我国上市公司股利分配的特征及对策研究

发布时间：2018-03-30 20:01

本文选题：上市公司　切入点：股利分配　出处：《西南财经大学》2014年硕士论文

【摘要】：众所周知,上市公司的股利政策具有十分重要的意义,公司股利的分配不仅关系到股东和债权人的切身利益,也对公司未来的发展具有重大的影响,因此一直以来受到广大学者及社会大众的广泛关注。但我国的证券市场在这二十年快速发展的同时,尚不十分成熟,留有自身体制所带来的痕迹。在上市公司股利分配上也有所体现,存在诸多不规范的地方。证监会出于规范上市公司股利分配的目的,从2001年开始,连续多年来对上市公司分红进行了引导,取得了巨大的进展,有效地促进了上市公司分红情况的好转；但同时证监会的政策也引来了一些质疑,所谓“强制分红”损害了上市公司的利益。在2012年,证监会又发布了《关于进一步落实上市公司现金分红有关事项的通知》,在这份通知中要求上市公司注重对股东的回报。在这一背景下,本文通过对2012年前后我国上市公司股利分配的特征进行统计分析,梳理了在证监会政策的引导下,上市公司分红取得的成效以及仍旧存在的问题,对此进行了原因分析并提出相应对策。以期对上市公司规范股利分配,更好地贯彻落实证监会政策提供一些参考,从而保护中小投资者、债权人以及公司自身的利益。本文共分五个部分,主要内容如下：第一章,导论。本章提出了本文的研究背景及意义,对所研究问题阐述了研究思路及研究方法,并指出了本文可能的主要贡献以及不足。第二章,文献综述与理论基础。对股利分配相关文献从三个方面进行了一个梳理,主要包括股利分配影响因素,股利分配与信号传递理论,股利分配与股权结构三方面国内外的相关研究；对相关的理论做了一个简要介绍,包括股利政策内容、传统股利理论和现代股利理论。第三章,我国上市公司股利分配的特征分析。本章通过搜集2012年前后两个阶段我国A股上市公司的股利分配数据,从多方面进行统计分析、比较,并结合上市公司近几年年报披露的股利分配方案,对我国上市公司股利分配所表现出来的一些特征进行分析阐述。第四章,我国上市公司股利分配的问题与原因分析。通过上一章对股利分配特征的统计分析,在此基础之上,对我国上市公司在股利分配中仍旧存在的问题进行了一个归纳总结。并从上市公司自身因素以及外部因素两个方面分析了存在问题的原因。第五章,完善我国上市公司股利分配的对策。针对存在的问题和原因,本章从国家政府监管、法律强制性、公司自身发展三个角度提出了具体详尽的对策。为规范我国上市公司股利分配行为提供参考,具有一定的借鉴意义。本文的主要贡献在于,对2012年上市公司股利分配的相关数据进行统计分析,为股利分配研究提供了一份较新的经验数据；加大了提出对策的比重,从多角度提出了可以完善上市公司股利分配的具体措施,有一定的参考性；侧重于对证监会政策出台前后上市公司股利分配情况的比较研究,突出证监会政策在引导上市公司分红上的作用。但由于笔者学识水平有限,实践经验的缺乏,本文的不足之处在于仅对股利分配比较突出的问题进行了分析,不够全面,有待于在以后学习工作中深入探索；同时,本文的研究方法以统计分析及规范性研究为主,缺乏实证研究模型对所研究问题的论证。
[Abstract]:As everyone knows, has very important significance to the dividend policy of listed companies, the dividend distribution is not only related to the vital interests of shareholders and creditors, but also has a profound impact on the future development of the company, so it has been widely concerned by the scholars and the public. But China's securities market in the past twenty years of rapid development at the same time, is not very mature, have their own system brought about by the trace. Also reflected in the dividend distribution of listed companies, there are many non-standard place. The Commission to regulate the dividend distribution of listed companies, from the beginning of 2001, consecutive years of dividends of listed companies to guide, has made tremendous progress. And effectively promote the improvement of the listed company dividends; but at the same time, the Commission's policy also attracted a number of questions, the so-called "mandatory dividend" damages the listed company Interests. In 2012, the Commission issued "on further implementation of the relevant matters of cash dividends of listed companies notice", in this notice requires listed companies to focus on returns to shareholders. Under this background, this paper makes the statistical analysis of the characteristics of dividend distribution of Listed Companies in China after 2012 on, combs in the commission policy under the guidance of the dividends of listed companies of the achievements and problems still exist, this paper analyzes the cause and puts forward the corresponding countermeasures. In order to standardize the dividend distribution of listed companies, to better implement the Commission to provide some reference to the policy, the protection of small investors, creditors and the company's own interests.
This article is divided into five parts, the main contents are as follows:
The first chapter is introduction. This chapter puts forward the research background and significance of this paper, expounds the research train of thought and research method for the research questions, and points out the main contributions and shortcomings of this paper.
The second chapter, literature review and theoretical basis. The dividend distribution of the relevant literature was a comb from the three aspects, including the main influencing factors of dividend, dividend distribution and signal transfer theory, the related research at home and abroad of dividend distribution and ownership structure in three aspects; the related theory to make a brief introduction, including dividend the content of the policy, the traditional dividend theory and modern dividend theory.
The third chapter, analysis of the characteristics of dividend distribution of Listed Companies in China. This chapter through the collection in 2012 before and after the two stages of the dividend data of Listed Companies in A stock market, carries on the statistical analysis, from the aspects of comparison, dividend distribution plan and in recent years with the disclosure of the annual report of listed companies, some features of dividend distribution listed companies in China are analyzed in this paper.
The fourth chapter analyses the problems and reasons of dividend distribution of Listed Companies in China. The last chapter statistics on dividend distribution characteristic analysis, on this basis, the listed company of our country still exists in the dividend distribution problems for a summary. And from the two aspects of the listed company's own factors and external factors analysis the causes of problems.
The fifth chapter, countermeasures to improve the dividend distribution of Listed Companies in China. And the reasons for the problems, this chapter from the national government legal supervision, mandatory, the company's own development three aspects puts forward some specific suggestions in detail. Provide a reference for the specification of dividend distribution of Listed Companies in China, has a certain significance.
The main contribution of this paper is that the relevant data on the dividend distribution of Listed Companies in 2012 for statistical analysis, provides a new empirical data for the research of the dividend distribution; increase the proportion of countermeasures, from multiple perspectives put forward specific measures to improve the dividend distribution of listed companies, there is a certain reference; focus on comparison study on the situation of dividend distribution of listed companies before and after the Commission on policy, highlighting the commission policy under the guidance of the dividends of listed companies on the role. But because of my limited knowledge, lack of practical experience, the shortage of this article is only for dividend distribution problems are analyzed, is not comprehensive enough to be in the future learning further exploration work; at the same time, this research method to research and analysis of statistical norms, lack of empirical research on the study of the model is proved.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】