终极所有权结构、投资者法律保护与公司股利政策

发布时间：2018-01-26 05:53

本文关键词： 终极所有权结构现金流量权两权分离度投资者法律保护公司股利政策　出处：《西南交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：股利政策围绕着是否将公司留存收益进行分配,亦或是否将公司利润留存进行生产活动或者再投资,直接关系到股东的实际利益。股利政策能体现一个公司的综合实力,传递出一定的信息,可以对公司的股价产生影响,能够在一定程度上体现出公司的结构和管理水平,是了解一个公司的经营成果和治理水平的重要尺度。所以,股利政策一直是公司财务研究的重点与热点。而随着La Porta etal(1999)提出终极所有权结构开始,终极所有权结构与股利政策的关系就得到极大的关注与研究。在此之前,代理理论的焦点在于股东与经理间的代理冲突问题;当终极所有权论提出后,研究内容和关注焦点逐步转移到研究终极所有权人与中小投资者之间的利益冲突问题。投资者法律保护属于外部调节机制,投资者法律保护的强弱会对终极所有权人的行为产生一定的影响与约束。本文通过引入投资者法律保护这一外部调节变量,来探究终极所有权结构与公司股利政策的关系,综合考虑内部治理与外部调节两个方面,研究两方面对公司股利政策的共同作用效果。本文通过文献研究与实证研究的方式,以2011年至2014年四年的沪深A股上市公司的非平衡面板数据为研究对象,探究终极所有权结构、投资者法律保护与公司股利政策三者之间的关系。研究结果显示:第一,终极所有权人的现金流量权与公司股利支付水平存在着正相关关系,体现了所有权对公司股利的激励作用;第二,终极所有权人的分离度与公司股利支付水平存在着负相关关系,体现了终极所有权人将股利作为侵占中小投资者利益的工具;第三,上市公司的终极所有权人为非国有性质的股利支付水平整体高于终极所有权人为国有性质的股利支付水平,体现出了市场经济的发展、证券市场的规范对于非国有性质的上市公司的具有较强的作用;第四,投资者法律保护和公司股利支付水平存在着稳定的正相关关系,体现出了投资者法律保护对中小投资者利益的保护;第五,投资者法律保护对于两权分离度和股利支付水平之间的关系具有一定的影响,投资者法律保护会抑制终极所有权人通过股利实施的侵占行为,在一定程度上保护中小投资者的利益;第六,投资者法律保护对于不同性质的终极所有权人与股利政策之间关系具有不同的影响,投资者法律保护水平的提升对非国有性质的上市公司的影响更大。
[Abstract]:Dividend policy revolves around whether to distribute the company's retained earnings, or whether to retain the company's profits for production activities or reinvestment. Dividend policy can reflect the comprehensive strength of a company, convey certain information, can have an impact on the stock price of the company. To a certain extent can reflect the company's structure and management level, is to understand a company's business results and governance level of an important yardstick. Dividend policy has always been the focus and focus of corporate finance research, and with La Porta etal1999), the ultimate ownership structure began. The relationship between the ultimate ownership structure and dividend policy has been greatly concerned and studied. Before this, the focus of agency theory is the agency conflict between shareholders and managers. When the ultimate ownership theory was put forward, the research content and focus gradually shifted to the study of the conflict of interest between the ultimate owner and small and medium-sized investors. The legal protection of investors belongs to the external regulatory mechanism. The legal protection of investors will have a certain impact and constraints on the behavior of the ultimate owner. This paper introduces the external regulatory variable of investor legal protection. To explore the ultimate ownership structure and corporate dividend policy relationship, comprehensive consideration of internal governance and external regulation two aspects. This paper studies the joint effect of the two aspects on the dividend policy of the company. Based on the non-equilibrium panel data of Shanghai and Shenzhen A-share listed companies from 2011 to 2014, this paper explores the ultimate ownership structure. The relationship between investor legal protection and corporate dividend policy. The results show that: first, the ultimate owner's cash flow right and the company dividend payment level has a positive correlation. It reflects the incentive effect of ownership on the dividend of the company; Secondly, there is a negative correlation between the degree of separation of the ultimate owner and the level of dividend payment, which reflects that the ultimate owner takes the dividend as a tool to encroach on the interests of small and medium-sized investors; Third, the ultimate ownership of listed companies is the non-state-owned nature of the overall level of dividend payment higher than the ultimate ownership of the state-owned nature of the dividend payment level, reflecting the development of the market economy. The regulation of the securities market has a strong effect on the non-state-owned listed companies; In 4th, there is a stable positive correlation between the legal protection of investors and the level of dividend payment, which reflects the protection of the interests of small and medium-sized investors by legal protection of investors; In 5th, investor legal protection has certain influence on the relationship between the degree of separation of two rights and the level of dividend payment, and investor legal protection will restrain the ultimate proprietors' encroachment through dividend. To protect the interests of small and medium-sized investors to a certain extent; In 6th, investor legal protection has different influence on the relationship between ultimate owner and dividend policy, and the improvement of investor legal protection level has more influence on non-state-owned listed companies.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.28;F275;F832.51

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