中外股票市场分红问题比较研究

发布时间：2018-01-07 05:01

本文关键词：中外股票市场分红问题比较研究　出处：《天津大学》2014年硕士论文　论文类型：学位论文

【摘要】：上市公司分红是投资者实现投资回报的重要方式之一,对于资本市场长期投资理念和促进市场健康、可持续发展具有重要意义。本论文使用分红比率、分红公司占比和股息率三大指标衡量分红水平,系统分析了中国与境外上市公司2000年以来股利分配情况,比较了中外股票市场分红水平和特点,剖析了国内外股利政策监管政策变迁,并应用事件研究法实证了中国股市对各类股利政策的市场反应,提出了有针对性的政策建议,旨在为制定股利政策监管政策提供依据。首先,本文实证研究发现,中国股市的分红比率、分红公司占比与境外市场基本处于同一水平,尤其是境内外市场蓝筹公司两个指标的差距很小。但是,中国股市的股息率水平远比境外市场低。2013年度中国股市沪深300指数成份股的分红公司占比为92.6%,分红比率为30.1%,与主要成熟市场接近,但是股息率为1.31%,在全球处于较低的水平。其次,相比境外市场股息率高、股利政策连续、具有行业特征等特点,中国股市股利分配特点主要包括:(1)整体股息率较低、股利政策连续性差,与成熟市场还有一些距离;(2)金融业、交通运输、仓储和邮政业分红水平高于其他行业,而农、林、牧、渔业则低于其它行业;(3)近年来分红的稳定性、回报率、分红意愿上都有了明显进步,支付股利公司的数量与比例逐渐上升。最后,实证分析2005年前后两个时段(2000年至2005年、2006年至2013年)中国股票市场对于四种股利政策类型(既分红又送股、只分红、只送股、无分红或送股)公告事件的反应发现:第一,中国股市投资者偏好送股,两个时段只送股公司累计超常收益率均为正,且高于只分红和不分配的公司。但是2005年后阶段只送股的累计超常收益率在下降,这表明市场趋于成熟理性。第二,2005年前阶段只送股类别的公司超常成交量在事件日前后波动幅度较大,但在2005后阶段超常成交量在事件日前后变化幅度不大。第三,在分红预案公告日前后5个交易日,超常成交量显著大于零。本文提出启示和建议:第一,重点改进分红的结构性问题,推动那些成长性较弱、分红意愿低的上市公司提高分红水平,将空余现金返还给投资者。第二,引导投资者理性投资。第三,“强制分红”概念的提出和实施确实给市场带来了较为积极的影响,应该坚持分红制度并进行不断完善。第四,创造良好的税收环境,壮大长期投资者队伍,促进上市公司的长期稳定分红。
[Abstract]:Dividend of listed companies is one of the important ways for investors to realize the return on investment. It is of great significance for the long-term investment concept of capital market and the promotion of healthy and sustainable development of the market. This paper analyzes the dividend distribution between China and overseas listed companies since 2000, and compares the level and characteristics of dividend distribution between Chinese and foreign stock markets. This paper analyzes the changes of dividend policy supervision policy at home and abroad, and applies the event research method to demonstrate the market reaction of Chinese stock market to all kinds of dividend policy, and puts forward some targeted policy suggestions. In order to provide the basis for the establishment of dividend policy regulatory policy. First of all, the empirical study found that the share ratio of dividend companies in Chinese stock market is basically at the same level as the overseas market. In particular, the gap between the two indicators of blue-chip companies in the domestic and foreign markets is very small. The dividend rate of China's stock market is much lower than that of foreign markets. The share of dividend companies in the CSI 300 index of China's stock market in 2013 was 92.6, with a dividend ratio of 30.1%. Close to the main mature market, but the dividend yield is 1.31, in the world is at a lower level. Secondly, compared with the foreign market dividend rate is high, dividend policy is continuous, with industry characteristics. The main characteristics of dividend distribution in Chinese stock market include: 1) the overall dividend rate is low, the continuity of dividend policy is poor, and there is still some distance from mature market; (2) the level of dividends in finance, transportation, storage and post office is higher than that in other industries, while that in agriculture, forestry, animal husbandry and fishery is lower than that in other industries; In recent years, the stability of dividends, the rate of return, the willingness to pay dividends have made remarkable progress, and the number and proportion of dividend companies have gradually increased. Finally. Empirical analysis of the two periods before and after 2005 (2000 to 2005, 2005 to 2005) China stock market for four types of dividend policy (both dividends and shares, only dividends. The response to the announcement: first, Chinese stock market investors prefer to send shares, and the cumulative extraordinary return rate of only stock companies in the two periods is positive. And higher than only dividends and non-distribution of the company. But after 2005 only the cumulative abnormal return on stocks in the decline, which indicates that the market tends to mature and rational. Second. In 2005, the abnormal trading volume of the companies only in the stock category fluctuated greatly before and after the event day, but in the later stage of 2005, the abnormal trading volume did not change much before and after the event day. Third. Before and after 5 trading days before and after the announcement of the dividend plan, the volume of extraordinary transactions is significantly greater than zero. This paper puts forward some enlightenment and suggestions: first, focus on improving the structural problems of dividends and promoting those weak growth. Listed companies with low willingness to share out dividends will raise the level of dividends and return the spare cash to investors. Second, guide investors to invest rationally. Third. The introduction and implementation of the concept of "compulsory dividend" have indeed brought a more positive impact to the market. We should adhere to the dividend system and continue to improve. 4th, create a good tax environment, and strengthen the team of long-term investors. To promote the long-term stable dividends of listed companies.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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