从代理成本角度分析我国创业板上市公司的股利政策

发布时间：2018-01-12 08:31

本文关键词：从代理成本角度分析我国创业板上市公司的股利政策　出处：《上海师范大学》2013年硕士论文　论文类型：学位论文

【摘要】：股利政策是企业三大财务行为之一，一直是学界研究的焦点。而创业板市场与主板市场在功能和机制设置上有很大的区别，这使得研究创业板上市公司的股利政策具有独特的意义。同时，本文对我国创业板上市公司股利政策的研究是从代理成本的角度展开的，研究结论能够为监管层提供我国公司治理以及股利政策两方面的更好的了解，推进监管机构对上市公司现金股利分配的监管和政策制定，促进证券市场的健康发展。本文从规范研究和实证研究两个角度对股利代理理论在我国创业板市场的适用性进行了研究。本文首先对我国创业板上市公司的股利分配现状进行了总结和分析，并将创业板上市公司股利政策的特征与主板进行比较。创业板上市公司2009年至2011年连续三年进行现金股利支付的公司的比例在90%左右，同时连续三年的现金股利支付率分别为37%、36%和38%，由此本文得出了创业板上市公司具有高比例派现、高比例送转、股利政策连续性较好的特征。然后本文从现象着手对我国创业板市场的“高送转” 现象进行了理论分析，本文认为创业板上市公司的大比例资本公积金转增是超募严重的必然后果，这个过程并不损害中小股东的利益。随后本文从理论角度对创业板上市公司的股利代理理论进行了分析，并分析了利益输送假说在我国创业板市场并不适用。最后本文利用创业板2009年至2011年三年的数据组成混合样本，设置衡量代理成本的变量以及显着影响上市公司股利政策的控制变量，构建了多元线性回归模型。文章通过实证分析的结果，证实了股利政策代理理论在我国创业板上市公司具有一定的适用性。结论证明代理成本小、公司治理好的上市公司倾向于派发较多的现金股利，，降低公司多余的自由现金流，以进一步降低公司的代理成本，更好的保证股东的利益。但由于我国上市公司存在公司治理问题，使得上市公司的一些治理机制不能有效得起到降低公司代理成本的目的，从而无法起到影响上市公司股利政策制定的情况出现。本文同时发现创业板上市公司的现金股利发放与企业的盈利性、企业规模、现金流量呈正比例关系，而与财务杠杆、企业未来的成长性呈负比例关系，而企业的限售股比例对上市公司的现金股利发放没有显着的影响。所以本文认为我国创业板上市公司在发放现金股利时充分考虑了企业的盈利性、未来的成长性以及企业的代理成本问题，符合股利代理理论中的自由现金流假说，而利益输送假说在我国并不适用。
[Abstract]:Dividend policy is one of the three financial behaviors of enterprises and has always been the focus of academic research. However, the gem market and the main board market are very different in function and mechanism setting. This makes the research on the dividend policy of gem listed companies has a unique significance. At the same time, the research on the dividend policy of gem listed companies in China is carried out from the perspective of agency cost. The conclusion can provide a better understanding of the corporate governance and dividend policy in China, and promote the supervision and policy formulation of the cash dividend distribution of listed companies. To promote the healthy development of the securities market. This paper studies the applicability of dividend agency theory in the gem market from the perspective of normative research and empirical research. Firstly, this paper summarizes the current situation of dividend distribution of listed companies on the gem. Analysis. And the gem listed company dividend policy characteristics and the main board are compared. From 2009 to 2011, the proportion of companies that paid cash dividends for three consecutive years was about 90%, and the cash dividend payment rate for three consecutive years was 37% respectively. From 36% and 38, this paper draws a conclusion that gem listed companies have a high proportion of cash, a high proportion of transfer. The characteristics of good continuity of dividend policy. Then this paper starts from the phenomenon of the gem market in our country "high transfer" The phenomenon is analyzed theoretically. This paper thinks that the increase of large proportion of capital accumulation fund of gem listed companies is the inevitable consequence of excessive capital raising. This process does not harm the interests of minority shareholders. Then this paper analyzes the dividend agency theory of gem listed companies from the theoretical point of view. Finally, this paper uses the gem data from 2009 to 2011 to form a mixed sample. Setting up variables to measure agency cost and controlling variables that significantly affect dividend policy of listed companies a multivariate linear regression model is constructed. The conclusion proves that the agency theory of dividend policy has certain applicability in the gem listed companies of our country. The conclusion proves that the cost of agency is small and the listed companies with good corporate governance tend to distribute more cash dividends. Reduce the excess free cash flow in order to further reduce the agency costs of the company, better ensure the interests of shareholders. But due to the existence of corporate governance problems in listed companies in China. Some governance mechanisms of listed companies can not play an effective role in reducing agency costs. The paper also finds that the cash dividend distribution of the listed companies is proportional to the profitability, size and cash flow of the listed companies. And with financial leverage, the future growth of enterprises showed a negative proportional relationship. However the proportion of restricted shares has no significant effect on the cash dividend distribution of listed companies. Therefore this paper considers that the profit of the listed companies is considered when issuing cash dividends in the gem of our country. The future growth and agency cost of enterprises are in line with the free cash flow hypothesis in dividend agency theory, but the benefit transmission hypothesis is not applicable in our country.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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