异常派现对盈余质量的信号作用研究
发布时间：2018-08-13 08:49
【摘要】：股利政策作为公司财务理论三大支柱之一,历来都是人们关注的焦点。在信息不对称的情况下,投资者希望从公司的股利分配政策中探究公司的未来发展前景,上市公司的管理层也希望能通过合理的股利政策向投资者传达经营业绩良好的信号作用,因此股利政策的信息内涵被人们广泛关注。 根据信号理论,管理层在预期未来盈余显著增加的情况下才会提高现金股利支付率的大小,那么中国证券市场上上市公司异常派现行为是否信号传递功能,是否能够反映不同企业的盈余持久性,广大投资者是否能够根据企业的异常派现动机来判断公司未来的发展前景,这些就是本论文所探讨异常派现行为对盈余持久性信号传递作用研究的意义所在 本文研究了各种股利政策下,上市公司未来两年的盈余质量的高低,以此来探究各种股利分配形式是否对公司的盈余质量具有信号传递作用。在此基础上文章进一步探讨了异常派现行为对上市公司的盈余质量是否具有传递作用以及股权集中度的提高对这种信号传递作用是否会产生一定的影响。由此,本文提出三个假设：一、上市公司派发现金股利具有信号传递作用,派发了现金股利的上市公司盈余质量更高；二、异常派现对盈余质量具有信号传递作用；三、股权集中度会削弱异常派现行为对盈余质量的信号传递作用。 通过对上市公司2007-2009年间沪深A股数据的实证检验,结果分析表明：一,现金股利与盈余持久性的交乘项系数显著为正,说明派发现金股利上市公司的盈余持久性更强,盈余质量更高；二,上市公司盈余持久性与异常派现额的交乘项系数显著为正,说明盈余持久性与异常派现行为正相关,异常派现行为对盈余质量具有信号传递作用；三,随着大股东持股比例的增强,异常派现与盈余持久性、第一大股东持股比例的交乘项系数显著为负,说明了股权集中度会削弱异常派现对盈余持久性的信号作用。
[Abstract]:As one of the three pillars of corporate finance theory, dividend policy has always been the focus of attention. In the case of asymmetric information, investors hope to explore the future development prospects of the company from the dividend distribution policy of the company. The management of listed companies also hopes to convey the signal of good operating performance to investors through reasonable dividend policy, so the information connotation of dividend policy is widely concerned by people. According to the signal theory, the management will increase the cash dividend payout rate only when the future earnings are expected to increase significantly in the future. So, is the abnormal cash dividend behavior of listed companies in China's securities market a signal transmission function? Whether it can reflect the persistence of earnings of different enterprises, whether the majority of investors can judge the future development prospects of companies according to the abnormal cash payout motives of the enterprises, These are the significance of the study on the effect of abnormal payout behavior on earnings persistent signal transmission in this paper. This paper studies the earnings quality of listed companies in the next two years under various dividend policies. In order to explore whether various forms of dividend distribution on the earnings quality of the company signal transmission. On this basis, the paper further discusses whether the abnormal payout behavior has the transmission effect on the earnings quality of listed companies and whether the increase of equity concentration will have a certain influence on the signaling effect. Therefore, this paper puts forward three hypotheses: first, cash dividend distribution by listed companies has signalling effect, and the earnings quality of listed companies that have distributed cash dividends is higher; second, abnormal cash dividend has signalling effect on earnings quality; third, Equity concentration will weaken the signaling effect of abnormal payout behavior on earnings quality. Through the empirical test of the data of Shanghai and Shenzhen A shares from 2007 to 2009, the results show that: first, the multiplicative coefficient of the persistence of cash dividend and earnings is significantly positive, which indicates that the earnings of listed companies with cash dividends are more persistent than those of listed companies. The earnings quality is higher; second, the coefficient of earnings persistence and abnormal payout of listed companies is significantly positive, indicating that earnings persistence is positively related to abnormal cash payout behavior, and abnormal dividend behavior has a signalling effect on earnings quality; third, With the increase of the shareholding ratio of large shareholders, abnormal payout and earnings persistence, the cross multiplicative coefficient of the first largest shareholder's shareholding ratio is significantly negative, which indicates that the ownership concentration will weaken the signal effect of abnormal dividend on earnings persistence.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
