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1、沈阳理工大学硕士学位论文原创性声明本人郑重声明:本论文的所有工作，是在导师的指导下，由作者本人独立完成的。有关观点、方法、数据和文献的引用已在文中指出，并与参考文献相对应。除文中已注明引用的内容外，本论文不包含任何其他个人或集体已经公开发表的作品成果。对本文的研究做出重要贡献的个人和集体，均己在文中以明确方式标明。本人完全意识到本声明的法律结果由本人承担。作者（签字）：日期：年月日学位论文版权使用授权书本学位论文作者完全了解沈阳理工大学有关保留、使用学位论文的规定，即：沈阳理工大学有权保留并向国家有关部门或机构送交学位论文的复印件和磁盘，允许论文被查阅和借阅。本人授权沈阳理工大学可以将学位论文
2、的全部或部分内容编入有关数据库进行检索，可以采用影印、缩印或其它复制手段保存、汇编学位论文。（保密的学位论文在解密后适用本授权书）学位论文作者签名：指导教师签名：日期：日期：沈阳理工大学硕士学位论文摘要股利政策是现代公司三大核心财务活动之一，现金股利作为公司利润分配的主要形式之一，构成了股利政策的重要内容，对于投资者而言，也是获得投资回报的重要途径。我国股市发展的二十多年历史中，股票市场存在着浓厚的投机氛围，其重要原因就是上市公司现金股利分配随意性强，缺乏连续性和稳定性，不能满足投资者基本的收益需求，这与美欧成熟资本市场存在巨大差别。如何实现稳定的现金股利分配，一方面需要企业结合企业自身条件，
3、综合考虑影响现金股利分配的各个因素，制定符合实际的现金股利分配政策，并一贯坚持；另一方面，需要政府制定政策调控上市公司的现金股利分配行为，克服市场的自发性和盲目性。无论是内部规范，还是外部约束，离不开对影响稳定的现金股利分配政策相关因素的研究。稳定的现金股利分配政策从属于现金股利政策，当影响现金股利分配的相关因素表现出某些特征时，就可能形成上市公司稳定的现金股利分配政策，本文以现金股利政策的相关理论及其影响因素为出发点，结合上市公司现金股利分配的实践，对最近十多年数据的统计分析，发现证监会监管政策改善了现金股利分配的稳定性，而且这种作用需要不断加强和优化。通过采用规范和实证相结合的研究方法，结
4、果表明：上市公司现金股利分配稳定性与每股收益稳定性、每股经营活动现金流量稳定性、历史现金股利稳定性、企业成长性等因素呈显著的正相关关系，而与资产负债率显著负相关，通过回归系数反映出所涉及因素对稳定分配现金股利作用的大小。本文结果在一定程度上延伸了股利政策的研究内容，为政府制定合理的监管措施和上市公司执行稳定的现金股利分配政策提供了依据。关键词：上市公司；现金股利；稳定性；影响因素沈阳理工大学硕士学位论文沈阳理工大学硕士学位论文AbstractThe dividend policy is one of the modern companys three core financial activi
5、ties, as oneof the main forms of distribution of the companys profits, cash dividends not only composesthe main content of the dividend policy, and it is also an important way for investors to obtainreturns on investment.During the 20 years history of the development of Chinas stock market,there are
6、 speculative atmosphere in the stock market, one important reason is the strongarbitrariness of the listed companys cash dividend, lacking of continuity and stability, can notmeet basic income needs of investors, and there is a huge difference from the United Statesand Europemature capital markets.H
7、ow to achieve a stable cash dividend? On the one hand, the company needs develop arealistic cash dividend distribution policy, combining with their own conditions andconsidering the various factors that affect the distribution of cash dividends, and consistentlyadhere to it; On the other hand, the g
8、overnment needs formulate policy to control the listedcompanys cash dividend distribution behavior, to overcome the spontaneity and blindness ofthe market. Both internal specification, or external constraints, can not be separated from thestudy of the allocation policy factors which affect the stabi
9、lity of cash dividends.Stable cash dividend distribution policy subordinate to the cash dividend policy, whenthe impact of the cash dividend policy exhibit certain characteristics, it is possible to form thelisted companies with stable cash dividend distribution policy. This paper begins with thethe
10、ory and its influencing factors in the cash dividend policy, combining with the practice ofthe cash dividend distribution of listed companies and the statistical analysis of the data of thelast ten years, found that the SFCs regulatory policiesimprove the stability of the cashdividend, and this role
11、 needs to continue to strengthen and optimize, Through the use of thecombination of normative and empirical research methods, the results showed that companiesCash Dividend stability is positively related to the earnings per share stability, the stability of沈阳理工大学硕士学位论文cash flow from operating activ
12、ities per share, the historical stability of cash dividends and thegrowth factors,and is positively related to the asset-liability ratio . To some extent, the resultsof this paper extends the content of the dividend policy and provide the basis for thegovernment to develop a reasonable regulatory policies and the listed companies to perform astable cash dividend distribution policy.Key words: Listed companies; Cash Dividends; Stability; Influence factors目录目录第 1章绪论.- 1 -1.1研究的背景和意义 .- 1 -1.1.1研究背景 .- 1 -1.1.2研究的理论意义.- 2 -1.1.3研究的现实意义.- 2 -1.2国内外研究现状 .- 3 -1.2.1国外研究状况.- 3 -1.2
