制度环境、投资者保护执行与现金股利政策

发布时间：2018-02-27 17:46

本文关键词： 市场化进程投资者保护执行信任政治联系现金股利　出处：《新疆财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：中国处于市场经济快速发展时期，但与快速的经济发展相比，我国的股利政策却出现了与之不相匹配的现象，如发放水平较低，不分配现象严重等，，不能很好地保护投资者利益。被给予厚望的法律和公司治理等正式制度对公司的股利政策并没有起到应有的作用。所以，我国在正式制度逐步建立和完善的基础上，强调非正式的声誉机制（信任）的重要性，以期通过正式制度的执行和非正式制度的双重约束来规范公司的股利行为。因此，公司内外部正式制度的设置及执行和非正式的信任机制对股利政策影响的相关研究具有重大理论价值和现实意义。本文拟在对股利政策、信任和正式制度环境相关研究成果综述的基础上，以2005—2010年中国A股上市公司作为研究对象，对现金股利政策与信任、正式制度环境和投资者保护执行之间关系的相关问题，采用多元线性回归的实证方法，研究如下三个主要问题：（1）制度环境对政治联系与现金股利政策之间关系所发挥的作用；（2）信任对现金股利政策所存在的影响；（3）上市公司内部投资者保护执行行为对现金股利政策的影响。通过研究分析，得出如下结论：第一，基于声誉效应的存在，公司会以提高现金股利支付水平的方式来传递公司良好的信任或声誉。所以，公司所处地区的信任水平越高，现金股利支付水平就越高。第二，制度环境对政治联系与现金股利政策之间的关系具有调节作用。即随着公司所处地区市场化程度的提高，政治联系对现金股利政策的负向影响在减弱，这说明，市场化进程的提高，可以减弱政治联系对现金股利分配的扭曲程度。第三，公司投资者保护执行越有力，现金股利支付水平越高。同时，在投资者保护执行较好的公司中，成长性较好的公司现金股利支付水平低于成长性低的公司现金股利支付水平。通过以上的结论，本文认为我国应加快和平衡各地区的市场化发展进程，减少政府的干预，并加快信任制度和体系建设，加强投资者保护执行力度，促使上市公司现金股利达到合理化的支付水平，更好地保护中小投资者的利益。
[Abstract]:China is in the period of rapid development of market economy, but compared with the rapid economic development, the dividend policy of our country has not matched with it, such as the low level of payment, the serious phenomenon of non-distribution and so on. Can not protect the interests of investors very well. The formal system of law and corporate governance, which is given high expectations, has not played its due role in the dividend policy of the company. Therefore, on the basis of the gradual establishment and perfection of the formal system, Emphasizing the importance of the informal reputation mechanism (trust), with a view to regulating the dividend behavior of a company through both the enforcement of the formal system and the dual constraints of the informal institution. The establishment and implementation of formal system and informal trust mechanism have great theoretical value and practical significance to the research on the influence of dividend policy. On the basis of summarizing the research results of dividend policy, trust and formal institutional environment, this paper takes China A-share listed companies from 2005-2010 as the research object, to the cash dividend policy and trust. The relationship between the formal institutional environment and the implementation of investor protection, using the empirical method of multiple linear regression, Study on the effect of Institutional Environment on the relationship between political Relations and Cash dividend Policy 2) the impact of Trust on Cash dividend Policy. The impact of the cash dividend policy. Through research and analysis, the following conclusions are drawn:. First, based on the existence of reputation effect, the company will improve the level of cash dividend payment to transfer the good trust or reputation of the company. Therefore, the higher the trust level in the region, the higher the cash dividend payment level. Secondly, the institutional environment has a moderating effect on the relationship between the political relationship and the cash dividend policy, that is, with the increase of the marketization degree of the region in which the company is located, the negative influence of the political connection on the cash dividend policy is weakening, which shows that, The improvement of marketization process can weaken the distortion degree of political connection to the distribution of cash dividend. Third, the stronger the enforcement of investor protection, the higher the level of cash dividend payment. At the same time, in companies with better investor protection, The level of cash dividend payment of the company with good growth is lower than that of the company with low growth. Through the above conclusion, this paper holds that our country should speed up and balance the process of market-oriented development in various regions, reduce government intervention, speed up the construction of trust system and system, and strengthen the enforcement of investor protection. To promote the cash dividend of listed companies to achieve a reasonable payment level, better protect the interests of small and medium-sized investors.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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