投资者保护的执法环境对上市公司股利政策的影响研究

发布时间：2018-05-26 18:46

本文选题：投资者保护 + 股利政策　；参考：《山东财经大学》2014年硕士论文

【摘要】：证券市场的运转，需要一系列制度安排（正式、非正式）来降低交易费用。从公司的角度，可以分为公司内部治理机制与公司外部治理机制。其中，投资者保护与股利政策分属于公司外部治理机制与公司内部治理机制。股利政策作为上市公司内部治理的重要内容，关系到不同股东群体之间的利益分配，也关系到中小投资者投资收益权的实现。作为公司内部治理的股利政策，要受到作为公司外部治理的中小投资者保护状况的影响。本文首先从不同角度对股利政策与中小投资者保护问题的研究文献进行了梳理。然后，本文阐述了公司外部治理机制、公司内部治理机制及其相互关系，从理论上分析为公司外部治理环境的投资者保护作用于作为公司内部治理机制的股利政策的机制。进而描述了我国证券市场上的上市公司股利政策的现状，并从中小投资者保护层面探悉其原因，提出两者关系的理论假设——投资者保护水平与公司的股利政策之间存在正相关：较高水平的投资者保护将导致高的股利分配倾向，较高水平的投资者保护，将导致较高的股利支付水平。并利用我国证券市场2010-2012年A股上市公司的相关数据，对上述理论假设进行了描述性统计分析和多元回归分析，考察在相同的立法背景下，各地执法效率、执法环境的不同所决定的投资者保护实际水平的不同，，对上市公司股利政策的影响，实证结果支持投资者保护与股利政策关系的“结果”模型，验证了理论假设。最后，在总结研究结论的基础上，结合目前我国的现实背景，提出相关的对策建议，包括完善法律法规、提高执法效率、优化股权结构以及建立多层次资本市场等。
[Abstract]:The operation of the securities market requires a series of institutional arrangements (formal and informal) to reduce transaction costs. From the angle of company, it can be divided into internal governance mechanism and external governance mechanism. Among them, investor protection and dividend policy belong to external governance mechanism and internal governance mechanism. As an important part of the internal governance of listed companies, dividend policy is related to the distribution of interests among different shareholder groups, and also to the realization of the right of small and medium-sized investors to benefit from investment. The dividend policy as the internal governance of the company is affected by the protection of the small and medium investors as the external governance of the company. At first, this paper combs the research literature of dividend policy and the protection of small and medium investors from different angles. Then, this paper expounds the external corporate governance mechanism, corporate internal governance mechanism and their mutual relations, and theoretically analyzes the mechanism of dividend policy acting as the internal governance mechanism for the investor protection of the external corporate governance environment. Then it describes the current situation of dividend policy of listed companies in China's securities market, and probes into the reasons from the level of protection of small and medium-sized investors. The theoretical hypothesis of the relationship is that there is a positive correlation between the level of investor protection and the dividend policy of the company: a higher level of investor protection will lead to a higher tendency of dividend distribution, a higher level of investor protection, and a higher level of investor protection. Will lead to a higher level of dividend payment. Using the relevant data of A share listed companies in China's securities market from 2010 to 2012, this paper makes descriptive statistical analysis and multiple regression analysis on the above theoretical hypotheses, and examines the enforcement efficiency in various places under the same legislative background. The effect of the actual level of investor protection determined by different enforcement environments on the dividend policy of listed companies is different. The empirical results support the "result" model of the relationship between investor protection and dividend policy, and verify the theoretical hypothesis. Finally, on the basis of summing up the conclusion of the research, combined with the reality background of our country, this paper puts forward the relevant countermeasures and suggestions, including perfecting the laws and regulations, improving the efficiency of law enforcement, optimizing the ownership structure and establishing the multi-level capital market, etc.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F271

【参考文献】