制度环境对上市公司现金股利政策的影响研究

发布时间：2018-06-08 08:13

本文选题：制度环境 + 现金股利　；参考：《大连理工大学》2014年硕士论文

【摘要】：股利政策,作为回报股东的重要方式,是公司制定财务战略的重要环节,也是判断公司投资价值的决定性因素之一,而现金股利政策则是成熟的证券市场最常见也是最重要的股利支付方式,备受国内外学者的关注。恰当的现金股利政策能够传递企业当前经营状况和未来发展趋势良好的信号,树立良好的公司形象,吸引资本市场的投资者,为公司能长期、持续的发展提供条件,不断提升企业价值。国内外学者从公司特征、股权结构、行业特性等方面对现金股利的影响因素进行了理论和实证研究。国外也有研究从制度环境的角度对股利政策的影响因素进行探讨,但多从法律保护的角度着手。然而,比法律制度更为广泛的制度环境可能会显著影响公司现金股利分配行为。我国地大物博,各地的资源禀赋、经济发展水平、产业结构布局等呈现出了不同的发展趋势,区域差异明显,因此本文基于制度环境视角,采用2003-2012年沪深两市A股上市公司数据为研究样本,探讨我国区域制度环境差异对现金股利政策的作用机理。本文在制度环境和现金股利政策的相关文献和理论进行梳理和分析的基础上,分析了上市公司现金股利分配的特征,归纳各地区上市公司现金股利分配情况的年度变化特征趋势；其次利用logistic模型实证检验制度环境对上市公司现金股利支付意愿的影响；再次构建多元回归方程实证检验制度环境各因素对上市公司现金股利支付水平的影响；最后针对检验制度环境对现金股利政策区域差异过程中存在的问题进行稳健性检验。本文的检验丰富了制度环境影响公司财务行为的实证研究,同时为管理者和投资者提供一些建议。研究结果发现： (1)近年来,我国进行现金股利支付的上市公司比例稳步增长,从地区的统计结果看,各省分配现金股利的上市公司比例的趋势也大体一致,然而,各省之间的差异仍然明显。(2)市场化程度越高、政府干预程度越低、金融发展水平越高,法律保护环境越好,上市公司现金股利支付意愿越强,现金股利支付水平越高,制度环境可以明显的影响我国上市公司的现金股利支付行为,本文丰富了现金股利政策的研究范围；并且,制度环境中政府干预是影响现金股利支付水平最明显的因素。(3)进一步的研究表明,良好的制度环境不能够减弱“恶意派现”情况的发生,研究结果从一定程度上支持了现金股利的利益输送假说,我国上市公司分配现金股利过程中的利益输送行为仍然存在,并从理论上排除了股权分置改革和上市公司再融资动机对研究结果的干扰。
[Abstract]:As an important way to return the shareholders, the dividend policy is an important part of the company's financial strategy and one of the decisive factors to judge the value of the company's investment, and the cash dividend policy is the most common and most important way of paying dividends in the mature stock market. It has attracted the attention of scholars at home and abroad. It can transmit the signal of the current business situation and the future development trend of the enterprise, set up a good corporate image, attract the investors of the capital market, provide the conditions for the long-term and continuous development of the company, and constantly improve the value of the enterprise. The influence factors of the domestic and foreign scholars on the cash dividends from the characteristics of the company, the ownership structure and the industry characteristics. Theoretical and empirical studies are carried out. Foreign studies have also studied the influence factors of dividend policy from the perspective of institutional environment, but mostly from the perspective of legal protection. However, a more extensive institutional environment than the legal system may significantly affect the company's cash dividend distribution line.
In our country, the resource endowment, the economic development level and the industrial structure layout have shown different development trends, and the regional differences are obvious. Therefore, based on the institutional environment, this paper uses the data of the listed companies of the A shares of the Shanghai and Shenzhen two cities for 2003-2012 years as the research sample to discuss the cash dividend policy of the regional institutional and environmental differences in China. On the basis of the related literature and theory of the institutional environment and cash dividend policy, this paper analyzes the characteristics of the cash dividend distribution of the listed companies, sums up the annual change trend of the cash dividend distribution of Listed Companies in various regions, and then uses the logistic model to test the institutional environment to the upper part. The influence of the cash dividend payment intention of the city company, the multiple regression equation is constructed to test the influence of various factors on the cash dividend payment level of the listed company. Finally, the test system environment is used to test the stability of the existing problems in the regional difference process of the cash dividend policy. The empirical study of environmental impact on corporate financial behavior provides some suggestions for managers and investors.
The results of the study are as follows:
(1) in recent years, the proportion of Listed Companies in cash dividends paid in China has increased steadily. From the statistical results of the region, the trend of the proportion of listed companies to allocate cash dividends is also generally consistent. However, the difference between the provinces is still obvious. (2) the higher the degree of marketization, the lower the level of government intervention, the higher the level of financial development, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law The better the protection of the environment, the stronger the willingness of the listed companies to pay the cash dividend, the higher the cash dividend payment level, the institutional environment can obviously affect the cash dividend payment behavior of the listed companies in China. This article enriches the scope of the research on the cash dividend policy; moreover, the government intervention is the most obvious effect on the cash dividend payment level in the institutional environment. 3. (3) further research shows that good institutional environment can not weaken the occurrence of "malicious dispatch", and the results support the cash dividend hypothesis to a certain extent. The impact of leather and listed companies' refinancing motives on research results.
【学位授予单位】：大连理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

【参考文献】