中小板上市公司股利分配政策研究

论文编号:CW141  论文字数:13815,页数:22

中小板上市公司股利分配政策研究
摘要
 股利政策是现代公司理财活动的三大核心内容之一,是联系投资者与企业的纽带。通过制定和采用合理的股利政策,除了给予投资者一定的投资回报以外,企业经营者还向市场传递某些潜在信息。中小企业板块作为我国多层次资本市场体系建设的重要组成部分,为中小规模企业提供了一个很好的融资平台,在我国的经济建设中扮演重要的角色。通过对中小企业板股利政策加以分析,投资者可以更好地调整自己的投资策略。因此,对上市公司股利政策研究具有重要的理论意义和现实意义。中小企业板是一个比较特别的板块。它是独立于主板的板块,同时也是主板过渡到创业板的一个板块。因此本文旨在分析中小板上市公司的股利政策,总结中小板上市公司股利分配的特点和影响因素。中小企业板上市公司具备着股本小、成长性好、盈利状况较好等特点,并且很多都是细分行业的龙头。但是这个板块的大部分企业都是民营企业,这些民营企业中相当一部分是家族企业,因此中小板上市公司中存在着非常严重的“一股独大”的现象。相对于主板,中小企业板股利政策特点主要是:整体盈利情况较好,因此现金分红的公司多;股本小、成长性好,因此高送转、公积金转增股本的现象也非常的普遍。但是在股利分配政策中也存在...更多一定的问题。通过与主板的股利政策相比较,结合德豪润达公司的股利政策的案例分析,本文得出了一些结论:在中小板上市公司中,股利政策对股价是有影响的,股利政策向市场传递了信息。同时,由于中小企业板存在很严重的“一股独大”现象,所以大股东和中小股东存在着非常严重的代理冲突,控股股东为追求自己的利益去牺牲中小股东的利益。中小板上市公司的现金分红在一定程度上是对中小投资者的利益的侵害。通过分析,从法律方面、投资者方面、公司治理方面、公司成长周期方面提出了自己的建议,希望能够进一步规范中小板上市公司的股利政策。为资本市场的繁荣贡献自己的力量。
关键词：中小企业板; 股利政策; 现金股利; 转增股本

The Research on Small and Medium-sized Enterprises Board Dividend Policy of Listed Companies
Abstract
 Dividend policy is one of the three cores in Financal activities of Modern Corporate,and it's the connection between investors and companies.Through the formulation and implement of the rational dividend policy, the enterprise can pay some return to investors,and deliver some potential information to the market. After analysis on this information, investors can rationally adjust their investment. So the research on the dividend policy of the listed companies does have important theoretic and practical significance.The SME board (The small and medium-sized enterprises board) is a special kind of board.It is independent of the main board,and also it is the transition to the GEM board.Therefore,this paper aims at analysis the dividend policy of the listed companies of SME board,and summarizes the characteristics and impact of the dividend policy of the SME board listed companies.Then the paper combines with case studies to raise some proposal which can further guide and standardize the SME board listed companies' dividend policy.The SME board listed companies have those characteristics:small dividend,good growth,and better profits.And many are the leaders in the sub-industry.But most of these enterprises are private,in which a considerable number of private enterprises are family business. So the phenomenon of“one big dividend”is very serious. Compared with main board,the SME board has better profitability,so the ash dividends are general.The SME board has small dividend,good growth,so the phenomenon of accumulation is often found turning to increase subscribed.After comparing with the dividend policy of the main board,the paper takes Elec-Tech International Co.Ltd as an example to analyse. The paper comes to these conclusions: First,the SME board listed companies have the serious phenomenon of "one big dividend",so there is a serious agent conflict between the bigger shareholders and the smaller shareholders.The bigger shareholder sacrifices the behalf of the smaller shareholder in order to get their benefit. Second,the dividend policy of these SME board listed enterprises infracts the benefit of small and medium enterprises'.Based on these conclusions, the paper raises some suggestions from law,investors,corporate growth cycle and corporate govance to guide and standardize the dividend policy of SME board listed companies.TO contribute to the prosperity of the capital market on my own.
Key words：The SME board; Dividend policy; Cash dividend; Accumulation Fund Turning to increase subscribed

目录
1绪论 1
1.1 研究意义及背景 1
1.2 国内外研究现状 1
1.2.1 国外研究现状 1
1.2.2 国内研究现状 2
2中小企业板介绍及其相关概念介绍 4
3我国中小板上市公司股利分配现状分析 6
3.1 数据来源与样本选取 6
3.2 股利分配情况分析 6
3.3 结论与分析 8
4中小板上市公司股利分配政策特点 10
5影响中小板上市公司股利分配行为的因素 11
5.1 现金和现金流量 11
5.2 企业规模与股权结构 11
5.3 投资者偏好 11
6中小企业股利分配行为成因分析 12
6.1 中小企业板板块因素 12
6.2 上市公司经营业绩因素 12
6.3 国家政策创建了良好的外部环境 12
6.4 管理者普遍重视股利信号传递作用 12
6.5 成长性决定着股利支付方式的多样性 12
6.6 股利政策受股权结构影响程度高 13
7建议与对策 14
7.1 深化股权结构改革 14
7.2 加强股利政策稳定性管理 14
7.3 强化证券市场监管 14
7.4 大力发展资本市场并且拓宽融资渠道 14
7.5 完善内部治理结构 14
总结 15
附录 16
参考文献 17
致谢 18

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