控股股东、行业因素和现金股利政策—理论模型与实证

发布时间：2018-07-14 13:11

【摘要】：股利政策是上市公司重要的财务决策之一,也是公司财务领域的重要研究课题。但现金股利一直成为公司财务领域感到非常棘手和困扰的问题,我国资本市场不仅同样存在西方成熟市场的“股利之谜”,而且由于特殊的国情具有中国特色。目前我国上市公司的股利政策极不合理、问题日益突出,控股股东通过现金股利“隧道行为”侵占中小股东利益,攫取控制权私有收益。尤其在保护中小股东的制度不健全的中国资本市场,这种“隧道行为”尤其严重。本文在回顾国内外股利理论的基础上,对国内外控股股东特征、行业因素与现金股利政策的研究文献进行了综述,基于控股股东的委托代理理论,以控股股东与中小股东之问的委托代理问题为切入点,考虑上市公司实际控制人的控制权收益,在Liang Shao(2010)的研究基础上提出一个基于控股股东特征的包含Lintner模型的委托代理模型。本文选取2008～2010年我国A股1518家发放现金股利的上市公司作为研究样本,采用分位数回归(Quantile Regression)研究控股股东特征与现金股利支付水平之间的关系,揭示了控股股东经济性质、两权分离度、前期股利支付情况以及每股可供分配利润不仅对现金股利支付水平具有非线性影响,即在不同的分位点上各因素对现金股利支付水平影响不同,而且两权分离度对现金股利支付水平的影响在低股利支付水平和高股利支付水平的企业间改变方向。分位数回归结果比普通最小二乘法包含更多信息。本文进一步分析了行业因素对现金股利政策的影响机制,采用多层线模型(Hierarchical Liner Model)分析2009年623家分配现金股利企业的企业-行业两层结构数据,刻画了行业因素对现金股利支付率的调节效应；详细讨论了行业影响企业现金股利分配的两个途径与机制：一是,行业特征直接导致行业间企业现金股利支付率的差异；二是,行业特征也导致了企业特征对现金股利支付率水平影响的差异,即行业特征对企业特征(控股股东经济性质、两权分离度、前期股利支付以及每股可供分配利润)对现金股利支付率的影响具有调节效应。研究结果显示,现金股利支付率的整体差异中,超过7%的份额是由于行业因素造成的；企业特征对现金股利支付率的影响随着行业特征(行业自信水平、行业现金股利支付、行业竞争度、行业成长机会)的不同而发生变化：行业特征并不是简单地减缓或加强企业特征对现金股利支付率的影响,行业特征对于企业特征对现金股利支付率影响的调节作用大小和方向可能发生变化。本文的结论有助于理清行业影响现金股利分配的机制与途径,同时也增进了对现金股利分配政策的进一步理解,并由此提出有关的政策建议。
[Abstract]:Dividend policy is one of the important financial decisions of listed companies, and it is also an important research topic in the field of corporate finance. However, cash dividend has always been a very difficult and puzzling problem in the field of corporate finance. The capital market of our country not only has the "dividend mystery" of the western mature market, but also has Chinese characteristics because of its special national conditions. At present, the dividend policy of listed companies in our country is extremely unreasonable and the problem is increasingly prominent. The controlling shareholders encroach on the interests of minority shareholders through the "tunneling behavior" of cash dividends and seize the private income of control rights. Especially in the imperfect system of protecting minority shareholders in China's capital market, this kind of tunneling behavior is especially serious. On the basis of reviewing the dividend theory at home and abroad, this paper summarizes the research literature on the characteristics of controlling shareholders, industry factors and cash dividend policy at home and abroad, based on the principal-agent theory of controlling shareholders. Taking the principal-agent problem between controlling shareholders and minority shareholders as the breakthrough point, considering the actual control income of the controlling person of listed companies, a principal-agent model including Lintner model based on the characteristics of controlling shareholders is proposed based on Liang Shao (2010). This paper selects 1518 listed companies of A shares in China from 2008 to 2010 to study the relationship between the characteristics of controlling shareholders and the level of cash dividend payment, and reveals the economic nature of controlling shareholders, and adopts quantile regression to study the relationship between the characteristics of controlling shareholders and the payment level of cash dividends. The degree of separation of two rights, the situation of dividend payment and the distributable profit per share not only have a nonlinear effect on the level of cash dividend payment, but also have different effects on the level of cash dividend payment by different factors at different points. Moreover, the influence of the separation degree of two rights on the level of cash dividend payment changes the direction between the low dividend payment level and the high dividend payment level. The quantile regression results contain more information than the ordinary least squares method. This paper further analyzes the influence mechanism of industry factors on cash dividend policy, and analyzes the business-industry two-tier structure data of 623 cash dividend companies in 2009 by using hierarchical line model. This paper describes the adjustment effect of industry factors on cash dividend payment rate, and discusses in detail two ways and mechanisms of industry influencing the distribution of cash dividend: first, industry characteristics directly lead to the difference of cash dividend payment rate among industries; second, Industry characteristics also lead to differences in the influence of enterprise characteristics on the level of cash dividend payment rate, that is, industry characteristics to enterprise characteristics (the economic nature of controlling shareholders, the separation degree of two rights), The effect of prepaid dividend and distributable profit per share on the cash dividend payment rate has a moderating effect. The results show that more than 7% of the overall difference in cash dividend payment rate is caused by industry factors, and the influence of enterprise characteristics on cash dividend payment rate depends on industry characteristics (industry confidence level, industry cash dividend payment), Industry competition, industry growth opportunities) change: industry characteristics are not simply to slow or strengthen the impact of corporate characteristics on the cash dividend payment rate, The influence of industry characteristics on the cash dividend payment rate may change in size and direction. The conclusion of this paper is helpful to clarify the mechanism and ways of influencing the distribution of cash dividend in the industry, at the same time, it also promotes the further understanding of the policy of the distribution of cash dividend, and puts forward some relevant policy suggestions.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F224;F832.5

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