中国上市公司红利分配异化研究

发布时间：2018-03-03 21:14

本文选题：红利分配异化　切入点：红利分配矫正　出处：《河南财经政法大学》2013年硕士论文　论文类型：学位论文

【摘要】：上市公司红利分配既是当前我国资本市场制度领域改革中的热点和难点问题之一，也是保护投资者利益和回报投资者最重要的方式之一。长期不分红与异常高派现的异化分配行为会严重损害投资者利益，并扰乱市场秩序，对资本市场循环等造成危害。但是，一直以来都是从公司财务决策、公司治理等微观角度研究红利分配政策，忽略了红利分配政策对资本市场循环的影响。本文研究则突破了以上局限，在更广阔的视角，从监管部门政策、信息披露、市场行为等方面进行，对上市公司红利分配异化行为，即长期不分红和异常高派现，进行分析和研究。本文从长期不分红和异常高派现上市公司统计、分红数据比较等方面论证了目前我国上市公司存在着较为严重的红利分配异化行为，对红利分配异化上市公司进行了广泛搜集和比较，，并结合这些红利分配异化现象，本文深入分析长期不分红与异常高派现影响因素，并针对性地利用数量方法进行分析和归纳。上市公司因长期亏损而无红可分，因倾向留存而少分红，因信息披露不规范纵容不分红等，因为前期留存过高而异常高派现，因控股股东影响而倾向高派现，因再融资而有能力高派现等，这些潜在的因素都被挖掘。同时，本文针对这些影响因素，提出了上市公司红利分配异化的矫正措施，包括严格执行上市公司退市制度、推行强制分红措施、规范和完善分红信息披露制度、完善上市公司治理结构等，这些矫正措施的提出，能够为监管部门针对性地矫正目前红利分配异化行为提供理论支持与帮助。另外，本文创新性地提出了“个股分红指数”这一概念，对上市公司分红水平给出了量化的指数方法，为监管部门监管上市公司红利分配提供了有效地监管指标。同时，本文通过SAS程序悉心筛选的红利分配异化上市公司为其它研究者和投资者提供了丰富的借鉴。
[Abstract]:Dividend distribution of listed companies is one of the hot and difficult issues in the field of capital market system reform in China. It is also one of the most important ways to protect the interests of investors and return investors. The dissimilatory distribution behavior of long-term non-dividend and unusually high cash distribution will seriously damage the interests of investors, disrupt the market order and cause harm to the circulation of capital markets. The dividend distribution policy has always been studied from the microcosmic angles of corporate financial decision, corporate governance and so on, ignoring the impact of dividend distribution policy on the circulation of capital market. From the aspects of regulatory policy, information disclosure, market behavior and so on, this paper analyzes and studies the dissimilation behavior of dividend distribution of listed companies, that is, long-term non-dividend distribution and unusually high dividends. This paper demonstrates that the listed companies in our country have serious behavior of dividend distribution alienation from the aspects of statistics of long-term non-dividend and abnormal high dividend distribution and comparison of dividend data. The dividend distribution alienation listed companies are widely collected and compared, and combined with these dividend distribution alienation phenomenon, this paper deeply analyzes the factors that affect the long-term non-dividend distribution and abnormal high dividend payment. The listed companies have no red to divide due to long-term losses, less dividends due to their tendency to retain, no dividends due to non-standard information disclosure, and so on, because the early retention is too high and the dividends are exceptionally high. These potential factors have been excavated because of the influence of controlling shareholders and the ability to pay high cash due to refinancing. At the same time, aiming at these factors, this paper puts forward some corrective measures for the alienation of dividend distribution of listed companies. Including strictly enforcing the delisting system of listed companies, implementing compulsory dividend measures, standardizing and perfecting the information disclosure system of dividend distribution, perfecting the governance structure of listed companies, and so on. These corrective measures have been put forward. It can provide theoretical support and help for regulators to correct the current alienation behavior of dividend distribution. In addition, this paper creatively puts forward the concept of "individual dividend index", gives a quantitative index method to the dividend level of listed companies, and provides an effective supervision index for supervising the dividend distribution of listed companies. This paper provides a rich reference for other researchers and investors by carefully selecting dividend allocation alienation listed companies through SAS program.
【学位授予单位】：河南财经政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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