新疆农业上市公司股利分配政策分析
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摘要
股利分配作为公司再投资的一项重要决策,对公司的筹资能力以及经营业绩产生重要影响。本文以新疆农业上市公司作为研究对象,以2013—2017年新疆农业上市公司的股利分配形式、每股红利、股利分配连续性以及净资产收益率等数据为基础,分析各指标的年度动态变化,并对新疆农业上市公司股利分配过程中存在的问题进行剖析。研究发现,2013—2017年间新疆农业上市公司存在现金流量不足、股权结构不合理以及股利分配政策缺乏连续性和稳定性等问题,不仅对股东的经济利益造成影响,而且对公司未来的发展状况起到至关重要的作用。针对这些问题本文提出应加强农业类上市公司成本控制、加大科技投入、优化股权结构等措施,使新疆农业行业上市公司能够更好地发展。
Dividend distribution,as an important decision of reinvestment,has an important impact on the company's financing ability and operating performance.Based on the data of dividend distribution form,dividend per share,continuity of dividend distribution and return on net assets of Xinjiang agricultural listed companies from 2013 to 2017,this paper analyzed the annual dynamic changes of each index,and the existing problems in the process of dividend distribution of Xinjiang agricultural listed companies.The results showed that there were some problems in Xinjiang agricultural listed companies from 2013 to 2017,such as insufficient cash flow,unreasonable ownership structure and lack of continuity and stability of dividend distribution policy.These problems not only affected the economic interests of shareholders,but also played a vital role in the future development of the company.In view of these problems,this paper put forward some measures,such as strengthening cost control,increasing investment in science and technology,optimizing ownership structure of agricultural listed companies,in order to make Xinjiang agricultural listed companies develop better.
Dividend distribution,as an important decision of reinvestment,has an important impact on the company's financing ability and operating performance.Based on the data of dividend distribution form,dividend per share,continuity of dividend distribution and return on net assets of Xinjiang agricultural listed companies from 2013 to 2017,this paper analyzed the annual dynamic changes of each index,and the existing problems in the process of dividend distribution of Xinjiang agricultural listed companies.The results showed that there were some problems in Xinjiang agricultural listed companies from 2013 to 2017,such as insufficient cash flow,unreasonable ownership structure and lack of continuity and stability of dividend distribution policy.These problems not only affected the economic interests of shareholders,but also played a vital role in the future development of the company.In view of these problems,this paper put forward some measures,such as strengthening cost control,increasing investment in science and technology,optimizing ownership structure of agricultural listed companies,in order to make Xinjiang agricultural listed companies develop better.
引文
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[2]宿淑玲.信息不对称视角下中国上市公司股权结构与股利政策关系研究[D].济南:山东大学, 2012.
[3]王毅辉.我国上市公司股利政策研究[D].厦门:厦门大学, 2010.
[4]徐月军.基于博弈分析的上市公司股利政策研究[D].兰州:兰州理工大学,2013.
[5]严太华,郭强.股利政策稳定性对股票长期收益影响的实证研究[J].技术经济,2014(1):30-38.
[6]黄德忠,秦利兰,张俭.民营上市公司股权结构对现金股利政策的影响[J].科学决策,2013(9):11-14.
[7]王静.我国上市公司股利分配影响的实证研究[J].企业经济,2013(9):18-21.
[8]祖晓青.规范我国上市公司股利分配政策建议[J].中国经贸导刊,2012(2):23-25.
[9]魏刚.中国上市公司股利分配问题研究[M].大连:东北财经大学出版社,2010.
[10]王文毅.中国上市公司股利政策研究[D].上海:复旦大学,2011.
[11]刘玉振,余国新.基于因子分析的2009-2010年农业上市公司财务业绩评价[J].内蒙古农业科技,2012(3):61-63,70.