多个大股东股权结构对现金股利分配的影响研究

发布时间：2018-01-19 03:12

本文关键词： 现金股利多个大股东终极控制权投资者保护　出处：《西南交通大学》2012年硕士论文　论文类型：学位论文

【摘要】：股利政策作为现代企业财务管理的核心内容之一,直接关系到公司短期利益与长期发展之间的协调,一种合理的股利政策能够起调和股东、债权人及其他利益群体之间矛盾的作用,同时缓解各方利益者之间的代理成本。因此,近年来寻求这种股利政策受到国内外学者的关注。资本市场上不仅仅只存在100%小股东或者单一大股东这两种资本结构,还存在多个大股东股权结构,这种股权结构在国内外的资本市场上都是普遍存在的,并且因为控股股东以外大股东的存在对公司价值和公司绩效产生影响,具有多个大股东股权结构的公司其价值和公司绩效与其他股权结构存在差异。而多个大股东股权结构与现金股利政策是否存在关系,以及存在何种关系还未得知。因此,本文采用理论和实证相结合的方法,从终极控制权的角度出发,引入现金流量权概念,探讨多个大股东股权结构下控股股东控制权、大股东之间的现金流量权以及法律保护程度等因素对上市公司现金股利分配政策的影响。本文以2007-2009三年间的具有多个大股东股权结构上市公司作为研究样本,得出以下几个结论：在多个大股东股权结构下,控股股东持股比例与上市公司现金股利分配水平负相关；大股东之间的现金流量权分散度与上市公司现金股利呈负相关；投资者保护程度与多个大股东股权结构下现金股利之间并不是单纯的正相关关系,而是当公司收益较好时,法律对投资者的保护程度与现金股利支付率之间呈负相关,当收益率低时,法律对投资者的保护程度与现金股利支付率之间呈正相关。
[Abstract]:As one of the core contents of modern enterprise financial management, dividend policy is directly related to the coordination between the short-term interests and long-term development of the company. A reasonable dividend policy can reconcile shareholders. The role of contradiction between creditors and other interest groups as well as the cost of agency between different stakeholders is alleviated. Therefore, in recent years, seeking this kind of dividend policy has attracted the attention of scholars at home and abroad. In the capital market, there are not only two kinds of capital structure: 100% minority shareholder or single large shareholder, but also many large shareholder equity structure. This kind of ownership structure is common in the capital market both at home and abroad, and because of the existence of large shareholders other than controlling shareholders, it has an impact on the company value and corporate performance. The value and corporate performance of the company with multiple large shareholder ownership structure are different from other equity structure, and whether there is a relationship between the stock ownership structure of multiple large shareholders and the cash dividend policy. Therefore, this paper uses the combination of theory and empirical method, from the perspective of ultimate control, the introduction of the concept of cash flow rights. This paper discusses the influence of the controlling shareholder's control right, the cash flow right among the majority shareholders and the degree of legal protection on the cash dividend distribution policy of the listed company under the ownership structure of many large shareholders. This paper takes the listed companies with large shareholder equity structure as the research sample from 2007 to 2009, and draws the following conclusions: under the equity structure of multiple large shareholders. The proportion of controlling shareholders is negatively related to the level of cash dividend distribution of listed companies; The dispersion of cash flow rights among major shareholders is negatively correlated with cash dividends of listed companies; The relationship between the degree of investor protection and the cash dividend under the structure of multiple large shareholders is not a simple positive correlation, but when the company returns better. There is a negative correlation between the degree of legal protection for investors and the rate of cash dividend payment. When the rate of return is low, there is a positive correlation between the degree of legal protection of investors and the rate of cash dividend payment.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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