金融类上市公司股权结构与现金股利政策关系的实证分析

发布时间：2018-06-16 22:53

本文选题：股权结构 + 股权集中度　；参考：《首都经济贸易大学》2013年硕士论文

【摘要】：现金股利政策的制定与实施是公司财务决策的核心内容，与公司、股东、债权人及其他各方的利益相关。股利政策在实质上是不同的利益相关者谈判与博弈的结果，而股权结构决定着各大利益相关者的竞争实力，因此股权结构必然会影响到现金股利政策的制定与实施。金融业具有其独有的行业特殊性，无实物资产流转，股权结构相对而言比较复杂。特别是伴随着我国非流通股逐步实现全流通的过程中，金融类上市公司的股权结构发生了很大的变化，研究股权结构对我国金融类上市公司现金股利政策的影响具有重要的现实意义。针对股权结构对现金股利政策的影响，本文在对之前从不同角度进行的研究成果进行综述的基础上，，从理论上论述了股权结构的控股主体和股权集中度对现金股利政策的影响。然后对我国金融类上市公司的股权结构以及现金股利政策的现状及其特征进行了详细的描述与总结。最后以26家金融类上市公司作为研究样本，选取了衡量股权集中度与股权制衡度的相关指标，从实证角度探讨了我国金融类上市公司股权结构对现金股利政策的影响。结果表明：股权集中度与现金股利的发放正相关，即第一大股东的控股优势越强，金融类上市公司越倾向于发放现金股利；股权制衡度与现金股利的发放负相关，即其他股东对第一大股东的制衡作用越强，现金股利的发放越少；而一旦其他股东与第一大股东形成共谋，则同样会促使发放更多的现金股利。
[Abstract]:The formulation and implementation of cash dividend policy is the core content of the company's financial decision, and is related to the interests of the company, shareholders, creditors and other parties. Dividend policy is essentially the result of negotiation and game between different stakeholders, and the ownership structure determines the competitive strength of the major stakeholders, so the ownership structure will inevitably affect the formulation and implementation of cash dividend policy. Financial industry has its unique industry particularity, no physical assets circulation, equity structure is relatively complex. In particular, with the gradual realization of full circulation of non-tradable shares in China, the ownership structure of financial listed companies has undergone great changes. It is of great practical significance to study the influence of equity structure on the cash dividend policy of Chinese financial listed companies. In view of the influence of ownership structure on cash dividend policy, this paper summarizes the previous research results from different angles, and discusses theoretically the influence of controlling subject and concentration degree of equity structure on cash dividend policy. Then, the paper describes and summarizes the equity structure and cash dividend policy of Chinese financial listed companies in detail. Finally, taking 26 financial listed companies as the research sample, this paper selects the relevant indicators to measure the degree of equity concentration and equity checks and balances, and discusses the impact of equity structure on the cash dividend policy of Chinese financial listed companies from an empirical point of view. The results show that the equity concentration is positively correlated with the cash dividend, that is, the stronger the controlling advantage of the largest shareholder, the more inclined the financial listed companies to pay cash dividend, and the negative correlation between equity balance and cash dividend. That is, the stronger the checks and balances of other shareholders on the largest shareholders, the less cash dividends will be paid, and once the other shareholders and the largest shareholders form collusion, it will also promote the distribution of more cash dividends.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.39

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