目录
摘要...........................................................................................................................................I Abstract.....................................................................................................................................II 目录.........................................................................................................................................IV Contents.................................................................................................................................VII 第一章绪论.. (1)
1.1研究背景及意义 (1)
1.1.1研究背景 (1)
1.1.2研究意义 (2)
1.2文献综述 (3)
1.2.1国外研究现状 (3)
1.2.2国内研究现状 (5)
1.3研究方法 (8)
1.4研究思路与框架 (8)
1.4.1研究思路 (8)
1.4.2研究框架 (9)
1.5研究贡献 (10)
第二章股利政策的相关理论概述 (11)
2.1股利政策相关概念 (11)
2.1.1股利的概念 (11)
2.1.2股利政策的概念及类型 (11)
2.2股利政策基本理论 (13)
2.2.1MM股利无关论 (13)
2.2.2“一鸟在手”理论 (14)
2.2.3信号理论 (14)
2.2.4代理理论 (15)
2.3股利政策的影响因素 (15)
2.3.1外部影响因素 (15)
2.3.2内部影响因素 (16)
2.4我国关于股利政策的相关规范 (18)
第三章佛山照明案例背景介绍 (20)
3.1佛山照明基本概况 (20)
3.2佛山照明近六年的基本财务状况 (21)
3.3佛山照明历年股利分配情况 (22)
3.4照明行业股利分配现状 (23)
3.5本章小结 (25)
第四章佛山照明股利政策案例分析 (27)
4.1佛山照明高派现能力分析 (27)
4.1.1现金流能否支撑公司高派现 (27)
4.1.2公司盈利能否保障高分配现金股利 (29)
4.1.3企业的资金营运是否有助于公司高派现 (30)
4.1.4高现金股利分配的债务约束力 (30)
4.1.5从公司的成长看高派现的可持续性 (31)
4.1.6股东获利能力分析 (33)
4.2佛山照明高派现意愿及动机分析 (34)
4.2.1股权结构分析 (34)
4.2.2投资机会分析 (36)
4.3高派现股利政策对公司价值的影响分析 (37)
4.4本章小结 (39)
第五章佛山照明股利政策的案例启示 (40)
5.1管理建议 (40)
5.1.1保持高派现意愿和维持企业长远发展的平衡点 (40)
5.1.2丰富股利分配方式，发放股票股利 (40)
5.1.3完善公司的股权结构 (41)
5.1.4强化管理和监督的力度 (40)
5.2案例启示 (41)
5.2.1完善公司的治理结构 (41)
5.2.2制定合理的股利政策 (42)
5.2.3提升企业自身的盈利水平 (42)
5.2.4提高企业的资金使用效率 (43)
5.2.5加强监管与法制建设 (43)
5.3本章小结 (43)
结论 (44)
参考文献 (47)
攻读学位期间发表的论文 (50)
学位论文独创性声明 (51)
学位论文版权使用授权声明 (51)
致谢 (52)
附录 (53)
Contents
Contents
Abstract(Chinese)...................................................................................................................I Abstract(English)..................................................................................................................II Content(Chinese).................................................................................................................IV Contents(English)...............................................................................................................VII Chapter1Introduction.. (1)
1.1Research Background and Significance (1)
1.1.1Research Background (1)
1.1.2The Significance of The Research (2)
1.2Literature Review (3)
1.2.1Review of Foreign Literature (3)
1.2.2Review of Domestic Literature (5)
1.3The Research Method (8)
1.4The Research Idea and Framework (8)
1.4.1Research Idea (8)
1.4.2Research Framework (9)
1.5The Main Research Contributions (10)
Chapter2An overview of the relevant theories of dividend policy (10)
2.1Dividend policy concept (11)
2.1.1Dividend concept (11)
2.1.2The concept and types of dividend policy (11)
2.2Basic theory of dividend policy (13)
2.2.1MM dividend irrelevance theory (13)
2.2.2A bird in hand theory (14)
2.2.3Signal theory (14)
2.2.4Agency theory (15)
2.3Influencing factors of dividend policy (15)
2.2.1Internal factors (15)
2.2.2External factors (16)
2.4The relevant norms of dividend policy in China (17)
Chapter3FSL's case background and introduction (19)
3.1FSL's Overview (20)
3.2FSL's basic financial position in the past6years (20)
3.3FSL's dividend distribution over the years (21)
3.4Status quo of dividend distribution in lighting industry (23)
3.5Summary (25)
Chapter4Case analysis of FSL'dividend policy (26)
4.1The analysis of FSL high cash dividend capacity (27)
4.1.1Cash flow can support the company's cash dividend (27)
4.1.2Whether the company can guarantee the high distribution of cash dividends (28)
4.1.3Enterprise capital operation will help the company cash dividend (29)
4.1.4Debt binding of cash high dividend (30)
4.1.5Profitability analysis of shareholders (31)
4.1.6The sustainability of high cash dividends from the perspective of the growth (33)
4.2The analysis of FSL high cash dividend willingness and motivation (33)
4.2.1Ownership structure analysis (34)
4.2.2Investment opportunity analysis (36)
4.3Analysis of the impact of dividend policy is high on the value of the company (37)
4.4Summary (39)
Chapter5A case study of FSL'dividend policy (39)
5.1Management suggestions (40)
5.1.1Keep the balance of high cash dividends and willingness to maintain long-term
development of enterprises (40)
5.1.2Rich dividend distribution,issuing stock dividends (40)
5.1.3Improve the company's ownership structure (41)
5.1.4Strengthen management and supervision (41)
5.2Case revelation (42)
5.2.1Improve the company's governance structure (42)
Contents
5.2.2Making reasonable dividend policy (42)
5.2.3Improve the efficiency of enterprise funds (42)
5.2.4Strengthen supervision and construction of the legal system (43)
5.3Summary (43)
Conclusions (44)
References (47)
Published Articles during Postgraduate Study (50)
Originality Statement (51)
Dissertation Copyright Authorization Statement (51)
Acknowledgement (52)
Appendix (53)