我国上市公司现金股利政策治理作用的实证研究

发布时间：2018-05-01 14:14

本文选题：现金股利 + 代理理论　；参考：《南京财经大学》2012年硕士论文

【摘要】：上市公司的现金股利政策是一项十分重要的财务决策，合理的股利政策不仅可以为公司创造较好的口碑，激发投资者购买公司股票的热情，而且还能降低公司内部的代理成本，提高公司价值，保证企业的健康发展。本文首先回顾了国外和国内学者对现金股利政策和公司治理关系的研究，在此基础上得出本文的研究重点，即我国上市公司的现金股利政策治理作用问题。然后，本文立足我国实际，分析1992年以来，尤其是股权分置改革以后(2005年以后)现金股利政策的分配特点及变化趋势。研究发现，现金股利政策已成为我国上市公司分配股利的主要形式，但是不分配股利的上市公司家数依然不少。在定性分析之后，从理论上分析了代理理论在解释现金股利政策方面的可行性，并比较了现金股利政策对国有和非国有两类不同性质上市公司治理作用的差异。在定性分析和理论分析的基础上，，本文运用多元线性回归模型对2005年-2009年的A股上市公司数据进行非平衡面板的实证检验。结果表明：上市公司发放现金股利确实能够降低其代理成本，提高公司价值，它具有明显的公司治理作用。总资产收益率(Roa)对公司价值有显著的促进作用。公司负债水平(Debt)对公司价值有负面影响，公司负债水平越高，公司价值越低；反之亦然。净利润增长率(Grow)对公司价值的影响为正。公司规模(Lnasset)与公司价值是反向关系，企业的规模越大发展空间越小，市场给予的溢价越低，企业规模越小公司发展空间越大，市场给予的溢价越高。国有股比例与公司价值呈现显著的U型关系。在此基础上，本文将研究样本分为国有控股上市公司和非国有控股上市公司再进行实证检验。结果表明：相对于非国有控股上市公司而言，现金股利政策对国有控股上市公司的治理作用更显著。最后，本文对我国上市公司的现金股利政策提出了一些具体的政策建议。
[Abstract]:The cash dividend policy of the listed company is a very important financial decision. Reasonable dividend policy can not only create a better reputation for the company, stimulate the enthusiasm of investors to buy the shares of the company, but also reduce the agency cost within the company. Improve the value of the company to ensure the healthy development of the enterprise. Firstly, this paper reviews the research on the relationship between cash dividend policy and corporate governance by foreign and domestic scholars. On this basis, the key point of this paper is the governance role of cash dividend policy of listed companies in China. Then, based on the reality of our country, this paper analyzes the distribution characteristics and trend of cash dividend policy since 1992, especially after the reform of split share structure (after 2005). It is found that cash dividend policy has become the main form of dividend distribution of listed companies in China, but the number of listed companies that do not distribute dividends is still quite large. After qualitative analysis, this paper theoretically analyzes the feasibility of agency theory in explaining cash dividend policy, and compares the difference of cash dividend policy between state-owned and non-state-owned listed companies. On the basis of qualitative analysis and theoretical analysis, this paper uses the multiple linear regression model to test the data of A-share listed companies from 2005 to 2009. The results show that the cash dividend can reduce the agency cost and improve the value of the company, and it has obvious corporate governance function. Total return on assets (Roa) has a significant impact on the value of the company. The higher the debt level, the lower the corporate value, and vice versa. The growth rate of net profit has a positive effect on the value of the company. The larger the enterprise size, the smaller the development space, the lower the market premium, and the bigger the development space is, the higher the market premium is. The proportion of state-owned shares and the value of the company show a significant U-shaped relationship. On this basis, the research samples are divided into state-owned listed companies and non-state-owned listed companies to conduct empirical tests. The results show that the cash dividend policy has a more significant effect on the governance of state-owned listed companies than that of non-state holding listed companies. Finally, this paper puts forward some specific policy suggestions on the cash dividend policy of listed companies in China.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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