香港上市内资企业与A股上市公司股利政策比较研究

发布时间：2018-04-09 14:48

本文选题：A股上市公司　切入点：香港上市内资企业　出处：《上海交通大学》2012年硕士论文

【摘要】：随着我国资本市场开放进程的加快和金融改革的不断深入，越来越多的内资企业选择在香港股票市场上市，其中包括红筹股、中资民营股和H股。与国内A股市场相比，香港股票市场是成熟资本市场，在交易、监管、信息披露等制度和法规上更为健全，投资者也更加成熟理性，这一不同的市场环境势必对在香港上市的内资企业产生多方面的影响。本文通过对比分析A股上市公司和在香港上市内资企业最近5年的股利分配特征以及影响因素，揭示两个不同市场中中资上市公司的股利政策差异及其原因。首先，本文第二章回顾和总结了国内外已有的关于股利政策的理论和文献，包括理论研究和实证研究两个方面。其次，本文第三章对国外成熟资本市场股利政策特征进行了总结，并且对影响其股利政策的主要因素进行了归纳和阐述。本文第四章对A股上市公司和在香港上市的内资企业近年来股利分配的实际情况进行数据收集和统计，，总结两地上市公司股利分配的现状及其特征。并通过多个角度的比较分析，研究两地上市公司在股利分配现状上的共同点和差异点，对比分红水平和质量高低。在第五章中，本文运用多元线性回归模型对影响两个资本市场上市公司股利政策的因素进行实证研究，选取的指标主要有盈利能力、成长能力、偿债能力、公司规模、股本结构等。实证研究结果表明：影响两个资本市场中上市公司股利分配行为的因素差异明显，其中显著影响A股上市公司的主要为财务状况，而显著影响港股上市公司的主要为公司规模和发展战略。这说明，A股上市公司在决定股利政策时更看重公司当年的经营业绩和财务状况，而香港上市内资企业在决定股利分配政策时受到公司所处发展阶段的影响。说明在香港上市的企业其股利政策更为成熟和稳定，这正是A股上市公司未来的发展方向。
[Abstract]:With the acceleration of the process of opening up the capital market and the deepening of the financial reform, more and more domestic enterprises are listed in the Hong Kong stock market, including red chips, private Chinese stocks and H shares.Compared with the domestic A-share market, the Hong Kong stock market is a mature capital market, with more sound systems and regulations on trading, supervision and information disclosure, and more mature and rational investors.This different market environment is bound to have many effects on the Hong Kong listed domestic enterprises.Based on the comparative analysis of the dividend distribution characteristics and influencing factors of A-share listed companies and Hong Kong-listed domestic enterprises in the past five years, this paper reveals the differences of dividend policy and the reasons for the differences between the two Chinese listed companies in the two different markets.First, the second chapter reviews and summarizes the existing theories and literatures on dividend policy, including theoretical research and empirical research.Secondly, the third chapter summarizes the characteristics of dividend policy in foreign mature capital market, and summarizes the main factors affecting dividend policy.The fourth chapter collects and statistics the actual situation of dividend distribution of A-share listed companies and domestic enterprises listed in Hong Kong in recent years, and summarizes the current situation and characteristics of dividend distribution of listed companies in both cities.Through the comparative analysis of several angles, this paper studies the common points and differences in dividend distribution of listed companies in both places, and compares the level and quality of dividends.In the fifth chapter, we use the multiple linear regression model to study the factors that affect the dividend policy of the listed companies in two capital markets. The selected indicators are profitability, growth ability, solvency, and company size.Equity structure, etc.The empirical results show that there are significant differences in the factors that affect the dividend distribution behavior of listed companies in the two capital markets, and the main factors that affect A-share listed companies are the financial situation.The significant impact of Hong Kong listed companies for the company size and development strategy.This shows that A share listed companies pay more attention to their current year's operating performance and financial situation when deciding dividend policy, while Hong Kong listed domestic enterprises are affected by the company's development stage when deciding dividend distribution policy.It shows that the dividend policy of listed companies in Hong Kong is more mature and stable, which is the development direction of A-share listed companies in the future.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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