产品市场竞争对公司现金股利的影响研究

发布时间：2018-02-02 20:10

本文关键词： 产品市场竞争现金股利代理冲突管理者激励公司治理　出处：《云南财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：股利问题一直以来受到公司金融学者的密切关注,学者们将他称之为“十大待解决的财务问题”中的一个问题。其中代理问题是现代公司治理过程中普遍存在的问题,备受各学者的关注,由于现代企业普遍存在管理权和所有权相分离的现象,从而导致存在管理者与股东之间信息不对称以及利益方面的冲突,管理者随意使用自己的管理权力而损害了股东的利益。通过股利政策对公司进行治理是公司治理的必然趋势,之前的学者对于现金股利支付的研究多数以公司的内部视角作为切入点,以此来探索公司的现金股利政策,对于从公司的外部特征影响研究的较少,本文试图从公司的外部影响因素--产品市场竞争角度来研究对公司的现金股利支付的影响。产品市场竞争作为一种外部公司治理机制可以有效的降低由于信息的非对称性引起的公司代理成本,对公司管理层进行有效地监督和制约。本文在前人研究的基础上,选取了2010年1月1日至2015年12月31日的A股上市公司数据为样本,探讨产品市场竞争这一外部影响因素对现金股利支付的影响。通过实证研究本文得出以下结论:1、产品市场竞争程度与公司现金股利发放意愿呈正相关关系。当产品市场竞争程度越大时,公司的现金股利发放意愿越强;当产品市场竞争程度越小时,公司的现金股利发放意愿越弱。2、产品市场竞争程度与公司现金股利支付水平呈正相关关系。当产品市场竞争程度越大时,公司的现金股利支付水平较高,支付较多的现金股利;当产品市场竞争程度越小时,公司的现金股利支付水平较低,支付较少的现金股利。
[Abstract]:The dividend problem by financial scholars pay close attention to the company all the time, scholars called him "a problem of financial problems to be resolved in ten. The agency problem is a common problem in the process of modern corporate governance, has attracted the attention of scholars, the modern enterprise management and ownership exists the phenomenon of phase separation, which leads to the conflict between shareholders and managers of asymmetric information and the interests of the managers can use their own management authority and damage the interests of shareholders. The dividend policy of the company governance is the inevitable trend of corporate governance, the majority of scholars for the study before the cash dividend payment to the company internal perspective as a starting point, in order to explore the cash dividend policy of the company, for the impact of the less from the external characteristics of the company, this article attempts from the company outside Department of factors: product market competition point of view to study the influence on the company's cash dividend payment. Product market competition as an external corporate governance mechanism can effectively reduce the information asymmetry caused by the agency cost, effective supervision and restriction on the management of the company. On the basis of previous research, from January 1, 2010 to December 31, 2015, A shares of listed companies as the sample data, the influence factors on product market competition and the external influence on the cash dividend payment. Through the empirical research, this paper draws the following conclusions: 1, cash dividend will positively related to the degree of product market competition with the company. When the degree of product market competition is large, the company the cash dividend will be stronger; the degree of product market competition more hours, the company's cash dividend will increasingly weak.2 product A cash dividend payment level and the degree of competition is positively correlated. When the degree of product market competition is large, the company's cash dividend payment level is higher, pay more cash dividend; when the degree of product market competition more hours, the company's cash dividend payment level is low, pay less cash dividends.

【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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