基于现金股利支付视角的中小股东利益保护研究

发布时间：2018-03-18 08:34

本文选题：现金股利　切入点：中小股东利益保护　出处：《山东财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：中小股东投资于证券市场获取收益的方式主要有两种：一是股票买卖差价所形成的资本利得，二是上市公司派发的股利。我国证券市场在法律监管制度执行上存在疏漏，使得我国上市公司现金股利分配具有分配水平低、现金分红收益率低、不分红现象普遍等特点，大多数的中小股东只能通过在二级市场上买卖股票来获得差价收益。又由于证券投资市场的不确定和风险性，股价波动剧烈，中小股东获利较难。除此之外，市场上还存在如大股东侵占上市公司资金、进行关联交易、提供虚假的财务报表等侵害中小股东利益的行为，这些都极大地损害了中小股东的利益。在上市公司筹资总额和股市市值大幅提升的今天，广大的中小投资者并未切实地分享到上市公司成长与发展的成果，研究中小股东利益保护问题具有非凡的现实意义。投资者利益保护是一个复合的概念，包含众多方面。国外学者大多采用LLSV方法，从法律的制定和执行效率来进行跨国比较或跨阶段研究，不适用于在单一国家上市的不同公司的中小股东利益保护研究。本文考虑是否能从微观层面来研究同一制度下不同上市公司的中小股东利益保护。依照上述思路，本文在梳理了国内外相关文献的基础上，首先分析了我国现金股利分配的现状和中小股东利益受侵害的表现。其次，从微观公司组织这一角度出发，兼顾制度执行层面对中小股东利益保护进行重新定义，，选择知情权、控股股东行为、公司经营质量、投资回报、公司诚信五个方面9个指标来构建中小投资者利益保护指数。选取沪深两市2008年至2010年全流通A股上市公司为样本，采用统计描述、对比分析和回归分析等研究方法研究上市公司现金股利支付对中小股东利益保护指数的影响，并得出如下结论：（1）分红上市公司的中小股东利益保护显著高于不分红的上市公司，分配现金股利有利于中小股东利益保护，但恶性派现和微分红的行为不利于中小股东利益保护。（2）以融资为目的而进行的现金分红削弱了分红带来的正向保护效应没有得到检验。但验证了再融资是上市公司进行过度分红的主要动机。（3）股权分散的上市公司，现金股利支付率与中小股东利益保护在5%的水平上显著正相关，且正向作用效果明显强于全样本公司，说明股权分散上市公司现金股利分配对中小股东利益保护正向作用更强。（4）现金股利支付率与中小股东利益保护指数呈倒“U”型关系，即在现金股利支付水平较低时，现金股利支付率与中小股东利益保护指数正相关。但随着股利支付率的提高，上市公司分红超过一定“度”时，可能存在以现金股利分配为手段的掏空行为。本文的主要创新在于：（1）选择知情权、控股股东行为、公司经营质量、投资回报、公司诚信五个方面9个指标来构建中小投资者利益保护的综合指标，并采用专家调查打分的方法，确定中小股东利益保护指数中的各指标内容的权重，继而计算出上市公司的中小股东利益保护指数。（2）不同于以往学者基于股权结构研究或宏观制度层面的中小股东权益保护和法律保护程度的研究，本文从现金股利支付的视角研究同一国家不同上市公司的中小股东利益保护程度。（3）本文把进行现金分红的上市公司按分红力度划分为微分红上市公司样本和过度分红上市公司样本两组，通过分类研究和对比研究来分析我国不同现金分红力度的上市公司中小股东利益保护水平。
[Abstract]:There are two main types of small and medium-sized shareholders to invest in the stock market gains way: one is the formation of the stock sale price is two of the capital gains, dividends distributed by listed companies. The securities market of our country there are omissions in the legal supervision of the implementation of the system, which makes our profit distribution of cash shares of listed companies has a low level of cash dividends distribution. The low rate of dividend, common features, most small and medium-sized shareholders only through the market in two on the sale of shares to obtain profit. Because the stock market uncertainty and risk, stock price volatility, small shareholders profit difficult. In addition, the market still exist such as the expropriation of large shareholder of listed companies the funds and related transactions, providing false financial statements and other behavior against the interests of minority shareholders, which has greatly damaged the interests of small shareholders in listed companies financing amount. Today, a large number of small and medium-sized investors haven't practically shared the achievements of the growth and development of the listed companies. Therefore, it is of great practical significance to study the protection of the interests of minority shareholders.
The protection of investors' interests is a compound concept which includes many aspects. Most foreign scholars using the LLSV method, from the legislation and execution efficiency of transnational comparison or cross stage research, research on the protection of small shareholders is not applicable to different listed companies in a single country. This paper to make a research on the protection of small shareholders different companies under the same regime from the micro level.
According to the above ideas, this paper based on the summary of the related literature at home and abroad, firstly analyzes the present situation of infringement of cash dividend distribution in China and the interests of minority shareholders. Secondly, from the micro organization of the perspective of both the implementation of the system in the protection of the interests of minority shareholders are redefined, choose the right holding the behavior of shareholders, the company quality, return on investment, the five aspects of corporate integrity 9 indicators to build the protection of the interests of small investors. The Shanghai and Shenzhen two index from 2008 to 2010, the full circulation of A shares of listed companies as sample, using descriptive statistics, cash dividend research method of comparative analysis and regression analysis of listed companies pay influence on the index of protection the interests of minority shareholders, and draws the following conclusion: (1) to protect the interests of small shareholders dividends of listed companies was significantly higher than that of the distribution of dividends of listed companies The cash dividend is conducive to the protection of the interests of minority shareholders, but to send the current red and malignant differential behavior is not conducive to the protection of the interests of minority shareholders. (2) the purpose of financing and cash dividend weakened the positive protection effect brought by the dividend is not to be tested. It proves that the refinancing of listed companies is the main motivation of excessive dividends. (3) the dispersed ownership of listed companies, the cash dividend payment rate and protect the interests of small shareholders in the 5% level of significant positive correlation, and the positive effect is stronger than the whole Sample Firms, that dispersed ownership of listed company's cash dividend distribution on the protection of small shareholders is stronger. (4) the cash dividend payment rate was down "U relationship with index of protection of small shareholders, the cash dividend payment level is low, the cash dividend payment rate correlated with the protection of the interests of small shareholders. But with dividend payment When the dividend of the listed company exceeds a certain "degree", there may be a hollowing act with the means of cash dividend distribution.
The main innovation of this paper lies in: (1) choose the right to know the behavior of controlling shareholders, business quality, investment returns, comprehensive index of five aspects of corporate integrity 9 indexes to construct the protection of the interests of small investors, and using the method of expert survey scoring, the weight of each index is determined the content of minority shareholders to protect the interests of the index then, calculate the index of listed companies to protect the interests of small shareholders. (2) different from the previous scholars study based on equity structure or the system of macro level to protect the interests of minority shareholders and the degree of legal protection research, this paper studies the cash dividend payment from the perspective of the same country the different extent of the listed company to protect the interests of small shareholders (3). The cash dividends of listed companies according to the dividends divided into differential red samples of listed companies and excessive dividends of listed companies to sample two groups, through the classification and comparison The study analyzes the interests protection level of small and medium shareholders of Listed Companies in China with different cash dividends.

【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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