摘要:股利政策是各上市公司财政的关键环节，也是公司利润分派的重要内容。它与公司 股东和债权人的利益息息相关，关系着公司的长远发展。制定合理的股利政策，不仅可以 使企业价值最大化，也可以激发广大股民的投资热情。我国各行各业股利政策差距明显， 每个行业具有特殊性。现阶段家电行业发展迅速，对国民经济有着举足轻重的作用。本文 在国内外研究成果的基础上，首先对家电行业股利分配现状进行描述性分析，分析家电行 业的现状；然后选取沪深两市 A 股家电上市公司 2012-2014 的股利分配样本，并从股利支 出程度系统分析家电上市公司股利政策对公司经济后果的影响。通过回归分析和 T 检验， 对检验结果进行实证分析，最后得出结论，制定合理的股利政策，使企业价值最大化。70271

毕业论文关键词：股利政策，家电行业，回归分析，经济后果

Abstract：Dividend policy is a key link in the process of the listed company's financial,and is also the important content of company profit distribution. It is closely related to the interests of shareholders and creditors, and has effectes on the company's long-term development. Formulate reasonable pidend policy, not only can make the enterprise value maximization,but also can arouse the people's enthusiasm. Disparity between pidend policy of our country all walks of life, each industry has particularity. Home appliance industry is developing rapidly at present, and has a pivotal role on national economy. In this paper, on the basis of research results at home and abroad, the first descriptive analysis about the present situation of pidend distribution of home appliances industry, analyzes the present situation of home appliance industry.Then choose Shanghai and shenzhen 2012-2014 a-share listed home appliance company pidend distribution of the sample, and system analysis from the Angle of the pidend payment level appliances pidend policy of listed companies the influence of the economic consequences to the company. Through regression analysis, empirical analysis was carried out on the test results. Finally concluded that the specification and reasonable pidend policy, makes the enterprise maximization.

Keywords: pidend policy, household appliances industry, regression analysis, the economic effct

目 录

1 引言 3

2 文献综述 3

2.1 国外研究股利政策影响的文献综述 3

2.2 国内研究股利政策影响的文献综述 3

3 家电行业的股利分配现状 4

3.1 股利分配比例逐步上升，股利支付率不断增长 5

3.2 再筹资成为上市公司分配股利的影响因素 5

3.3 股利支付缺乏连续性和稳定性 5

4 家电行业上市公司股利政策与公司未来收益理论探讨 6

4.1 分配股利与公司未来经营绩效的相关性 6

4.2 发放现金股利与公司未来经营绩效的相关性 6

5 家电行业上市公司股利政策与经济后果实证分析