我国上市公司股权结构对股利政策选择影响的研究

发布时间：2018-01-28 13:31

本文关键词： 上市公司股利政策股权结构股权分置改革　出处：《陕西科技大学》2013年硕士论文　论文类型：学位论文

【摘要】：股利政策是现代财务理论体系的重要内容，也是上市公司运营实践中核心的财务问题。恰当的股利政策，既促进公司可持续发展，又能使股票价格稳中有升，保护股东及债权人利益。当前，我国上市公司的股利政策仍存在诸多问题，，如何确保股利政策的合理与规范，成为社会各界普遍关注的焦点。股权结构和股利政策之间具有密切的联系，股权结构不仅关系着公司的治理与发展，还关系着股东的权利与收益。由于我国资本市场发展的特殊性，发展之初将上市公司的股份分为可上市的流通股与不可上市的非流通股，这种人为造成的股权分置状态存在着诸多弊端，影响了我国资本市场的良性发展。2005年4月中国证监会启动了资本市场的一项重大制度性改革—股权分置改革，截止目前股权分置改革已基本完成，改革后的股票市场进入了“全流通时代”，实现了“同股同利”，也带来了股利政策一系列的变化。本文立足于股权分置改革后的新形势，以股权结构对股利政策的影响进行了专题研究。本文在参阅大量国内外文献的基础上，采用规范和实证研究相结合的方法，对我国上市公司股权结构和股利政策之间的影响关系进行了研究。文章首先介绍研究背景、目的和创新之处。其次，对国内外学者围绕股权结构和股利政策的研究内容、相关概念及理论进行了回顾和综述。继而结合我国国情，深入分析了股权分置时期所存在的“同股不同利”、“同股不同权”等问题及股权分置改革工作的发展进程。并依据最新数据探究分析了股权分置改革后，我国股权结构及股利政策的现状。之后运用描述性统计及多元线性回归方法实证分析我国上市公司股权结构对股利分配政策的影响，所用数据来自于2009-2011年上市公司财务报表，数据的整理分析通过SPSS软件完成。得出如下实证结果：1.从股权流通性角度看，流通股比例与每股股利及股利支付率均呈正相关关系。2.从股权集中度角度看，上市公司第一大股东持股比例与每股股利呈显著正相关，第二至第五大股东持股比例与每股股利无明显相关性。3.从股权制衡度角度看，上市公司股权制衡度与每股股利及股利支付率均呈不显著正相关关系。4.从股权属性角度看，上市公司中，国有股比例与法人股比例同每股股利、股利支付率均正相关。最后文章根据以上的理论与实证分析结果提出了优化股权结构改善我国上市公司股利政策的六点对策。
[Abstract]:Dividend policy is an important content of the modern financial theory system, and also the core financial problem in the operation practice of listed companies. Appropriate dividend policy not only promotes the sustainable development of the company, but also makes the stock price rise steadily. Protecting the interests of shareholders and creditors. At present, there are still many problems in the dividend policy of listed companies in our country. How to ensure the reasonable and standard dividend policy has become the focus of attention of all walks of life. There is a close relationship between equity structure and dividend policy. Equity structure is not only related to the governance and development of the company, but also to the rights and benefits of shareholders. Because of the particularity of the development of capital market in China. At the beginning of the development, the shares of listed companies are divided into tradable shares and non-tradable shares, which is caused by many drawbacks. In April 2005, China Securities Regulatory Commission launched a major institutional reform of the capital market-the split share structure reform. Up to now, the equity split structure reform has been basically completed. After the reform, the stock market has entered the "full circulation era", which has realized the "same share with interest" and brought about a series of changes of dividend policy. This article is based on the new situation after the reform of split share structure. The influence of equity structure on dividend policy is studied. On the basis of consulting a large number of domestic and foreign literature, this paper adopts the method of combining normative and empirical research. This paper studies the relationship between equity structure and dividend policy of listed companies in China. Firstly, this paper introduces the background, purpose and innovation of the research. Secondly. This paper reviews and summarizes the research contents, related concepts and theories of equity structure and dividend policy at home and abroad, and then combines the situation of our country. This paper deeply analyzes the problems such as "different interests of the same shares" and "different rights of the same shares" in the period of the split share structure and the development process of the reform of the split share structure, and analyzes the reform of the split share structure based on the latest data. The current situation of equity structure and dividend policy in China. Then using descriptive statistics and multivariate linear regression method to analyze the impact of equity structure on dividend distribution policy of listed companies in China. The data used are from the financial statements of the listed companies from 2009-2011, and the data collation and analysis are completed by SPSS software. The following empirical results: 1. From the perspective of equity liquidity. The proportion of circulating shares is positively correlated with the dividend per share and the dividend payment rate. 2. From the perspective of equity concentration, there is a significant positive correlation between the proportion of the largest shareholders and the dividend per share of listed companies. The second to 5th major shareholders have no significant correlation with the dividend per share. 3. From the perspective of equity balance. There is no significant positive correlation between equity balance degree and dividend per share and dividend payment rate. 4. From the perspective of equity attributes, in listed companies, the proportion of state-owned shares and corporate shares is the same as dividend per share. Finally, based on the above theoretical and empirical results, this paper puts forward six countermeasures to improve the dividend policy of listed companies in China.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F276.6

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