股权分置改革对国内上市公司所有权结构与股利政策的影响分析
发布时间：2018-08-06 10:34
【摘要】：2005年4月份,本着在制度上对国内资本市场进行再造的目的,证监会开始对股权实行分置改革。到目前为止,这项改革业已完成,随着资本市场的日益发展,国内证券市场达到了“同股同利”,股票市场逐渐步入全流通时期,上市单位的股权结构、股利政策已经表现出了与分置改革之前不同的特点。所以,本研究就股权分置改革前后国内上市股权结构与股利政策的变化进行了比较系统的分析研究。 本研究以股权分置改革为背景,以阅读国内外文献为基础,探究了分置改革对国内上市单位股权结构以及股利政策所带来的作用,基于在对所有权分置改革以及股利政策的有关理论予以回顾的前提下,紧接着通过大量的数据和图表来对股改前后的所有权结构与股利政策的变化予以了比较系统的分析研究。结果表明,随着股改的深入进行,对国内股权结构以及股利政策带来了巨大的影响。 股权分置改革之前,国内上市单位所有权结构呈现出“一股独大”以及流通股与非流通股并存的特点。正因为国内上市单位所具有如此的股权结构,使得国内这些公司股利亦有着不同于国外的分配政策,这些政策经常变化,股利分配不时中断,被大股东所操纵,从而为其获得更多的私己利益；在改革之后,股权结构大大不同于以前,从而使得股利政策产生了很多与先前不一样的内容。在股权结构方面,流通股比重大幅度上升,国有股和法人股所占比重大幅度下降,第一大股东持股所占比重与前五大股东持股所占比重趋于合理,所有权结构趋于合理化。与此同时,股利政策也大不同于股改之前,发放现金股利的公司数目不断增加,上市公司整体排放现金股利水平很大程度地提高了,发放的现金股利连续且稳定,异常派现现象不断地减少。 股改至今,虽说我国资本市场已经进入全流通时代,但是,依然需要对股权结构和股利政策不断地予以优化,需要不断地完善公司治理制度,形成监管机制以求对投资方利益予以保护,对国内资本市场予以合理规范,对法律法规环境予以改善,对不同的市场机制予以健全。
[Abstract]:In April 2005, with the aim of reconstructing the domestic capital market, the CSRC began to carry out the split share structure reform. So far, this reform has been completed. With the increasing development of the capital market, the domestic securities market has reached the "same share with interest", and the stock market has gradually entered the period of full circulation, and the equity structure of listed units. Dividend policy has shown different characteristics than before the reform of split structure. Therefore, this study makes a systematic analysis on the changes of domestic listed equity structure and dividend policy before and after the reform of split share structure. Based on the background of the reform of split share structure and the reading of domestic and foreign literature, this study explores the effect of the reform on the ownership structure and dividend policy of domestic listed units. Based on the review of the relevant theories of ownership structure reform and dividend policy, this paper makes a systematic analysis and study on the changes of ownership structure and dividend policy before and after the reform through a large number of data and charts. The results show that with the deepening of stock reform, it has a great impact on domestic equity structure and dividend policy. Prior to the reform of split share structure, the ownership structure of domestic listed units presented the characteristics of "one share alone" and the coexistence of circulating shares and non-tradable shares. It is precisely because of the ownership structure of domestic listed units that the dividend of these domestic companies is also different from that of foreign countries. These policies often change, the dividend distribution is interrupted from time to time, and is manipulated by major shareholders. After the reform, the ownership structure is much different from the previous ones, which makes the dividend policy produce a lot of different contents. In the aspect of ownership structure, the proportion of circulating shares has increased by a large margin, the proportion of state-owned shares and legal persons shares has decreased by a large margin, the proportion of the largest shareholders holding shares has tended to be reasonable with the proportion of the first five major shareholders holding shares, and the ownership structure has tended to be rationalized. At the same time, the dividend policy is also quite different from that before the stock reform. The number of companies paying cash dividends is increasing, and the overall emission level of cash dividends of listed companies has increased to a large extent, and the cash dividends paid out are continuous and stable. The phenomenon of abnormal cash distribution is decreasing. Although China's capital market has entered an era of full circulation, it is still necessary to optimize the ownership structure and dividend policy, and to constantly improve the corporate governance system. In order to protect the interests of investors, to regulate the domestic capital market reasonably, to improve the environment of laws and regulations, and to perfect different market mechanisms.
【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;F271;F272.92
本文编号：2167461
[Abstract]:In April 2005, with the aim of reconstructing the domestic capital market, the CSRC began to carry out the split share structure reform. So far, this reform has been completed. With the increasing development of the capital market, the domestic securities market has reached the "same share with interest", and the stock market has gradually entered the period of full circulation, and the equity structure of listed units. Dividend policy has shown different characteristics than before the reform of split structure. Therefore, this study makes a systematic analysis on the changes of domestic listed equity structure and dividend policy before and after the reform of split share structure. Based on the background of the reform of split share structure and the reading of domestic and foreign literature, this study explores the effect of the reform on the ownership structure and dividend policy of domestic listed units. Based on the review of the relevant theories of ownership structure reform and dividend policy, this paper makes a systematic analysis and study on the changes of ownership structure and dividend policy before and after the reform through a large number of data and charts. The results show that with the deepening of stock reform, it has a great impact on domestic equity structure and dividend policy. Prior to the reform of split share structure, the ownership structure of domestic listed units presented the characteristics of "one share alone" and the coexistence of circulating shares and non-tradable shares. It is precisely because of the ownership structure of domestic listed units that the dividend of these domestic companies is also different from that of foreign countries. These policies often change, the dividend distribution is interrupted from time to time, and is manipulated by major shareholders. After the reform, the ownership structure is much different from the previous ones, which makes the dividend policy produce a lot of different contents. In the aspect of ownership structure, the proportion of circulating shares has increased by a large margin, the proportion of state-owned shares and legal persons shares has decreased by a large margin, the proportion of the largest shareholders holding shares has tended to be reasonable with the proportion of the first five major shareholders holding shares, and the ownership structure has tended to be rationalized. At the same time, the dividend policy is also quite different from that before the stock reform. The number of companies paying cash dividends is increasing, and the overall emission level of cash dividends of listed companies has increased to a large extent, and the cash dividends paid out are continuous and stable. The phenomenon of abnormal cash distribution is decreasing. Although China's capital market has entered an era of full circulation, it is still necessary to optimize the ownership structure and dividend policy, and to constantly improve the corporate governance system. In order to protect the interests of investors, to regulate the domestic capital market reasonably, to improve the environment of laws and regulations, and to perfect different market mechanisms.
【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;F271;F272.92
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