基于监管视角的A股市场现金分红研究

发布时间：2018-01-06 16:36

本文关键词：基于监管视角的A股市场现金分红研究　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：从海外资本市场300多年来的发展历程来看,现金分红一直是股权文化的核心组成部分,是近现代股份有限公司形成并发展的前提、基础和“应有之义”。在我国,为引导和规范上市公司进行现金分红,中国证监会先后出台多种关于现金分红的监管政策,旨在督促上市公司提高对股东的回报,积极倡导价值投资、长期投资,进一步壮大机构力量,努力引导机构长期资金入市,希望借此创造一个稳定的市场环境。然而,历经十年努力,尽管监管层竭力促使上市公司向市场发放更多的现金红利,但是占据市场大多数的个人投资者似乎对此并不太关注,而是将更多的注意力集中在“股票红利”上,进而导致市场不断出现对“高送转”股票的炒作。这种现象也引发市场的思考：为什么在监管层不断完善现金分红政策、上市公司现金分红水平不断提高、市场不断强调上市公司应该进行更高比例分红的时候,个人投资者对此并不在意?各类投资者究竟从中获得了多少现金分红?关注和回答上述问题,有助于监管层在了解市场的基础上进一步修正和完善当前的现金分红政策。本文针对上述问题展开实证研究,深入探讨并回答了以下三个问题：第一,通过这么多年的努力,A股市场目前的分红水平究竟处于一个怎样水平；第二,证监会分红政策是否对市场分红水平产生了积极影响,进而带来了积极的市场整体反应；第三,一个成熟、健康的资本市场需要怎么样的回报方式,未来对A股市场现金分红的监管政策定位应该是什么。本文试图通过对现金分红情况、A股市场与成熟市场及新型市场的比较、现金分红分布与投资者持股意愿等方面的实证分析,对A股市场目前的现金分红水平进行客观判断。研究发现：a.A股市场现金分红家数和占比逐年提升,但与融资额和净利润比较占比日益缩小,分红集中化和“象征性分红”趋势明显；b.A股市场现金分红的连续性和稳定性不足,结构倒置和分红动机扭曲现象突出,影响了市场整体资源配置功能；c.与成熟市场相比,市盈率较高的发行价格,是境内投资者无法获得合理投资回报最主要原因之一；d.A股股市的投机性水平仍处于一个高位。文章对A股市场现金分红监管政策的变化及其影响进行了分析,从现金分红角度阐述分析了成熟市场特征,对半强制性监管措施的效应进行了分析,并提出了相关监管政策的定位标准。得出以下结论：a.上市公司必须要有责任意识,通过加强和提高分红比例,降低市场投机性,保障市场的安全性和稳定性；b.半强制性分红政策可以通过倒逼效应实现企业的优胜劣汰,以及资金使用的合理化,进而实现资源的合理配置；c.上市公司的现金股利政策的监管必须配套科学合理的再融资监管,促使企业“资本获得”的方式实现从“内循环”到“外循环”的提升；d.A股市场现金股利监管政策的定位应该遵循“否定之否定”定律。
[Abstract]:From the past 300 years' development process of overseas capital market, cash dividends have always been a core part of equity culture. It is the premise, foundation and "proper meaning" for the formation and development of modern Limited by Share Ltd.
In our country, to guide and regulate the cash dividends of listed companies, the Commission has issued a variety of Chinese on cash dividend regulatory policies, to urge listed companies to improve returns to shareholders, actively advocate the value investment, long-term investment, further strengthening the institutional strength, efforts to guide the long-term funding mechanism into the city, hoping to create a stable in the market environment.
However, after ten years of efforts, although regulators urge listed companies to distribute more cash dividends to the market, but most of the market of individual investors do not seem too concerned, but will be more focused on the "dividend", which led to the emergence of "market gaosongzhuan" this kind of stock speculation. The phenomenon also sparked thinking: why constantly improve the cash dividend policy in the regulators, the level of cash dividends of listed companies continue to improve, the market constantly stressed when the listed companies should be a higher proportion of dividends, individual investors do not care what? All investors get much cash dividends? Concern and help answer these questions. For regulators to understand the market on the basis of further revise and improve the cash dividend policy at present.
This paper is an empirical study aiming at the above problems, in-depth study and answer the following three questions: first, through so many years of hard work, A stock market dividend level at present is exactly what a level; second, the Commission on the market whether the dividend policy dividend level had a positive impact, and then bring a positive market overall reaction; third, first mature, healthy capital market needs what returns, future regulatory policy positioning of the A stock market cash dividend should be what.
This paper attempts to compare the cash dividend, stock A market and mature markets and emerging markets, an empirical analysis of cash dividend distribution and ownership intention, objective judgment of the current A stock market cash dividend level. The study found: a.A stock market cash dividend the number and proportion increased year by year, but with the the amount of financing and net profit accounted for more than shrinking, dividend centralization and "symbolic dividend" trend evident; lack of continuity and stability of b.A stock market cash dividend, dividend structure inversion and motivation distortion phenomenon is prominent, affecting the overall market resource allocation function; C. compared with the mature market, the issue price earnings ratio higher is that domestic investors can not get a reasonable return on investment is the major cause of d.A; the stock market speculative level is still at a high level.
The change of A stock market cash dividend policy and the regulatory effects were analyzed, elaborated from the point of view of the cash dividend of mature market characteristics, the effect of semi mandatory regulatory measures are analyzed, and puts forward the positioning standard of relevant regulatory policy. Conclusions are as follows: A. listed companies must have a sense of responsibility, through the strengthening of and increase the dividend payout ratio, reduce market speculation, market guarantee the safety and stability of B.; semi mandatory dividend policy can be achieved through forced effect of enterprise survival, and the rational use of funds, so as to realize the rational allocation of resources; the cash dividend policy of listed company C. supervision must complete scientific and reasonable financing supervision and to the "capital" means to achieve from the "circle" to "outer loop" promotion; d.A stock market cash dividend regulation policy The law of "negation of negation" should be followed.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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