母子公司盈余结构和现金分布与股利分配

发布时间：2018-11-16 11:54

【摘要】：我国上市公司的股利分配行为呈现出“中国式股利之谜”。以往研究主要基于合并数据,从代理理论和信号理论探究股利分配的影响因素和经济后果,但是,母子公司盈余结构和现金分布的差异也是影响上市公司股利分配的重大因素,却一直被忽略。因此,本文的研究问题是研究母子公司的流动性分布对股利政策(是否分配、分配方式、分配力度)的影响,并进一步研究母公司的再融资需求和大股东控制与子公司对母公司的盈余和现金流贡献的关系。已有研究认为公司会根据股东的利益倾向和未来公司的成长机会选择如何分配公司的盈利和现金。由于现有研究普遍将上市公司合并整体作为研究对象,未区分合并盈利与现金流在母子公司之间的归属,在判定公司股利分配的盈余和现金流基础时存在一定的混淆。母公司对子公司的控制力和子公司对母公司盈余和现金流的贡献决定了合并盈余和现金流在母子公司之间的分布,即合并盈余和现金流中的部分并不能被母公司支配,由此使得母公司进行股利分配的盈余和现金流基础发生变化,进而影响股利分配政策选择。本文研究结论与发现是：长期股权投资程度越高,母公司越倾向于不分配现金股利,并选择非分红股利政策；流动性集中在母体的长期股权投资主导型公司倾向于分配现金股利,并且较少选择非分红股利政策,但不影响现金股利的分配额度；但是,子公司通过利润分配而对母公司产生的盈余贡献和现金流贡献不影响股利的分配政策,间接说明子公司存在其他途径对母公司实施现金支持以供其分配股利。除此之外,再融资需求会促进子公司对母公司的现金流贡献；最终控制人的控制权越高,子公司对母公司的现金贡献越低,以损害少数股东的利益。本文的学术价值和政策贡献：本文的贡献在于从流动性分布角度重新分析了利润的现金流基础如何影响公司的股利政策选择,为我国上市公司的股利分配政策提供新的解释；并认为合理的股利分配政策应以上一年度母公司利润为基础,去掉母公司利润表中在编制合并财务报表时需要抵消的集团内部关联交易利润,并充分考虑子公司在当年和未来的分红能力作出综合判断。
[Abstract]:The behavior of dividend distribution of listed companies in China presents the mystery of Chinese dividend. Based on the combined data, this paper explores the influence factors and economic consequences of dividend distribution from agency theory and signal theory. However, the differences in earnings structure and cash distribution of parent and subsidiary companies are also the major factors affecting dividend distribution in listed companies. Has been ignored. Therefore, the research problem of this paper is to study the influence of the liquidity distribution of parent-subsidiary companies on dividend policy (whether to distribute, how to distribute). Furthermore, the relationship between the refinancing demand of the parent company, the control of the major shareholders and the contribution of the subsidiary to the earnings and cash flow of the parent company is further studied. It has been suggested that companies will choose how to distribute their profits and cash according to the interests of shareholders and the growth opportunities of future companies. Due to the fact that the existing researches generally regard the merger of listed companies as a whole, there is no distinction between the combined earnings and the cash flow between the parent and subsidiary companies, and there is some confusion in judging the basis of earnings and cash flow of the dividend distribution of the companies. The controlling power of the parent company to the subsidiary company and the contribution of the subsidiary company to the earnings and cash flow of the parent company determine the distribution of the combined surplus and cash flow among the parent companies, that is, the part of the combined surplus and cash flow can not be dominated by the parent company. As a result, the earnings and cash flow basis of dividend distribution by the parent company changes, which affects the choice of dividend distribution policy. The conclusions and findings of this paper are as follows: the higher the degree of long-term equity investment, the more likely the parent company will not distribute cash dividend, and choose the policy of non-dividend; Long-term equity investment-oriented companies with concentrated liquidity tend to distribute cash dividends, and less choose non-dividend policy, but do not affect the distribution of cash dividends; However, the earnings contribution and cash flow contribution generated by the subsidiary through profit distribution does not affect the dividend distribution policy, which indirectly indicates that there are other ways for the subsidiary to implement cash support for the parent company to distribute dividends. In addition, the refinancing needs will promote the contribution of the subsidiary to the cash flow of the parent company; the higher the controlling power of the final controller, the lower the cash contribution of the subsidiary to the parent company, to the detriment of the minority shareholders. The academic value and policy contribution of this paper: the contribution of this paper lies in reanalyzing how the cash flow basis of profit affects the choice of dividend policy from the point of view of liquidity distribution, which provides a new explanation for the dividend distribution policy of listed companies in China; The reasonable dividend distribution policy should be based on the profits of the parent company for the previous year, and remove the profits from the parent company's income statement that need to be offset in the preparation of consolidated financial statements. And fully consider the subsidiary in the current and future dividend ability to make a comprehensive judgment.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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