股权集中度、股利政策与企业价值

股权集中度、股利政策与企业价值目录中文摘要…英文摘要.21引言.1.1研究背景41.2研究意义....52研究假设与设计...2.1研究假设的提出。。。62.2研究设计...…2.2.1样本数据分析72.2.2变量的选择和度量.3实证结果分析..….93.1描述性统计....93.2相关性分析.....93.3回归分析结果....103.3.1股利政策对企业值的回归分析...103.3.2股权集中度的调节效应分析.113.4稳健性检验.....134研究结论及启示.....154.1研究结论.....154.2研究启示及建议...154.2.1对企业的建议....154.2.2对投资者的建议.164.2.3对监管机构的建议..16致谢..18参考文献.…………19股权集中度、股利政策与企业价值摘要：利润积累是企业内部筹资的重要来源，也是企业得以持续发展的基础如何处理利润留存与利润分配之间的关系是企业发展过程中必须面对的问题。股利是对投资者的回馈，其所得与企业经营绩效、盈利及市值有着极为重要的联系，不同的股利政策决定了企业积累在公司与投资者之间的分配方式及资本结构的变化，从而会对公司的投资决策和融资决策带来影响。在所有权与经营权相分离的背景下，是否派发股利及股利派发的多少很大程度上是有大股东决定，大股东的股权集中程度会显著地影响股利政策的效果，进而对企业的价值产生不同的影响，因此，将股利政策、股权集中度和企业价值三者之间结合起来研究具有重要的意义。本文以2010-2020年我国沪深A股为样本，通过数据分析，探讨了企业价值和股利的相关之处，并以数据分析结果为基础，引入了股权集中度的概念，进一步分析了股权集中度作用机制下带来股利政策与企业价值的变化。结合实证研究结果，本文进一步从企业角度、投资者角度以及监管角度提出完善我国上市公司股利政策的相关建议。本次研究成果有利于我国各企业的股利政策调整和完善，对于提升公司价值也具有重要的指导意义。关键词：股利政策、企业价值、股权集中度。Equity concentration Dividend policy andCorporate valueAbstract:Profit accumulation is an important source of internal financing forenterprises and the basis for sustainable development of enterprises.How to dealwith the relationship between profit retention and profit distribution is a problemthat must be faced in the process of enterprise development.Dividends arefeedback to investors.The distribution of dividends is closely related to corporateprofitability and corporate value.Different dividend policies determine thedistribution method of corporate accumulation between the company and investorsand changes in capital structure,which will affect the company's profitability.Investment decisions and financing decisions have an impact.Under thebackground of separation of ownership and management rights,whether or not todistribute dividends and how much to distribute are largely decided by majorshareholders.The degree of equity concentration of major shareholders willsignificantly affect the effect of the dividend policy,which in turn will affect thevalue of the company.Therefore,it is of great significance to study thecombination of dividend policy,ownership concentration and enterprise value.This paper takes 2010-2020 my country's Shanghai and Shenzhen A shares asa sample,through data analysis,discusses the correlation between corporate valueand dividends,and based on the data analysis results,introduces the concept ofequity concentration,and further analyzes equity concentration.The change ofdividend policy and enterprise value under the mechanism of degree action.Combined with the empirical research results,this paper further puts forwardrelevant suggestions for improving the dividend policy of my country's listedcompanies from the perspective of enterprises,investors and supervision.Theresults of this research are conducive to the adjustment and improvement ofdividend policies of various enterprises in my country,and also have important2guiding significance for enhancing the value of companies.Keywords:Dividend policy,Corporate value,Equity concentration3