(shí)證分析 - 9 -
3.1 研究假設(shè) - 9 -
3.2 樣本選取和數(shù)據(jù)的來(lái)源 - 10 -
3.3 變量設(shè)計(jì) - 11 -
3.3.1 股利發(fā)放形式的變量設(shè)計(jì) - 11 -
3.3.2 股利發(fā)放水平的變量設(shè)計(jì) - 11 -
3.4 實(shí)證分析 - 11 -
3.4.1 股利發(fā)放形式分析 - 11 -
3.4.2 股利發(fā)放水平分析 - 14 -
4 研究結(jié)論與建議 - 15 -
4.1 研究結(jié)論 - 15 -
4.2 建議 - 15 -
結(jié)束語(yǔ) - 17 -
參考文獻(xiàn) - 18 -
后記 - 20 -