我国上市公司现金分红对投资者利益的影响研究

发布时间：2018-01-15 17:33

本文关键词：我国上市公司现金分红对投资者利益的影响研究　出处：《西北大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文主要从现金分红的资产配置功能、信息传递功能和公司治理功能三个方面研究其对于市场的作用和投资者利益的影响。现金分红是证券市场上利益分配的一种重要形式,是投资者直接获取投资收益的重要手段。通过现金分红,投资者实质上拥有了一次便捷的重新配置资产的机会。通过对自身风险的评估和公司未来前景的预期,投资者可以将资产重新调整到合适的风险收益状态。现金分红还是解决市场信息不对称的重要手段。具有稳定股利政策的公司通过现金分红传递出公司内部一些重要信息,对市场上的信息解读者产生影响。现金分红还具有解决现代公司治理体系中突出的委托代理问题的作用。通过现金分红可以有效减少代理成本,增加投资者利益。以上所述的现金分红三种功能的发挥依赖于良好的市场环境基础和公司治理环境。当市场法制不健全,公司股权结构和治理结构不合理时,现金分红就可能成为集权者用于欺骗、侵占外部投资者的手段。我国股票市场在过去二十年的发展过程中,市场制度不断改革和完善。据此,本文按照强制分红和股权分置改革两个事件节点,将市场划分为三个观察区间,对比了三个阶段市场分红状况。以上证A股公司为样本,本文着重研究了股权分置改革之后,我国股票市场上现金分红的信息内涵,以及现金分红对投资者产生的影响。结果表明,我国上市公司现金分红政策缺乏稳定性,在6年期和3年期的检验中,现金分红波动较大,缺乏平滑性,从而否定了其包含公司经营业绩和管理层关于公司前景预期的信息。此外,本文还以换手率为指标衡量投资者的行为特征,基于面板数据模型,对换手率和现金分红进行回归分析,结果表明现金分红的发放显著降低了换手率。最后,本文针对我国股票市场存在的问题给出了相应的政策建议。
[Abstract]:This article mainly from the cash dividend asset allocation function. The information transfer function and the corporate governance function are three aspects to study the influence of the information transfer function and the investor benefit. The cash dividend is an important form of interest distribution in the securities market. Through cash dividend, investors have a convenient opportunity to reallocate their assets. Through the assessment of their own risk and the expectation of the company's future prospects. Investors can readjust their assets to the right return on risk. Cash dividends are also an important means of resolving market information asymmetries. Companies with stable dividend policies pass out some of the inside of the company through cash dividends. Important information. Cash dividend can also solve the outstanding principal-agent problem in the modern corporate governance system. The cash dividend can effectively reduce the agency cost. The above three functions of cash dividend depend on the good market environment and corporate governance environment. When the market legal system is not perfect and the corporate equity structure and governance structure is unreasonable. Cash dividend may become a means for centralists to deceive and occupy external investors. In the past twenty years, the stock market system has been reformed and perfected. This paper divides the market into three observation intervals according to the two event nodes of compulsory dividend and split share structure reform, and compares the three stages of market dividend situation. This paper focuses on the information connotation of cash dividend in Chinese stock market and the influence of cash dividend on investors after the reform of split share structure. The cash dividend policy of listed companies in our country lacks stability. In the test of 6 years and 3 years, the cash dividend fluctuates greatly and lacks smoothness. In addition, this paper uses turnover rate as an indicator to measure the behavior characteristics of investors, based on panel data model. The regression analysis of turnover rate and cash dividend shows that the distribution of cash dividend significantly reduces the turnover rate. Finally, the paper gives some policy suggestions for the problems existing in China's stock market.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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