我国主板上市公司现金分红的特征变化研究

发布时间：2018-08-28 06:01

【摘要】：现金分红是是投资者真正获得收益的主要形式，是培育资本市场长期投资理念、增强资本市场活力和吸引力的重要途径。我国上市公司长期以来偏好送股轻视现金分红，不注重对股东的回报，相当一部分上市公司长年充当铁公鸡的角色，只融资少分红甚至不分红的现象早已成为人人皆知的事实。这样的股市氛围不仅不利于投资者投资感情的培养和投资信心的增强，而且严重阻碍成熟资本市场的构建和良好股市文化的形成。本文试图通过对我国2001—2011年十一年间所有主板上市公司（A股）现金分红情况进行统计分析，从现金分红公司占比、现金分红数额、股息率、派息率和行业现金分红情况五个指标入手，展现我国上市公司在这十一年间在政府的号召和鼓励下现金分红状况的改善，呈现主板上市公司现金分红的新旧特征变化，深入分析并揭示新特征所暴露的问题及出现的原因，针对新特征反映的问题和出现原因，从交易费用理论、国家干预理论和制度变迁理论三个理论角度提出相关对策和建议来完善上市公司现金分红制度的演进趋势，促使上市公司提高回报股东意识，使股东能够真正享受到上市公司的胜利果实，，从而达到完善我国资本市场、增强资本市场活力、保护投资者合法利益、培养积极主动回报投资者的股市文化的目的。
[Abstract]:Cash dividend is the main form of real income for investors and an important way to cultivate the long-term investment concept of capital market and enhance the vitality and attractiveness of capital market. For a long time, the listed companies in our country have preferred to give shares and despise the cash dividends and pay no attention to the return to the shareholders. Quite a number of listed companies have been playing the role of iron rooster for many years, and the phenomenon of only financing less dividends or even no dividends has become a well-known fact. This kind of atmosphere is not only not conducive to the cultivation of investors' investment sentiment and investment confidence, but also seriously hinders the construction of mature capital markets and the formation of good stock market culture. This paper attempts to make a statistical analysis of the cash dividends of all main board listed companies (A shares) from 2001 to 2011, from the proportion of cash dividend companies, the amount of cash dividends, the dividend rate. Starting with the five indicators of dividend payout and the cash dividend situation of the industry, the paper shows the improvement of the cash dividend situation of the listed companies in China during the past 11 years under the call and encouragement of the government, and presents the new and old characteristics of the cash dividend distribution of the main board listed companies. This paper analyzes and reveals the problems exposed by the new features and the causes of their appearance, aiming at the problems and causes reflected by the new features, from the perspective of transaction cost theory, The state intervention theory and institutional change theory put forward the relevant countermeasures and suggestions to improve the evolution trend of cash dividend system of listed companies, and promote the listed companies to enhance the consciousness of return shareholders. So that the shareholders can really enjoy the success of the listed company, so as to improve our capital market, enhance the vitality of the capital market, protect the legitimate interests of investors, and cultivate the positive return to investors of the stock market culture.
【学位授予单位】：兰州商学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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