地域性与上市公司股利政策相互关系的实证研究

发布时间：2018-04-08 15:53

本文选题：股利政策　切入点：公司注册地　出处：《江西财经大学》2012年硕士论文

【摘要】：股利政策是现代财务管理三大核心之一,对上市公司利益影响重大,因此在上市公司财务经营活动中处于重要地位,它既是上市公司利益分配问题,又是一种融资策略,因此一直为证券市场和广大投资者密切关心。恰当的股利政策,不仅可以适当地给予投资者回报以树立起公司积极健康的正面形象,而且能增加广大投资者对公司的信心,甚至于可能使投资者因为看好公司发展前景而追加对公司的投资,从而使公司取得持续、稳定发展的条件和机会。在对股市的相关研究当中,与股票的行业联动类似,股票的地域联动逐步引起学术界和投资者的关注。尽管国内外学者对此关系的研究兴趣逐渐增加,国内在这方面的讨论(特别是涉及中国国情的研究)和对地域因素的经济学含义探索依然较为欠缺。我国文献中尚没有地域性与上市公司股利政策相互关系的实证分析。本文采用理论分析、统计分析和实证研究相结合的方法,以我国上市公司1993年到2009年股利分配的数据为依据,分析当前我国上市公司股利政策的现状,系统性地检验了地域因素对上市公司现金股利政策的影响。并基于信息不对称理论等与信息有关的理论,研究公司注册地带来的信息不对称程度不同是否对股利政策存在影响。本文从多个角度(包括地区经济发展水平、离金融中心的远近、产权保护、政府贿赂水平)对该因素进行分情况讨论。研究分析发现：注册地位于经济发达程度越高、距离金融中心越近、产权保护越好、企业贿赂成本低的上市企业,其股利派发率越高。另外,本文的回归分析还验证了以往的一些研究成果,如：成立时间越短,盈利能力越强,负债权益率更低,现金持有越高的公司更倾向于发行股利。另外,上市企业注册地与两个金融中心距离越远时发行股利时更倾向于以现金方式发行,留存利润更高和资产收益率越低的公司更倾向于发现金股利。最后,本文找出其存在的问题并提出相关的政策建议。希望能对我国证券市场的健康发展略进绵薄之力。
[Abstract]:Dividend policy is one of the three cores of modern financial management, which has a great impact on the interests of listed companies, so it plays an important role in the financial operations of listed companies. It is not only a problem of profit distribution of listed companies, but also a financing strategy.As a result, the securities market and the vast number of investors have been closely concerned about.An appropriate dividend policy can not only give investors an appropriate return to create a positive and healthy image of the company, but also increase the confidence of the majority of investors in the company.It may even cause investors to invest in the company because they are optimistic about the future of the company, so that the company can obtain the conditions and opportunities for sustainable and stable development.In the related research of stock market, similar to the industry linkage of stock, the regional linkage of stock has gradually attracted the attention of academia and investors.Although the domestic and foreign scholars' interest in the study of this relationship is increasing gradually, the domestic discussion on this aspect (especially the research concerning the national conditions of China) and the exploration of the economic meaning of the regional factors are still relatively lacking.There is no empirical analysis of the relationship between regionalism and dividend policy of listed companies in Chinese literature.Based on the data of dividend distribution of listed companies from 1993 to 2009, this paper analyzes the current situation of dividend policy of listed companies in China by the methods of theoretical analysis, statistical analysis and empirical research.The paper systematically examines the influence of regional factors on cash dividend policy of listed companies.Based on the information asymmetry theory and other information related theories, this paper studies whether the different degree of information asymmetry brought by the place of incorporation has an impact on dividend policy.This paper discusses this factor from several angles (including the level of regional economic development, the distance from the financial center, the protection of property rights, the level of government bribery).It is found that the higher the degree of economic development, the closer to the financial center, the better the protection of property right, the lower the cost of bribery, the higher the dividend distribution rate.In addition, the regression analysis of this paper also verifies some previous research results, such as: the shorter the establishment time, the stronger the profitability, the lower the debt and equity ratio, and the higher the cash holdings, the more inclined companies are to issue dividends.In addition, companies with higher retained profits and lower return on assets are more likely to issue cash dividends when the place of registration is farther away from the two financial centres.Finally, this paper finds out the existing problems and puts forward relevant policy recommendations.Hope to the healthy development of China's securities market slightly forward a modest force.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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