我国房地产上市公司股权结构与股利政策关系研究

发布时间：2018-11-06 07:45

【摘要】：自从关于现代公司股权结构的理论出现后,股权结构与公司股利政策之间的关系就成为国内外学者们研究的热点问题。公司股利政策的形成是公司内部不同利益主体相互博弈的结果，体现了利益主体的诉求。在一定程度上可以说股利政策的本质是公司治理问题，而股权结构恰是公司治理的核心，所以股权结构在股利政策的制定中发挥着重要的作用。现代企业是各种利益主体契约的结合，不同利益主体之间的力量对比决定着企业内部的利益关系，股权结构就是这种利益主体的基石。股权结构决定着公司控制权的分布，决定着所有者与经营者之间委托—代理关系的性质，进而可能影响上市公司的股利政策的决定与选择，因而将两者结合起来进行研究是很有必要的。我国证券市场自上世纪90年代初到目前刚刚走过二十年的发展历程，与欧美发达国家上百年的资本市场发展史相比，我国证券市场发展仍存在较多问题。由于我国证券市场和企业股份制改革起步比较晚，国内专家学者对我国公司股权结构与股利政策关系的研究时通常以整体为研究对象，很少就具体行业展开更细致的研究，，这样就会忽视行业特殊性对股利政策产生的影响。本文以房地产行业为样本分析对我国公司股权结构与股利政策关系，选择房地产行业是因为房地产业在我国国民经济体系中占据重要的地位，是国民经济的支柱产业。本文分析房地产上市公司的股权结构和股利分配的特点，并运用实证研究方法探讨两者之间的关系，并根据结果提出政策建议。本文主要分为六个章节：引言部分阐述了选题的背景、研究意义，界定了主要概念，并介绍了研究的方法、研究思路及主要内容。第二章为理论基础和文献回顾部分，阐述了作为本文理论基础的股利政策理论，并对相关的文献研究进行了回顾与述评。第三章对股权结构对股利政策的影响进行理论分析，分为两个方面，股权集中度对股利政策的影响和股权属性对股利政策的影响。第四章介绍了房地产行业的特征及现状，归纳总结了房地产行业股权结构和股利政策的特征。第五章，以2008-2011年房地产上市公司的数据，从股权集中度和股权属性方面进行回归分析研究。第六章是总结，归纳研究结论，并提出政策建议，同时指出本文的研究局限和不足。
[Abstract]:Since the emergence of the theory of modern corporate equity structure, the relationship between ownership structure and dividend policy has become a hot issue for scholars at home and abroad. The formation of the company dividend policy is the result of the game between the different stakeholders in the company, which embodies the demand of the interest subject. To a certain extent, it can be said that the essence of dividend policy is corporate governance, and equity structure is the core of corporate governance, so equity structure plays an important role in the formulation of dividend policy. Modern enterprises are the combination of various kinds of interest subject contracts. The power contrast between different interest subjects determines the interest relationship within the enterprise. The ownership structure is the cornerstone of this kind of interest main body. The ownership structure determines the distribution of corporate control rights and the nature of the principal-agent relationship between the owner and the operator, which may affect the decision and choice of dividend policy of listed companies. Therefore, it is necessary to combine the two. Since the beginning of 1990s, China's securities market has just gone through 20 years of development. Compared with the history of capital market development of developed countries in Europe and the United States, there are still many problems in the development of China's securities market. Because the stock market and the stock system reform of our country started relatively late, the domestic experts and scholars usually take the whole as the research object when studying the relationship between the stock ownership structure and the dividend policy of our country, and seldom carry out more detailed research on the specific industry. In this way, the impact of industry particularity on dividend policy will be ignored. This paper takes the real estate industry as the sample to analyze the relationship between the stock ownership structure and the dividend policy of the company in our country. The reason for choosing the real estate industry is that the real estate industry occupies an important position in the national economic system and is the pillar industry of the national economy. This paper analyzes the characteristics of equity structure and dividend distribution of real estate listed companies, and discusses the relationship between them by using the empirical research method, and puts forward some policy suggestions based on the results. This paper is divided into six chapters: the introduction describes the background of the topic, the significance of the study, defines the main concepts, and introduces the research methods, research ideas and main content. The second chapter is the theoretical basis and literature review part, elaborated as the theoretical basis of dividend policy theory, and related literature review and review. The third chapter analyzes the impact of ownership structure on dividend policy, which is divided into two aspects: the impact of ownership concentration on dividend policy and the impact of ownership attributes on dividend policy. The fourth chapter introduces the characteristics and current situation of real estate industry, summarizes the ownership structure and dividend policy characteristics of real estate industry. In chapter 5, the regression analysis of ownership concentration and ownership attributes is carried out based on the data of real estate listed companies from 2008 to 2011. The sixth chapter is a summary, induces the research conclusion, and puts forward the policy suggestion, at the same time points out the research limitation and the insufficiency of this paper.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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