地理位置、城市竞争力、市场化进程对现金股利政策的影响

发布时间：2018-03-15 19:55

本文选题：地理位置　切入点：城市竞争力　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：股利政策是现代公司财务管理的核心课题之一,随着公司制和股票市场的发展,上市公司的利润分配决策受到利益相关者的广泛的关注。现金红利在管理者和股东之间构成了一条纽带,通过这条纽带,公司的盈利得以回馈给股东；投资者也通过股利变动的信号来观察公司的经营经营状况,盈利能力和投资前景的变化。因此,公司现金股利政策的选择关系到公司的融资成本、投资者的盈利预期、资本结构和经营管理等方面。虽然西方资本市场对股利的研究已经很成熟,但是由于我国特殊的经济体制结构,在2005年进行股权分置改革之前,大部分公司的股权被政府和国有机构控制着,股权不够分散。公司治理较弱,现金股利作为联系投资者和上市公司纽带的功能并没有得到充分的发挥,对于股利政策与公司总部的地理位置与市场化程度的研究还很不足。随着我国证券市场的发展,股份制公司数目的急剧增加,企业的营理层面临着越来越多提高现金红利的要求。目前国内对于股利政策的研究主要是着眼于公司的控股股权,公司治理,管理层特征,经营状况等层面。本文主要基于代理成本和信息不对称理论,从地理因素的角度出发,考察公司的地理因素对于公司现金股利政策的影响。此外,由于我国特殊的经济发展制度,导致各个地区发展水平也极不平衡,各个地区的市场化水平和城市竞争力悬殊甚大。本文在此基础上也提出了相关的竞争性假设。本文主要选择2012年之前在A股主板上市的公司,从2001至2012年的数据作为研究样本(不包括金融业,ST,中小板和创业板,以及数据缺失的公司),从公司的地理位置因素的角度出发,考察公司的位置(到大城市的距离)对于公司现金股利政策的影响。本文实证发现市场化程度越高,公司的现金股利支付的概率越高,支付水平也越高。此外,城市竞争力越高,现金股利支付的概率也就越大,同时股利支付水平也越高。实证发现公司总部到北、上、广、深四大城市的距离越远,公司支付现金股利的意愿就越低,支付现金股利的水平也越低。
[Abstract]:Dividend policy is one of the core issues in the financial management of modern companies. With the development of the corporate system and the stock market, The decision of profit distribution of listed companies is concerned by stakeholders. Cash dividend forms a link between managers and shareholders, through which the profits of the company can be returned to shareholders; Therefore, the choice of cash dividend policy of the company is related to the financing cost of the company, the profit expectation of the investor, the change of the operating condition, the profit ability and the investment prospect of the company through the signal of the change of dividend, so the choice of the company's cash dividend policy is related to the company's financing cost, Although the research on dividend in western capital markets is very mature, but due to the special economic structure of our country, before the reform of split share structure in 2005, The majority of companies are controlled by the government and state-owned institutions, and the shares are not dispersed enough. Corporate governance is weak, and the function of cash dividends as a link between investors and listed companies is not given full play. With the development of the stock market in China, the number of joint-stock companies has increased sharply. At present, domestic research on dividend policy is mainly focused on controlling equity, corporate governance, and management characteristics. Based on the theory of agency cost and information asymmetry, this paper investigates the influence of company's geographical factors on the company's cash dividend policy from the perspective of geographical factors. As a result of China's special economic development system, the level of development in various regions is also extremely uneven. The level of marketization and the competitiveness of cities vary greatly in various regions. On this basis, this paper also puts forward the relevant competitive assumptions. This paper mainly selects companies listed on the A-share main Board before 2012. From data from 2001 to 2012 as a sample of the study (excluding financial sector STs, small and medium-sized boards and growth enterprise boards, and companies with missing data, from the point of view of the geographical location of companies), This paper investigates the influence of the position of the company (distance from the big city) on the cash dividend policy of the company. The higher the degree of marketization, the higher the probability of the cash dividend payment and the higher the payment level. The higher the competitiveness of a city, the greater the probability of cash dividend payment, and the higher the level of dividend payment. It is found that the farther the company headquarters to the north, the wider, the deeper the city, the lower the company's willingness to pay the cash dividend. Cash dividends are also paid at lower levels.
【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】：F275;F832.51

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