我国蓝筹股现金股利政策影响因素研究

发布时间：2018-03-22 09:01

本文选题：现金股利　切入点：蓝筹股　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文想要研究的是我国蓝筹股现金股利分配的影响因素,蓝筹股,因其业绩良好,风险相对其他股票较小,是我国个人和机构投资者接触最频繁的投资标的那么影响蓝筹股现金股利分配的因素究竟有哪些?这是本文想要研究的问题。本文在第一章介绍研究的话题和研究方法。在第二章介绍股利分配的相关概念和理论。第三章是文献综述,总结前人的研究成果。在第四部分以自由现金流假说为基础构建了一个简单的博弈论模型,证明投资者话语权对公司股利分配可能存在的影响。第五部分,运用2008-2012年我国沪深300成分股的面板数据,对我国蓝筹股是否分配现金股利以及股利支付率的影响因素进行验证。第六部分是总结和政策建议。具体来说,本文希望验证我国蓝筹股的现金股利分配是否与三个现代股利分配理论相符：信号理论、自由现金流假说、生命周期假说。另外,本文还想验证,在我国投资者话语权提高对现金股利分配的影响、实际控制人类型对现金股利分配的影响以及2012年证监会发布《关于进一步落实上市公司现金分红有关事项的通知》这一事件对于我国蓝筹股现金股利分配的影响。本文通过实证研究,发现如下之前学者没有得出的结论：我国的散户和投资者随着话语权的提升,会偏好让上市公司更多地分配现金股利；实际控制人类型的不同,不会明显影响蓝筹股支付现金股利的概率,但是会对股利支付率产生显著影响,相对而言,政府控制的企业股利支付率更小而外资机构控制的企业股利支付率会更高。2012年证监会强制分红文件的发布,使得我国蓝筹股进行现金股利分配的概率以及股利支付率都有显著提高。
[Abstract]:This paper wants to study the factors that affect the cash dividend distribution of blue chips in China. Blue chips, because of their good performance, the risk is relatively small compared with other stocks. Is our country individual and the institutional investor contacts the investment target most frequently so what are the factors that affect the blue chip cash dividend distribution? This is the question that this paper wants to study. In the first chapter, the topic and research methods are introduced. In the second chapter, the related concepts and theories of dividend distribution are introduced. In the fourth part, based on the free cash flow hypothesis, a simple game theory model is constructed to prove the possible influence of investor's right of speech on the dividend distribution. By using the panel data of China's Shanghai and Shenzhen 300 constituent stocks from 2008 to 2012, the paper verifies the factors affecting the distribution of cash dividends and dividend payment rates in China's blue-chip stocks. The sixth part is a summary and policy recommendations. This paper hopes to verify whether the cash dividend distribution of blue chips in China is consistent with three modern dividend distribution theories: signal theory, free cash flow hypothesis, life cycle hypothesis. The influence of the improvement of investors' right of speech on the Distribution of Cash dividend in China, The effect of the Type of actual Controller on the Distribution of Cash dividend and the effect of this event on the Distribution of Cash dividend of Blue-chip stocks in China issued by the Securities Regulatory Commission in 2012. Through empirical research, It is found that the following conclusions have not been drawn by scholars before: retail investors and investors in our country will prefer to let listed companies distribute more cash dividends with the increase of the right to speak; the types of actual controllers are different. It will not significantly affect the probability of blue chips paying cash dividends, but it will have a significant impact on the dividend payment rate, relatively speaking, Government controlled companies pay less dividends and foreign firms pay higher dividends. In 2012, the Securities and Futures Commission issued a mandatory dividend document. As a result, the probability of cash dividend distribution and dividend payment rate of blue chips in China have been improved significantly.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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