企业股利政策与未来经营绩效关系的实证研究——以创业板公司为例

股利政策作为现代财务会计的重要内容，对上市公司股利政策的研究具有重大的意义。研究上市公司的股利分配政策，一方面对公司正确分配经营成果具有指导作用，另一方面对投资者的投资决策具有重要的参考意义。本文从公司的股利政策和经营绩效入手，在文献检索的基础上，选取了2009-2011年创业板上市公司股利分配与经营绩效相关的财务数据，以每股现金股利，每股转增股本作为股利政策的指标，以每股收益，净资产收益率作为评价企业经营绩效的指标，利用实证研究方法，对创业板上市公司的股利分配政策与未来经营绩效之间的关系进行详细的定量分析，从而得出：股利政策传递着公司未来的经营绩效的信息；与不分配股利的企业比较，分配股利的企业未来的经营绩效更好；分配股利的比例越高，企业未来的经营绩效越高的结论。

关键词：创业板上市公司  股利政策  经营绩效  相关性

Abstract
As an important part of the financial accounting，it is of great significance to research the dividend policy of listed companies. To research dividend policy of listed companies, on the one hand, has a major role in guiding allocating the operating results to the company, on the other hand, it has significance to the investment decisions of investors. From the company's dividend policy and operating performance and on the basis of the literature search, my article selected financial data of 2009-2011 GEM listed company dividend distribution and operating performance. I used Per share of cash dividend and per share to share capital as indicators of the dividend policy, used earnings per share, return on net assets, two indicators for business performance. Using empirical research methods and analyzed the relationship between the dividend distribution policy and business performance of companies, I concluded that comparing with the non-distribution of dividends enterprises, the distributing company has higher future operating performance; The higher proportion of the distribution of dividends, the higher of the company's future operating performance.

Keywords: Companies listed on GEM； Dividend Policy； Operating performance； Correlation

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