基于股利迎合理论的上市公司股利政策研究

发布时间：2018-09-16 19:26

【摘要】：股利分配是公司金融的核心问题之一，我国上市公司回报股东的方式可谓花样繁多，总体来说分为三类：现金股利、股票股利、资本公积金转增股本。管理层历年来不断加强对上市公司分红的监管，上市公司股利政策出现了一些好转的迹象，但是我国证券市场还是存在现金分红股息率低，轻分红、重送转的问题。考虑到我国的证券市场有效性较差，同时投资者存在大量的非理性行为，这些都符合股利迎合理论的假设前提，因此本文从股利迎合理论的视角对我国上市公司的股利政策进行分析，重点关注上市公司是否会在某项股利政策上迎合投资者的需求。基于股利迎合理论的基本原理，即上市公司会在股利决策时考虑投资者的股利政策偏好，并结合我国当前上市公司的实际情况提出假设：投资者的分配政策溢价的顺序为股票股利、资本公积金转增股本、现金股利，而上市公司会在前两者的支付上迎合投资者的需求，并且转增的积极性相对送股而言更高，采用2000—2010财年剔除ST、*ST、PT及金融行业后的所有A股上市公司的分配数据，利用各项分配政策的溢价来衡量投资者的需求，同时考虑传统的股利政策影响因素，通过Logit模型分别对三种类型的分配行为进行实证检验，实证结果很好的支持了理论假设，上市公司并未在现金红利上迎合投资者，在送转的政策上选择了迎合投资者的需求，但是股票股利的发放积极性不高。接着利用实证结果，结合我国上市公司的股利政策的一些特征进行进一步阐述，并对改善我国目前股利政策现状提出政策建议，应进一步加强对上市公司现金分红的的监管，，同时采取各种措施引导投资者的股利政策偏好转变。
[Abstract]:Dividend distribution is one of the core problems in corporate finance. There are many ways to return shareholders in listed companies in China. Generally speaking, there are three types of dividend: cash dividend, stock dividend, capital accumulation fund transfer. Over the years, the management has strengthened the supervision of the dividends of listed companies, and the dividend policy of listed companies has shown some signs of improvement. However, there are still the problems of low dividend rate in cash, light dividends and heavy transfers in the stock market of our country. Considering that the efficiency of the securities market in our country is poor, and that there are a lot of irrational behaviors of investors, all of these accord with the premise of the hypothesis that dividend caters to the theory. Therefore, this paper analyzes the dividend policy of listed companies in China from the perspective of dividend pandering theory, focusing on whether the listed companies will meet the needs of investors in a certain dividend policy. Based on the basic principle of dividend pandering theory, listed companies will consider investors' dividend policy preferences when making dividend decisions. Combined with the actual situation of listed companies in our country, this paper puts forward some assumptions: the order of investor's distribution policy premium is stock dividend, capital accumulation fund transfer, cash dividend, etc. The listed companies cater to the needs of investors in the first two payments, and are more motivated than sending shares, using the distribution data of all A-share listed companies after excluding ST,*ST,PT and the financial industry in the 2000-2010 fiscal year. Using the premium of each distribution policy to measure the investor's demand, and considering the influence factors of the traditional dividend policy, through the Logit model to carry on the empirical test to the three types of distribution behavior, the empirical results support the theoretical hypothesis very well. Listed companies did not cater to investors in cash dividends, in the policy of transfer to meet the needs of investors, but the incentive to pay stock dividends is not high. Then using the empirical results, combined with some characteristics of the dividend policy of listed companies in China to further elaborate, and to improve the current status of dividend policy in China, we should further strengthen the regulation of cash dividend of listed companies. At the same time, take various measures to guide investors to change their dividend policy preferences.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275

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