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论文编号：	1002
作者编号：	2120072064
上传时间：	2009/5/25 23:37:11
中文题目：	股权分置改革前后上市公司现金股
英文题目：	Research on Cash Dividend Poli
指导老师：	李维安教授
中文关键字：	股权分置改革;现金股利;控股股东
英文关键字：	Non-Tradable Shares Reform (NT
中文摘要：	本论文在全流通背景下对不同控股股东类型上市公司的现金股利行为进行了全面和深入的分析，运用实证研究的方法，对我国中央控股、地方控股以及民营等其他控股上市公司股权分置改革前后的现金股利行为进行研究。 本文利用实证研究的方法对进行股权分置改革的上市公司进行数量分析，其中剔除数据不全、金融类企业以及存在异常值的上市公司，共取得556家有效样本。本文还根据其股权分置改革实施复牌日（05组和06组）以及控股股东性质（中央控股组、地方控股组和民营等其他控股组），分为六组分别进行研究，并使用MNR和K-S检验相结合的方法很好地刻画了股权分置改革前后现金股利行为的变化；另外使用多元线性回归和Logistic回归分析方法研究了现金股利行为以及异常高派现行为的影响因素。 本文发现，除05组地方控股上市公司和06组中央控股上市公司以外，几乎全体组别的现金股利收益率在股权分置改革前后都具有显著差异，但在股权分置改革前一年至后一年的三年观察期内该两个组别的现金股利支付水平都发生了显著的变化。根据不同样本分类进行现金股利政策影响因素的多元回归分析，可以发现所有组别的中央控股上市公司在某种程度上出现了股东的合谋行为。而且引起股改后现金股利行为变化的主要因素是公司股权结构的变化。05组中央控股上市公司改革前的股权结构解释变量都不显著；而改革后可以发现机构持股比例与现金股利的支付呈显著负相关关系。其余各类型与各组别样本公司的变化也十分明显。 本文还发现，05组地方控股上市公司和民营等其他控股上市公司中，对价支付水平显著正相关。而所有组别的中央控股上市公司和06组地方控股上市公司的对价支付水平都不显著。 本文的创新点在于将样本公司根据其不同控股股东类型进行分类加以研究，并得出具有创新性的结论。与党红等人的研究结果相悖，作者发现了不同类型公司现金股利的不同偏好以及不同影响因素。
英文摘要：	Property variety based on property interaction between private economy and state-owned economy is seen as the important resolution to solve the dilemma of state-owned enterprises of our country. However, owing to neglect the protection of small-middle shareholders decrease of state-owned shares failed in June, 2001.It was rejected by the capital market and then bad way for our country's capital market lasted for 6 years which influenced share right revolution of our country. CSRC announced that the revolution of reformation of dispersion of share and rights had been ready on April 12th, 2005. It succeeded by paying for the consideration. In this paper, the cash dividend policies of the list companies which are divided into three different research groups, namely Central-Owned Enterprises, Local-Owned Enterprises and Private Enterprises before and after the Non-Tradable Shares Reform are having been analyzed by empirical research. First empirical tool is MNR method to examine the difference between the pre-NTSR and post-NTSR year, which is followed by the multiple linear regression analysis on the factors of the change of cash dividend. The third part is also the multiple linear regression analysis but on the factors of the change of cash dividend of different years to find out the change of the factors. The final part is logistic regression analysis to look for the relationship between the abnormal cash dividend and consideration as well as ownership structure. In the studies, all the samples are divided into six categories on the basis of three different controlling shareholders and two different reform years. It finds out that all samples of the company's cash dividends in the post-NTSR year significantly decline, with 05 COEs as well as all 06 sample groups are the most significant companies. According to the classification of different samples of the impact of the cash dividend policy of the multiple regression analysis can be found that there is shareholders-collusion in all the COEs. All the ownership variables of the COEs in 05 Group are not significant and institution holding proportion can be found significantly negative correlation. The remaining samples all change obviously. It also finds that the considerations of all COEs in both groups and LOEs in 06 Group are not significant, but significant in the cases of LOEs and PEs in 05 Group. In this paper, the innovation lies in the different samples of the company which are classified in accordance with its controlling shareholder. Running counter to the research conclusions of Dang Hong et al., this research finds that companies of different types have different cash dividend policies, as well as the different preferences of different factors.
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