管理层激励对上市公司股利政策的影响研究

发布时间：2018-06-27 22:47

本文选题：管理层激励 + 股利政策　；参考：《大连理工大学》2013年硕士论文

【摘要】：本文以上市公司的股利政策决策为落脚点,从提高公司治理效率,减少代理成本的角度,依据已有的委托代理理论、剩余控制权理论等,考察管理层激励对上市公司股利政策的影响,从而为规范上市公司的股利发放提供理论参考。本文通过把内部激励和外部激励纳入到管理层激励分析框架内,对管理层内部激励和外部激励影响上市公司股利政策的机理进行分析,并提出研究假设；然后,以2006-2011年间中国制造业上市公司为样本,从股利支付意愿、总体股利支付水平及现金股利支付水平三个方面分别考察了管理层内部激励和外部激励对中国上市公司股利政策的影响,并比较了二者关系的行业差异。研究发现：(1)管理层内部激励中,薪酬激励的作用较小,股权激励对股利政策的正向影响最为显著,控制权激励中董事长与总经理两职合一和董事长的更替往往有利于中国上市公司的股利发放；(2)管理层外部激励中,来自资本市场的压力对上市公司的股利政策产生积极的影响,而来自产品市场的压力则呈现负面效应或效果不显著。(3)管理层内部激励和外部激励对上市公司股利政策的影响效果存在行业差异。高技术行业中,内部激励和外部激励都存在影响,且外部激励的影响效果较为显著；而低技术行业中,主要是内部激励发挥作用。在此基础上提出了完善中国上市公司股利政策的建议。
[Abstract]:This article takes the dividend policy decision of listed company as the foothold, from the angle of improving the efficiency of corporate governance and reducing agency cost, according to the existing principal-agent theory, residual control theory, etc. This paper investigates the influence of management incentive on dividend policy of listed companies and provides a theoretical reference for regulating dividend payment of listed companies. In this paper, the internal and external incentives are incorporated into the framework of management incentive analysis, and the mechanism of internal and external incentives affecting dividend policy of listed companies is analyzed, and the research hypotheses are put forward. Taking the listed manufacturing companies in China from 2006-2011 as a sample, the willingness to pay dividends from dividends, The overall dividend payment level and the cash dividend payment level respectively examined the impact of internal and external incentives on the dividend policy of listed companies in China and compared the industry differences between the two. The results show that: (1) in the internal incentive of management, the role of compensation incentive is relatively small, and the positive impact of equity incentive on dividend policy is the most significant. In the incentive of control right, the combination of chairman and general manager and the replacement of chairman are often beneficial to the dividend payment of listed companies in China; (2) in the external incentive of management, The pressure from the capital market has a positive impact on the dividend policy of listed companies. But the pressure from the product market shows negative effect or the effect is not significant. (3) there are industry differences in the effect of internal incentive and external incentive on dividend policy of listed companies. In the high-tech industry, both internal and external incentives are affected, and the effects of external incentives are significant, while in low-technology industries, internal incentives mainly play a role. On this basis, the paper puts forward some suggestions to perfect the dividend policy of listed companies in China.
【学位授予单位】：大连理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

【参考文献】