摘 要
企业股利分配政策作为公司财务管理的重要组成部分，对股东权益、资本结构及市场价值有着深远影响。本文基于国内外相关理论研究与实证分析，以中国A股上市公司为样本，采用多元回归模型探讨了企业股利分配政策的影响因素及其经济后果。研究发现，企业规模、盈利能力、成长性、现金流稳定性等因素显著影响股利支付水平；同时，国有企业属性、股权集中度等制度背景也起到重要作用。进一步研究表明，合理的股利分配政策有助于提升公司市场价值，增强投资者信心，降低代理成本。创新之处在于引入了动态面板数据模型，克服了传统静态模型的内生性问题，并首次将企业社会责任履行情况纳入分析框架，揭示其对股利政策的正向促进作用。此外，通过区分不同生命周期阶段的企业，发现成熟期企业更倾向于实施稳定且较高的股利分配策略，而成长型企业则表现出更强的留存收益倾向。
关键词：股利分配政策 企业生命周期 动态面板数据模型
Abstract
As an important part of the company's financial management, the enterprise dividend distribution policy has a profound impact on the shareholders' equity, capital structure and market value. Based on the theoretical research and empirical analysis at home and abroad, this paper discusses the influence model of multiple regression model of Chinese A-share listed companies. It is found that enterprise scale, profitability, growth and cash flow stability significantly affect the level of dividend payment; at the same time, the institutional background of state-owned enterprises and equity concentration also play an important role. Further research shows that a reasonable dividend distribution policy helps to enhance the market value of the company, enhance investor confidence and reduce agency costs. The innovation lies in the introduction of the dynamic panel data model, which overcomes the endogenous problem of the traditional static model, and for the first time brings the performance of corporate social responsibility into the fr amework of the analysis, to reveal its positive promoting effect on the dividend policy. In addition, by distinguishing enterprises in different life cycle stages, it is found that mature enterprises are more inclined to implement stable and higher dividend distribution strategies, while growth enterprises show a stronger tendency to retain earnings.
Keyword:Dividend Distribution Policy Firm Life Cycle Dynamic Panel Data Model
目 录
1绪论 1
1.1企业股利分配政策研究的背景 1
1.2研究的意义与价值 1
1.3国内外研究现状综述 1
1.4本文的研究方法概述 2
2企业股利分配的影响因素分析 2
2.1宏观经济环境对企业股利分配的影响 2
2.2企业盈利能力与股利分配的关系 3
2.3公司治理结构对股利政策的作用 3
2.4行业特征与股利分配策略 4
3股利分配政策的经济后果探讨 4
3.1股利政策对股价波动的影响 4
3.2投资者反应与股利分配关联 5
3.3股利支付率与企业价值评估 5
3.4股利政策对企业融资能力的影响 6
4优化企业股利分配政策的建议 7
4.1构建合理的股利分配决策机制 7
4.2平衡股东利益与公司发展的策略 7
4.3应对市场变化的股利调整措施 8
4.4强化信息披露提升透明度 8
结论 9
参考文献 10
致谢 11
企业股利分配政策作为公司财务管理的重要组成部分，对股东权益、资本结构及市场价值有着深远影响。本文基于国内外相关理论研究与实证分析，以中国A股上市公司为样本，采用多元回归模型探讨了企业股利分配政策的影响因素及其经济后果。研究发现，企业规模、盈利能力、成长性、现金流稳定性等因素显著影响股利支付水平；同时，国有企业属性、股权集中度等制度背景也起到重要作用。进一步研究表明，合理的股利分配政策有助于提升公司市场价值，增强投资者信心，降低代理成本。创新之处在于引入了动态面板数据模型，克服了传统静态模型的内生性问题，并首次将企业社会责任履行情况纳入分析框架，揭示其对股利政策的正向促进作用。此外，通过区分不同生命周期阶段的企业，发现成熟期企业更倾向于实施稳定且较高的股利分配策略，而成长型企业则表现出更强的留存收益倾向。
关键词：股利分配政策 企业生命周期 动态面板数据模型
Abstract
As an important part of the company's financial management, the enterprise dividend distribution policy has a profound impact on the shareholders' equity, capital structure and market value. Based on the theoretical research and empirical analysis at home and abroad, this paper discusses the influence model of multiple regression model of Chinese A-share listed companies. It is found that enterprise scale, profitability, growth and cash flow stability significantly affect the level of dividend payment; at the same time, the institutional background of state-owned enterprises and equity concentration also play an important role. Further research shows that a reasonable dividend distribution policy helps to enhance the market value of the company, enhance investor confidence and reduce agency costs. The innovation lies in the introduction of the dynamic panel data model, which overcomes the endogenous problem of the traditional static model, and for the first time brings the performance of corporate social responsibility into the fr amework of the analysis, to reveal its positive promoting effect on the dividend policy. In addition, by distinguishing enterprises in different life cycle stages, it is found that mature enterprises are more inclined to implement stable and higher dividend distribution strategies, while growth enterprises show a stronger tendency to retain earnings.
Keyword:Dividend Distribution Policy Firm Life Cycle Dynamic Panel Data Model
目 录
1绪论 1
1.1企业股利分配政策研究的背景 1
1.2研究的意义与价值 1
1.3国内外研究现状综述 1
1.4本文的研究方法概述 2
2企业股利分配的影响因素分析 2
2.1宏观经济环境对企业股利分配的影响 2
2.2企业盈利能力与股利分配的关系 3
2.3公司治理结构对股利政策的作用 3
2.4行业特征与股利分配策略 4
3股利分配政策的经济后果探讨 4
3.1股利政策对股价波动的影响 4
3.2投资者反应与股利分配关联 5
3.3股利支付率与企业价值评估 5
3.4股利政策对企业融资能力的影响 6
4优化企业股利分配政策的建议 7
4.1构建合理的股利分配决策机制 7
4.2平衡股东利益与公司发展的策略 7
4.3应对市场变化的股利调整措施 8
4.4强化信息披露提升透明度 8
结论 9
参考文献 10
致谢 11
