利润分配政策对企业价值的影响机制研究 -会计学专业

摘要

利润分配政策作为企业财务管理的重要组成部分，对企业价值有着深远影响。在当前经济全球化和市场竞争日益激烈的背景下，研究利润分配政策与企业价值之间的关系具有重要的现实意义。本研究旨在探讨不同类型的利润分配政策如何影响企业价值，并分析其内在机制。通过收集2010 - 2020年间沪深两市A股上市公司的相关财务数据，运用面板数据模型进行实证分析，同时引入公司治理结构、行业特征等控制变量以确保结果的准确性。研究发现，现金股利支付率与企业价值之间存在显著正相关关系，而股票股利对当期企业价值影响不明显但有助于提升未来成长性；此外，高负债水平的企业更倾向于选择较低的现金分红比例。本研究创新地将企业生命周期纳入考量范围，发现处于成熟期的企业实施积极的利润分配政策更能体现其市场价值。这一结论不仅丰富了现有理论体系，还为企业制定合理的利润分配策略提供了实践指导，有助于优化资源配置，提高资本市场的效率。

关键词：利润分配政策企业价值现金股利支付率

Abstract

As an important part of enterprise financial management, profit distribution policy has a profound impact on enterprise value. Under the background of economic globalization and increasingly fierce market competition, it is of great practical significance to study the relationship between profit distribution policy and firm value. The purpose of this study is to explore how different types of profit distribution policies affect firm value and analyze their internal mechanism. By collecting the relevant financial data of A-share listed companies in Shanghai and Shenzhen during 2010-2020, the panel data model is used for empirical analysis, and control variables such as corporate governance structure and industry characteristics are introduced to ensure the accuracy of the results. It is found that there is a significant positive correlation between cash dividend payout ratio and enterprise value, while stock dividends have no obvious impact on current enterprise value but help to improve future growth. In addition, enterprises with high debt levels are more inclined to choose a lower proportion of cash dividends. This study innovatively takes the enterprise life cycle into consideration, and finds that mature enterprises can better reflect their market value by implementing active profit distribution policies. This conclusion not only enriches the existing theoretical system, but also provides practical guidance for enterprises to formulate reasonable profit distribution strategies, which is helpful to optimize resource allocation and improve the efficiency of capital market.

Keyword:Profit Distribution Policy Firm Value Cash Dividend Payout Ratio

1绪论 1

1.1研究背景与意义 1

1.2国内外研究现状 1

2利润分配政策的理论基础 1

2.1利润分配政策的概念界定 1

2.2利润分配政策的主要类型 2

2.3利润分配政策的理论依据 3

3利润分配政策对企业价值影响的机理分析 3

3.1资本市场反应机制 3

3.2企业投资决策影响 4

3.3企业融资成本效应 5