外部治理环境、终极所有权结构对农业上市公司股利政策的影响研究

发布时间：2018-03-23 10:14

本文选题：两权分离　切入点：外部治理环境　出处：《浙江农林大学》2017年硕士论文

【摘要】：我国正处于农业发展的转化阶段和市场经济的转型阶段,农业上市公司大多存在着终极控制人通过金字塔型控股的股权结构,股东与管理者之间的代理冲突已被终极控股股东与中小股东之间的代理冲突取代成为农业上市公司收益分配问题中的首要矛盾。同时,“法与金融”学派将研究的焦点转移到外部治理环境,国内外学者分别从国家和地区的角度研究外部治理环境差异对公司股利政策的影响。然而,大多学者在研究中仅考察外部治理环境的直接效应,忽略了终极所有权结构的两权分离与外部治理环境交互作用对农业上市公司股利政策产生的影响。本文从双重视角来研究终极所有权结构与外部治理环境的交互作用对农业上市公司股利政策的影响。本文以2010-2014年间我国沪深股市A股主板上市的55家农业上市公司作为初始研究对象,基于终极所有权结构的视角,研究中引入外部治理环境,从宏观和微观两个层面研究对农业上市公司现金股利政策的影响,并通过引入交叉项,来考察外部治理环境能否缓解终极控股股东两权分离对现金股利支付意愿和水平的负向影响,从一个立体的视角来研究现金股利政策。本文的研究结果主要包括:(1)内部终极所有权层面,终极控股股东两权分离对农业上市公司的现金股利政策具有负向影响,现金流权与控制权的两权分离程度越高,越能降低现金股利的支付意愿和支付水平;外部治理环境层面,外部治理环境与现金股利政策正相关,即外部治理环境越好,农业上市公司现金股利支付的意愿和水平越高。(2)外部治理环境的改善有助于缓解终极控股股东两权分离对农业上市公司现金股利支付意愿的负向影响,而两者的交叉项与现金股利支付水平之间没有显著的相关性,即外部治理环境的改善能有效地抑制终极控股股东为谋取私利而侵害中小股东权力的行为,提高现金股利支付意愿。
[Abstract]:China is in the transformation stage of agricultural development and market economy. Most of the agricultural listed companies have the ownership structure of ultimate controller through pyramid holding. The agency conflict between shareholders and managers has been replaced by the agency conflict between the ultimate controlling shareholder and the minority shareholders. At the same time, the "law and finance" school will study. The focus shifts to the external governance environment, Scholars at home and abroad have studied the influence of external governance environment differences on corporate dividend policy from national and regional perspectives. However, most scholars only examine the direct effects of external governance environment in the research. The influence of the interaction between the two ownership structure and the external governance environment on the dividend policy of agricultural listed companies is ignored. This paper studies the interaction between the ultimate ownership structure and the external governance environment from a dual perspective. This paper takes 55 agricultural listed companies listed on the main board of Shanghai and Shenzhen stock markets in China from 2010-2014 as the initial research object. Based on the perspective of the ultimate ownership structure, the paper introduces the external governance environment to study the impact on the cash dividend policy of agricultural listed companies from the macro and micro levels, and through the introduction of cross-items. To investigate whether the external governance environment can alleviate the negative impact of the separation of the two rights of the ultimate controlling shareholder on the willingness and level of cash dividend payment, This paper studies cash dividend policy from a stereoscopic perspective. The results of this paper mainly include: 1) Internal ultimate ownership. The separation of two rights of ultimate controlling shareholder has a negative impact on the cash dividend policy of agricultural listed companies. The higher the degree of separation between cash flow right and control right is, the lower the willingness to pay and payment level of cash dividend is, and the more positive correlation is between external governance environment and cash dividend policy, that is, the better the external governance environment is, the better the external governance environment is. The higher the willingness and level of cash dividend payment of agricultural listed companies, the better the external governance environment can help to alleviate the negative impact of the separation of two rights of ultimate controlling shareholders on the willingness to pay cash dividends of agricultural listed companies. However, there is no significant correlation between the cross-items and the level of cash dividend payment, that is, the improvement of external governance environment can effectively restrain the ultimate controlling shareholders from infringing on the rights of minority shareholders in order to obtain private profits. Increase the willingness to pay cash dividends.
【学位授予单位】：浙江农林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F324;F302.6;F271

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