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1、股利政策与可持续增长的相关性研究ABSTRACTAftertheglobalfinancialcrisis,howtomaintainahealthyandstablegrowthofcompanieshasbecomethefocusofgovernments.However,fromafinancialmanagementperspective,growingtoofastortooslowisnotagoodway.Comparedwithforeignenterprises’extensiveattentionforsustainablegrowth,China'sente
2、rprisespayseldomattentiontoit.Therefore,itissignificanttoresearchcompany'ssustainablegrowth.Dividendpolicyasanimportantfinancialdecision,hasbeenahotspotofresearchhomeandabroad.Therearemanyfactorsaffectingsustainablegrowth,dividendpolicyisanimportantfactor.Therearefewresearchonthecorrelationofd
3、ividendpolicyandsustainablegrowth,andexistingresearchisnotdeepenough,sothistheoryresearchthecorrelationofdividendpolicyandsustainablegrowthfromboththeoreticalandempiricalaspects.First,thispaperdescribesthebackground,significanceandcontents.Normativeresearchpart,firstdescribesthedefinitionofthe
4、conceptofsustainablegrowthenterprises,sustainablegrowthmodelandthetheoryofdividendpolicy.Basedontheconclusionofexistingresearch,analysethefactorsaffectingsustainablegrowth,theresearchshowsthatdividendpolicyisanimportantfactorforsustainablegrowth.Basedontheinductionofdividendpolicyandstockbonus
5、mode,analysefromtheperspectiveofHigginssustainablegrowthmodel,thepeckingordertheoryandtheenterprisevaluetheory,theconclusionisthatthere’sacloselinkbetweenthedividendpolicyandsustainablegrowth.Empiricalresearchpart,thispaperselectsfinancialdataof923A-shareslistedcompanyiesfortheyear2012astheres
6、earchsample.UsingHigginssustainablegrowthmodel,descriptivestatisticalanalysis,Pearsoncorrelationanalysisandmultiplelinearregressionmodels,respectivelyresearchtheaffectoftheamountofthecashdividends,stockdividendsanddividendpaymenttosustainablegrowthofenterprises,andmakeanempiricaltestoftherelat
7、ionship.Researchfindingsshowthatdividendpolicyhasansignificantimpactforsustainablegrowth.Thedistributionamountsofcashdividendandstockdividendhasapositivecorrelationwithsustainablegrowth.Thesustainablegrowthratesofenterpriseswithmixeddiv
