半强制分红政策下上市公司中小股东利益保护研究

发布时间：2018-01-06 16:44

本文关键词：半强制分红政策下上市公司中小股东利益保护研究　出处：《陕西科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：中小股东利益保护是上市公司规范运作、公司价值提升以及资本市场健康发展的重要前提。中小股东获取收益的方式主要包括：赚取买卖差价和获得投资分红两种形式。从国内外发展的实践来看，长期稳定的分红收益才是中小股东获取收益的健康方式，然而大股东通过不分红或“掏空式”分红等方式侵害中小股东利益的现象屡见不鲜，因此对中小股东利益的保护引起了社会各界的广泛关注。为了更好保护中小股东的利益，，我国证监会自2001年以来相继出台一系列半强制分红政策，针对上市公司分红行为进行规范和制约。在半强制分红政策的影响下，我国上市公司分红行为、公司治理及信息披露透明度等情况均发生了变化。本文着眼于研究半强制分红政策颁布以来，上市公司分红情况是否有好转，中小股东利益保护是否得到改善，并针对半强制分红政策在我国实施过程中出现的问题提出相关建议。本文在参考国内外大量文献资料的基础上，综合运用了规范研究和实证研究的方法。首先，对相关概念进行了界定，并对相关理论基础进行了说明。接着，对中小股东利益侵害及保护进行分析，发现大股东侵害中小股东的主要原因及侵害方式；对中小股东利益保护的重要性和中小股东的利益保护面临的困难进行研究；分析了中小股东的利益保护对上市公司的影响。然后，对我国半强制分红政策的发展与推进进行了系统的分析。本文从我国证券市场初期的发展状况、上市公司信息披露情况、市场投机氛围和分红的国际趋势四个方面分析了我国半强制分红政策的实施背景；分析了半强制分红政策的实施目的；把半强制分红政策的实施过程划分为初始、推进和成熟三个阶段；文章对我国半强制分红政策实施过程中出现的问题进行了分析。之后，文章进行了实证分析。本文通过对2008年至2012年间上市公司进行筛选，在前文的基础上提出了相关假设并进行研究设计，运用SPSS和Excel软件进行描述性、相关性和回归分析，最终得出实证分析结论。实证结论主要有：1）半强制分红政策颁布期间，上市公司现金股利支付率和分配现金股利的上市公司数目总体均呈上升趋势，即半强制分红政策促进了上市公司分红。2）分配现金股利的上市公司中小股东的利益保护程度要高于不分配现金股利的上市公司。3）现金股利的支付率与中小股东利益保护的关系呈倒U型关系，也就是说微分红（不分红）或者过高的分红方式都不利于中小股东的利益保护，只有适度的分红才能够有利于中小股东的利益保护。然后，本文针对理论和实证分析结论，从对半强制分红的完善，中小股东自身保护意识的提高以及机构投资者对中小股东的利益保护三方面，提出完善半强制分红政策改善中小股东利益保护的对策。本文的创新点主要是：开拓了半强制分红政策这样一个新视角下一系列中小股东利益保护的理论和实证研究。本文对半强制分红政策进行了概念的界定和背景分析，并发现半强制分红政策是一种国际趋势。对半强制分红政策的实施进行了阶段性划分及特点的总结。
[Abstract]:Protection of the interests of minority shareholders is the standardized operation of listed companies, an important prerequisite for the healthy development of the company and enhance the value of the capital market. Small and medium-sized shareholders profit way mainly includes: the sale price and earn investment dividends in two forms. The practice of development from home and abroad, the long-term stability of the dividends is a healthy way of small and medium-sized shareholders to obtain income however, It is often seen. major shareholder through dividends or "empty" way of dividends against the interests of small shareholders, so to protect the interests of small shareholders has attracted widespread attention in the community. In order to better protect the interests of minority shareholders, the China Securities Regulatory Commission since 2001 promulgated a series of semi mandatory dividend policy to regulate and restrict the dividend behavior of listed companies. In the semi mandatory dividend policy, dividend behavior of Chinese listed companies, corporate governance And the transparency of information disclosure and other conditions were changed. This paper focuses on the study of semi mandatory dividend policy promulgated, the listed company dividends have better protection of the interests of minority shareholders are improved, the problems and suggestions for semi mandatory dividend policy in China in the implementation process.
Based on a large number of domestic and foreign literature, comprehensive use of empirical and normative research methods. Firstly, defines related concepts, and the related theoretical basis are described. Then, to encroach on the interests of small shareholders and protection are analyzed, the main reason is the large shareholders and against the way; facing the protection of the interests of the importance of the protection of the interests of small shareholders and small shareholders in difficult research; analyzes the influence of protecting the interests of minority shareholders of Listed Companies in our country. Then, the semi mandatory dividend policy and promote the development of the system are analyzed in this paper. From the early development of China's securities market the situation of information disclosure of listed companies, the four aspects of market speculation atmosphere and dividend international trend analysis of the implementation of the background of China's semi mandatory dividend policy; analysis of half The purpose of the implementation of mandatory dividend policy; divides the implementation process of semi mandatory dividend policy as the initial advance, and three stages of maturity; this article analyzes China's semi mandatory dividend policy implementation problems. After that, the article makes an empirical analysis. Through screening of listed companies from 2008 to 2012. On the basis of the above proposed related assumptions and descriptive research design, using SPSS and Excel software, correlation and regression analysis, finally draws the conclusion of empirical analysis. The main conclusions are: 1) during the semi mandatory dividend policy, the number of listed company's cash dividend payment rate and the cash dividend distribution of Listed Companies in general are a rising trend, namely the semi mandatory dividend policy promoted the dividends of listed companies.2) to protect the interests of small shareholders of the cash dividend distribution of listed companies is higher than No cash dividend distribution of listed companies.3) in inverted U relationship between the cash dividend payment rate and protect the interests of small shareholders, namely micro dividends (not dividends) to protect the interests or excessive dividends are not conducive to small and medium shareholders, only modest dividends can have to protect the interests of small shareholders. Then, according to the conclusions of theoretical and empirical analysis, the improvement of semi mandatory dividend from minority shareholders, improve self-protection awareness of the benefits of small shareholders and institutional investors protection three aspects, put forward countermeasures to improve the semi mandatory dividend policy to improve the protection of the interests of minority shareholders.
The main innovation of this paper is: to develop the semi mandatory dividend policy so that a new perspective under the protection of the interests of small shareholders a series of theoretical and empirical research. In this paper the semi mandatory dividend policy is analyzed and defined the concept of background, and found that the semi mandatory dividend policy is an international trend. The semi mandatory implementation of the dividend policy the classification and characteristics of stage summary.

【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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