外部治理视角下政治关联对企业现金股利政策的影响研究

发布时间：2018-08-13 15:40

【摘要】：现金股利是上市公司回馈投资者的重要方式,也是投资者获得合理报酬的重要途径。由于我国资本市场存在“先天不足”、后天发展缓慢的情况,我国上市公司发放现金股利并不规范,这样不仅会损害到中小投资者的利益,更会大大阻碍的我国资本市场的良好有序发展。为了规范上市公司的股利分配,证监会先后出台了一系列的相关条例,但是效果并不显著。如何提高上市公司的股利发放水平,是政府、企业和学术界应该是共同关注的焦点。论文首先以资源依赖理论为基础,阐述了民营企业政治关联对降低企业融资约束的作用。随后以信号传递理论和外部压力理论为基础,解释了民营企业在客观条件允许的情况下,发放现金股利的内、外部原因。然后,在此基础上,论文选取了2013-2015年在A股主板交易的民营上市公司为研究对象,运用多元线性回归模型首先检验了民营企业是否存在政治关联以及民营企业政治关联层级对企业现金股利政策的影响,为提高我国民营上市公司的现金股利发放水平提供了实证依据。最后论文在实证研究结论的基础上,结合我国民营上市公司现金股利发放水平和政治关联的现状,从企业、政府、监管部门以及投资者等四个方面提出了相关的政策建议。论文主要的研究结论有:(1)民营企业的政治关联与企业现金股利发放倾向和现金股利发放数量显著正相关。(2)民营企业的政治关联层级与企业现金股利发放倾向和现金股利发放数量显著正相关。(3)与低竞争行业的企业相比,高竞争行业中民营企业的政治关联以及政治关联层级与企业现金股利发放倾向和发放数量的相关性更大。(4)与市场化程度高地区的企业相比,在市场化程度低的地区民营企业的政治关联以及政治关联层级与企业现金股利发放倾向和发放数量的相关性更大。
[Abstract]:Cash dividend is not only an important way for listed companies to give back to investors, but also an important way for investors to get reasonable returns. Because of the "innate deficiency" in our capital market and the slow development of the day after tomorrow, the cash dividends paid by listed companies in our country are not standardized. This will not only harm the interests of small and medium-sized investors, China's capital market will be greatly hindered by the sound and orderly development. In order to regulate the dividend distribution of listed companies, CSRC has issued a series of related regulations, but the effect is not significant. How to improve the level of dividend payment of listed companies is the focus of the government, enterprises and academia. Firstly, based on the theory of resource dependence, this paper expounds the role of political association of private enterprises in reducing financing constraints. Then, based on the theory of signal transmission and external pressure, the paper explains the internal and external reasons for the distribution of cash dividends by private enterprises under the condition of objective conditions. Then, on the basis of this, the paper selects the private listed companies trading on the A shares motherboard in 2013-2015 as the research object. Using the multiple linear regression model, the paper first tests whether the private enterprise has political connection or not and the influence of the political association level of the private enterprise on the cash dividend policy of the private enterprise. It provides an empirical basis for improving the cash dividend payment level of private listed companies in China. Finally, on the basis of empirical research conclusions, combined with the current situation of cash dividend payment and political connection of private listed companies in China, this paper puts forward relevant policy recommendations from four aspects: enterprise, government, regulatory department and investors. The main conclusions of this paper are as follows: (1) the political association of private enterprises is positively correlated with the tendency of cash dividend and the amount of cash dividend. (2) the level of political association of private enterprises is positively related to the tendency and present situation of cash dividend. (3) compared with the enterprises in low-competitive industries, The political connection and the level of political connection of the private enterprises in the highly competitive industry are more relevant to the tendency and quantity of cash dividend. (4) compared with the enterprises in the high market-oriented areas, the level of political association is higher than that of the enterprises in the areas with high degree of marketization. In the region with low marketization, the political connection and the level of political association are more relevant to the tendency and quantity of cash dividend.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D630;F275

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