我国全流通上市公司现金股利政策研究

发布时间：2018-12-09 11:33

【摘要】：股利政策是现代公司理财管理活动中三大核心内容之一，是公司理财的重要环节,不仅仅是简单的利润分配问题，它与股东利益，债权人利益，公司形象等都密切相关。在特定的市场条件下，作为资本市场微观基础的上市公司，采取什么样的股利政策才能实现公司价值最大化一直是大家关注的热点。为消除二元股权结构的弊端，我国从2005年开始进行了股权分置改革。时至今日，股权分置改革已经基本完成，2008年以来，部分股改上市公司的限售股份到期解禁，无限售上市公司的数量逐渐增加，2010年更是迎来解禁的高潮，中国资本市场的发展进入了一个全新的时期，，也为股利政策的研究提供了一个全新的背景。本文的研究对象主要是我国已经实现全流通的上市公司的现金股利政策，选取的样本为2006年开始股权分置改革，至2009年实现全流通的上市公司。首先从现状着手，分析了这些样本公司的基本情况，发现这些公司存在如下几个特点：派现公司数量相对较少，实现全流通之后有所增加，但增加数量不是很明显；派现水平仍然低下，全流通后有所提高；异常派现情况较为严重；股利分配形式多样。随后从代理成本角度出发，对我国全流通背景下的上市公司现金股利政策进行实证研究。将代理成本分为三方面：股东—管理层之间的代理成本；股东—债权人之间的代理成本；大股东—中小股东之间的代理成本，并分别选取指标进行衡量，通过这些代表代理成本的指标来对我国的现金股利政策情况进行解释说明，最后由实证结果得出代理成本的各个因素直接影响了现金股利的发放，另一方面现金股利的发放也可以有效的降低代理成本，而且在全流通背景下，这一关系更加明显。
[Abstract]:Dividend policy is one of the three core contents in the modern company's financial management activities. It is not only a simple profit distribution problem, but also closely related to the interests of shareholders, creditors, corporate image and so on. Under the specific market conditions, what kind of dividend policy can be adopted to maximize the value of listed companies, which is the micro basis of the capital market, has always been the focus of attention. In order to eliminate the malpractice of dual ownership structure, China began to reform the split share structure in 2005. Today, the reform of the split share structure has been basically completed. Since 2008, some of the restricted share sales of listed companies have expired and the number of limitless listed companies has gradually increased. In 2010, the tide of lifting the ban has also been ushered in. The development of China's capital market has entered a new period, and also provides a new background for the study of dividend policy. The main research object of this paper is the cash dividend policy of the listed companies that have realized the full circulation in our country. The selected sample is the listed companies that began the reform of the split share structure in 2006 and realized the full circulation in 2009. First of all, this paper analyzes the basic situation of these sample companies from the current situation, and finds that the following characteristics exist in these companies: the number of cash distribution companies is relatively small, but the increase is not obvious after the realization of full circulation; The level of cash distribution is still low and has been improved after full circulation; abnormal cash distribution is more serious; dividend distribution forms are varied. Then, from the perspective of agency cost, the paper makes an empirical study on the cash dividend policy of listed companies under the background of full circulation in China. The agency cost is divided into three aspects: the agency cost between shareholders and management, the agency cost between shareholders and creditors, and the agency cost between shareholders and creditors. The agency cost between the major stockholders and the minority shareholders, and choose the indicators to measure, through these indicators representing the agency costs to explain the situation of cash dividend policy in China. Finally, the empirical results show that the factors of agency cost directly affect the distribution of cash dividend. On the other hand, the distribution of cash dividend can also effectively reduce the agency cost, and in the context of full circulation, this relationship is more obvious.
【学位授予单位】：广东商学院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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