我国A股上市公司现金股利政策影响因素研究

发布时间：2018-04-25 02:18

本文选题：现金股利 + 分配意愿　；参考：《中南大学》2012年硕士论文

【摘要】：作为上市公司核心理财内容之一,股利政策一直是理论界以及投资者关注的焦点。现金分红作为股利分配的主要方式,是上市公司实现投资者回报的重要途径,对于培养资本市场长期投资理念,增强市场对资金的吸引力以及自身活力,促进市场健康发展均具有举足轻重的作用,因此,我国监管部门一直强调上市公司加强现金分红。但是研究发现监管部门单纯要求上市公司加强现金分红以及利用现金分红与上市再融资挂钩,并不能对症下药,反而可能诱使上市公司为了上市圈钱而操纵现金流；只有对影响上市公司现金分红的具体因素加以研究,并以此入手才能从根本上解决问题。论文分别从现金股利分配意愿以及支付水平两个角度,从微观、中观以及宏观三个层面,实证分析了我国A股上市公司现金股利政策的影响因素,研究发现对现金股利发放意愿有显著正向影响的因素有：第一大股东持股比率,机构投资者持股比率,企业生命周期,行业现金股利偏好,内外部治理协调性；行业自信水平对现金股利发放意愿有显著负向影响。对现金股利支付水平有显著正向影响的因素有：第一大股东持股比率,企业生命周期,内外部治理协调性得分,其他变量影响并不显著。据此,文章认为应从公司治理以及机构投资者等角度着手,促进上市公司形成合理现金分配政策,保护投资者利益,促进资本市场健康发展。
[Abstract]:As one of the core financial management contents of listed companies, dividend policy has always been the focus of the theoretical circle and investors. As the main way of dividend distribution, cash dividend is an important way for listed companies to realize the return of investors. It can train the long-term investment concept of capital market, enhance the attraction and vitality of the market to the capital. Promoting the healthy development of the market plays an important role, therefore, China's regulatory authorities have been emphasizing that listed companies strengthen cash dividends. However, the study found that the regulatory authorities only require listed companies to strengthen cash dividends and use cash dividends to refinance listed companies, which can not be the right remedy, but may induce listed companies to manipulate cash flow for the sake of listing circle money. Only by studying the specific factors that affect the cash dividend of listed companies can we solve the problem fundamentally. From the perspectives of cash dividend distribution willingness and payment level, the paper empirically analyzes the influencing factors of cash dividend policy of A-share listed companies in China from three aspects: micro, meso and macro. It is found that the factors that have a significant positive effect on the willingness to pay cash dividends are: the first largest shareholder holding ratio, institutional investor holding ratio, enterprise life cycle, industry cash dividend preference, internal and external governance coordination; The level of industry confidence has a significant negative impact on the willingness to pay cash dividends. The factors that have significant positive influence on the level of cash dividend payment are as follows: the first shareholder's shareholding ratio, the enterprise's life cycle, the internal and external governance coordination score, and the other variables' influence is not significant. On the basis of this, the paper holds that we should start from the angle of corporate governance and institutional investors to promote the formation of rational cash distribution policies for listed companies, to protect the interests of investors and to promote the healthy development of capital markets.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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