本文编号：2180473
[Abstract]:As one of the three pillars of corporate finance theory, dividend policy has always been the focus of attention. In the case of asymmetric information, investors hope to explore the future development prospects of the company from the dividend distribution policy of the company. The management of listed companies also hopes to convey the signal of good operating performance to investors through reasonable dividend policy, so the information connotation of dividend policy is widely concerned by people. According to the signal theory, the management will increase the cash dividend payout rate only when the future earnings are expected to increase significantly in the future. So, is the abnormal cash dividend behavior of listed companies in China's securities market a signal transmission function? Whether it can reflect the persistence of earnings of different enterprises, whether the majority of investors can judge the future development prospects of companies according to the abnormal cash payout motives of the enterprises, These are the significance of the study on the effect of abnormal payout behavior on earnings persistent signal transmission in this paper. This paper studies the earnings quality of listed companies in the next two years under various dividend policies. In order to explore whether various forms of dividend distribution on the earnings quality of the company signal transmission. On this basis, the paper further discusses whether the abnormal payout behavior has the transmission effect on the earnings quality of listed companies and whether the increase of equity concentration will have a certain influence on the signaling effect. Therefore, this paper puts forward three hypotheses: first, cash dividend distribution by listed companies has signalling effect, and the earnings quality of listed companies that have distributed cash dividends is higher; second, abnormal cash dividend has signalling effect on earnings quality; third, Equity concentration will weaken the signaling effect of abnormal payout behavior on earnings quality. Through the empirical test of the data of Shanghai and Shenzhen A shares from 2007 to 2009, the results show that: first, the multiplicative coefficient of the persistence of cash dividend and earnings is significantly positive, which indicates that the earnings of listed companies with cash dividends are more persistent than those of listed companies. The earnings quality is higher; second, the coefficient of earnings persistence and abnormal payout of listed companies is significantly positive, indicating that earnings persistence is positively related to abnormal cash payout behavior, and abnormal dividend behavior has a signalling effect on earnings quality; third, With the increase of the shareholding ratio of large shareholders, abnormal payout and earnings persistence, the cross multiplicative coefficient of the first largest shareholder's shareholding ratio is significantly negative, which indicates that the ownership concentration will weaken the signal effect of abnormal dividend on earnings persistence.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
【参考文献】
相关期刊论文 前10条
1 唐国琼,邹虹;上市公司现金股利政策影响因素的实证研究[J];财经科学;2005年02期
2 赵春光,张雪丽,叶龙;股利政策:选择动因——来自我国证券市场的实证证据[J];财经研究;2001年02期
3 阎大颖;中国上市公司首次股票股利信号传递有效性的实证研究[J];财贸研究;2005年04期
4 王合喜;胡伟;;我国上市公司现金股利分配政策影响因素研究[J];财务与会计;2004年02期
5 唐跃军;谢仍明;;股份流动性、股权制衡机制与现金股利的隧道效应——来自1999—2003年中国上市公司的证据[J];中国工业经济;2006年02期
6 刘星,李豫湘,杨秀苔;影响我国股份公司股利决策的因素分析[J];管理工程学报;1997年01期
7 佟岩;程小可;;关联交易利益流向与中国上市公司盈余质量[J];管理世界;2007年11期
8 伍利娜,高强,彭燕;中国上市公司“异常高派现”影响因素研究[J];经济科学;2003年01期
9 陈晓,陈小悦,倪凡;我国上市公司首次股利信号传递效应的实证研究[J];经济科学;1998年05期
10 吕长江,王克敏;上市公司股利政策的实证分析[J];经济研究;1999年12期
，本文编号：2180473
本文链接：https://www.wllwen.com/jingjilunwen/zbyz/2180473.html
