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论文编号：	1631
作者编号：	2120082114
上传时间：	2010/6/14 10:21:24
中文题目：	大股东资金占用与现金股利关联性的实证研究——基于我国制造业上市公司数据
英文题目：	The Study of the Relevance between Major Shareholders’ Embezzlement of Funds and Cash Dividend: Based on the Data of Manufacturing Listed Companies in China
指导老师：	刘建
中文关键字：	大股东;利益侵占;大股东资金占用;现金股利
英文关键字：	Major Shareholders;Benefits Occupation;Major Shareholders’ Embezzlement of Funds;Cash Dividend
中文摘要：	随着公司治理研究的进一步深入，许多学者发现大部分国家的企业所有权不是高度分散而是相当集中的，企业的代理问题主要是大股东和中小股东之间的利益冲突，尤其是在新兴的市场中，由于对中小投资者缺乏有效的法律保护，大股东利益侵占现象较为普遍。我国的证券市场经过二十年的发展，整个市场的运作日益规范，但作为新兴的资本市场，我国上市公司中大股东利益侵占现象十分严重。因此，从利益侵占的角度研究大股东资金占用和现金股利之间的关系，无论在理论上还是在实践上都对完善上市公司的治理结构具有重要意义。 本文在对大股东资金占用理论和现金股利代理理论进行回顾的基础上，总结了在股权集中的上市公司中，大股东利用资金占用和现金股利的方式进行利益侵占的原因和危害。同时，本文回顾了国内外学者对大股东资金占用和现金股利利益侵占的研究成果，提出了本文的假设：基于利益侵占的角度，大股东资金占用和现金股利之间可以相互替代。另外，本文还研究了股权制衡和董事会独立性等因素对大股东利益侵占的影响，以寻求解决大股东利益侵占的方法。 为了验证以上假设，本文在现有文献资料的基础上，以2007年—2008年605家制造业上市公司为样本，搜集和整理上市公司财务报表中与大股东资金占用相关的数据资料，通过描述性统计、多元回归分析、曲线估计等多种实证研究方法从利益侵占的角度研究大股东资金占用和现金股利的关系。实证结果表明，随着第一大股东持股比例的提高，现金股利支付率呈先下降后上升（U型）的非线性关系，而大股东资金占用呈先上升后下降（倒U型）的非线性关系，从利益侵占的角度来说，大股东资金占用和现金股利可以相互替代。股权制衡和控股股东的股权性质都会影响到上市公司大股东的利益侵占。本文还发现，目前我国上市公司的独立董事还不能有效制约大股东的利益侵占行为。 本文虽然是基于已有的结论和研究成果提出研究假设，但是并没有将大股东资金占用和现金股利这两种利益侵占方式割裂开来，而是将二者结合起来进行研究。在样本数据的选取上，本文也力求真实准确地反映客观实际。本文还根据实证研究的主要结论提出了相应的政策建议和后续研究展望。
英文摘要：	With the further study of corporate governance, many scholars found that the ownership of the business is not highly fragmented but very focused. The Principal-agent Problem in these businesses is the conflicts between major shareholders and small shareholders. Especially in the emerging markets, because of the lack of effective legal protection to medium and small investors, large shareholders always seize the benefits from listed companies. After 20 years’ development, the operation of china’s capital markets is more and more commendable. But as an emerging capital market, Benefits occupation of major shareholders in China’s listed companies is a very serious phenomenon. Therefore, the study of the relationship between capital occupation and cash dividends from the perspective of the benefits occupation is important to the improvement of the governance structure of listed companies both in theory and practice. Under the review of the basic theories of Tunneling Theory and Cash Dividend Agency Theory, this paper summarizes the reasons and hazards of benefits occupation of major shareholders. At the same time, this paper gives out a comprehensive review about the capital occupation and benefits occupation of cash dividend. And we put forward this hypothesis: Based on the perspective of the benefits occupation, embezzlement of funds and the cash dividend are alternative. On the other hand, we also analyze the relation between major shareholders’ benefits occupation and the degree of share centralization, balance in degree, and independent director. In order to verify the above assumptions, this paper takes the 605 manufacturing listed companies from the year 2007 to 2008 as sample. Under the basis of theoretical analysis, this paper researches the relationship between capital occupation and cash dividend by describing statistics, multiple regression analysis, curve estimation and other empirical research methods. Looked from the empirical analysis result, from the perspective of the benefits occupation of large shareholders, the embezzlement of funds and the cash dividends are alternative. And with the increase of the first big shareholder’s shareholding ratio, the cash dividend payment rate firstly decreases and then increases (U-type), and the large shareholders’ embezzlement of funds firstly increases and then decreases(down U-type). Equity balance and the nature of the controlling shareholder also affect the benefits occupation of major shareholders in listed companies. We also found that the current independent directors of listed companies in China can not effectively restrict the benefits occupation of large shareholders. Although this article is mainly based on existing theory and the results of research, in the research of the relationship between major shareholders’ embezzlement of funds and the cash dividend, this paper breaks the previous studies which always separate the two factors and tries to combine the two methods of benefits occupation. In the selection of samples, the paper also sought to reflect the objective reality. According to research conclusions, this paper gives some policy recommendations and follow-up research prospects.
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