能源行业上市公司股权结构对现金股利政策影响研究

发布时间：2018-04-13 07:22

本文选题：能源行业 + 股权结构　；参考：《西南大学》2012年硕士论文

【摘要】：股利分配与投资活动、筹资活动并称为财务管理的三大活动,一直以来都受到来自企业内外部各方的关注。国外学者对于股利政策做过大量的实证研究,已取得丰富的研究成果,为推动财务学的发展做出了重要的贡献。根据已有的研究来看,好的股利政策在满足企业利益相关者的需求、传递公司经营管理信息以及降低委托代理成本等方面均能发挥出积极的作用。股权结构作为公司治理中最基本的组成部分,决定了公司内部各方的利益关系和需求,对公司的利益分配有着直接的影响。尽管我国目前大部分上市公司都已经进入了股权分置改革的尾声,但是许多公司股权结构中非流通股比例以及国有股成分仍然偏高,二元股权结构仍然存在。在我国这样特殊而且复杂的股权结构背景下,研究股权结构对现金股利政策的影响就具有很强的理论意义和现实意义。能源行业作为我国的基础和支柱产业,与我国经济持续发展和社会民生紧密相关,一直以来都受到国家产业政策的大力扶持。受行业自身特点的影响,能源行业上市公司股权结构也呈现出一些特征：国有股比例偏高、股权集中化程度较高和股权成分较为单一等。尽管经历了股权分置改革,能源行业上市公司股份的流通性仍然普遍偏弱。在这样特殊的股权结构背景下,研究能源行业上市公司的现金股利分配情况就有了较强的行业针对性。本文也试图找到能源行业股权结构与现金股利政策之间的客观联系,为优化股权结构和完善公司现金股利分配政策提出合理建议。本文首先在已有的研究基础上,回溯了国内外学者有关股权结构以及股利政策的实证研究。对现金股利政策主要从现金股利分配的可能性和现金股利的水平两个方面进行描述,对于股权结构的研究则主要从股权性质、股权集中度和股权制衡三个层面进行展开。紧接着本文回顾了股权结构和股利政策有关的经典理论,对本文所涉及的重要概念进行界定,并从理论上分析股权结构对股利政策的作用机理。然后,本文义借助数据资料,对能源行业上市公司的的股权结构和现金股利政策的特征进行描述,并对其呈现出的特征进行概括,找到可能存在的一些问题。接下来,本文的实证部分分别运用了logistic回归和多元回归的方法,验证了股权结构中各变量对现金股利发放的概率以及现金股利水平的的影响,得到了以下的结论：国有股比例、第一人股东是否为国有股对现金股利发放概率产生显著影响；国有股比例、法人股比例、股权集中度各变量对现金股利水平产生显著影响。最后,本文在实证结论的基上结合相关的理论,对优化能源行业股权结构和完善股利政策提出合理建议。
[Abstract]:Dividend distribution and investment activities, financing activities known as the three major activities of financial management, has been from the internal and external parties to the attention of enterprises.Foreign scholars have done a lot of empirical research on dividend policy, and have made great contributions to the development of finance.According to the existing research, good dividend policy can play a positive role in meeting the needs of the stakeholders, transmitting the company management information and reducing the cost of principal-agent.As the most basic component of corporate governance, equity structure determines the interests and needs of all parties in the company, and has a direct impact on the distribution of interests of the company.Although most of the listed companies in China have entered the end of the reform of the split share structure, the non-tradable share ratio and the state share component of many companies are still high, and the dual equity structure still exists.Under the background of our country's special and complex ownership structure, it is of great theoretical and practical significance to study the influence of equity structure on cash dividend policy.As the foundation and pillar industry of our country, the energy industry is closely related to the sustainable development of economy and the people's livelihood of our country, and has been strongly supported by the national industrial policy.Influenced by the characteristics of the industry, the structure of the listed companies in energy industry also shows some characteristics: the proportion of state-owned shares is high, the degree of equity concentration is higher, and the composition of equity is single, etc.Despite the split-share reform, the liquidity of listed companies in the energy industry is still generally weak.Under the background of such special equity structure, the research on cash dividend distribution of listed companies in energy industry has strong industry pertinence.This paper also tries to find out the objective relationship between the equity structure and the cash dividend policy in the energy industry, so as to put forward reasonable suggestions for optimizing the ownership structure and perfecting the company's cash dividend distribution policy.On the basis of existing research, this paper reviews the empirical research on equity structure and dividend policy at home and abroad.Cash dividend policy is mainly described from two aspects: the possibility of cash dividend distribution and the level of cash dividend. The research on equity structure is mainly carried out from three aspects: equity nature, equity concentration and equity balance.Then this paper reviews the classical theory of equity structure and dividend policy, defines the important concepts involved in this paper, and theoretically analyzes the mechanism of equity structure on dividend policy.Then, with the help of the data, this paper describes the equity structure and the characteristics of cash dividend policy of listed companies in the energy industry, summarizes the characteristics it presents, and finds out some possible problems.Then, the empirical part of this paper uses the methods of logistic regression and multivariate regression to verify the influence of the variables in the equity structure on the probability of cash dividend payment and the level of cash dividend. The following conclusions are obtained: the proportion of state-owned shares,Whether the first shareholder is a state-owned stock has a significant impact on the probability of cash dividend; the proportion of state-owned shares, the proportion of corporate shares and the degree of ownership concentration have a significant impact on the level of cash dividend.Finally, based on the empirical results, this paper puts forward some reasonable suggestions to optimize the ownership structure of energy industry and improve the dividend policy.
【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F406.72;F832.51;F426.2

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