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论文编号：	1842
作者编号：	031697
上传时间：	2010/5/14 9:58:56
中文题目：	我国上市公司股权结构对股利政策的影响研究
英文题目：	listed company; ownership structure; dividend policy; empirical analysis
指导老师：	黄菊珊
中文关键字：	上市公司 股权结构 股利政策 实证分析
英文关键字：	listed company; ownership structure; dividend policy; empirical analysis
中文摘要：	我国股票市场自成立以来，上市公司股利政策的一个显著特点是“不分配多、现金股利少”，而这不能用形成于成熟资本市场的国外股利政策理论来解释。在研究这一问题时，我国上市公司特殊的股权结构成为关注的焦点。因此，本论文结合当前理论发展趋势与各国的具体实践来开展我国上市公司特殊的股权结构对股利政策的影响研究，具有重要的理论意义和实践意义。 论文首先深入诠释了股利政策和股权结构两个概念，并对相关股利政策理论进行了述评；接着分析了我国上市公司股权结构与股利政策的具体特点，并选择股权结构特点有代表性的美国和日本进行了国际比较，进一步剖析了我国上市公司股权结构的特殊性；随后对2005年我国证券市场发生的重要事件“股权分置改革”进行了关注与评析；之后在论文的核心章节，将我国特殊的股权结构分为两类——刚性股权结构与弹性股权结构，分别深入探讨了两类股权结构下的股利政策倾向。 其次，本论文通过实证研究来验证上述理论分析结果。先是分别对我国上市公司股权结构与现金股利分配进行了总体描述性统计分析和分类描述性统计分析，之后选取与股利政策有关的几个财务指标，从股权结构的股东属性和股权集中度两个方面，运用逐步回归法建立了不同股权结构下现金股利分配的影响因素模型。实证结果表明：我国股市现金股利总体支付水平较低；我国上市公司股权结构的数量特征和质量特征共同影响现金股利支付水平；我国特殊的股权结构对现金股利政策有较大影响，这与上文理论分析一致；股权集中度对现金股利政策的影响与国外股利政策理论分析相背离。个中原因分析表明：由于我国特定制度安排导致了股东群体的非一致性的强化，加剧了股东行为的异化。众多原因导致我国上市公司的现金股利政策并没有像美国那样成为解决代理问题的有效途径，反而加剧了公司相关利益者的冲突。 最后，在理论与实证分析的基础上，对如何规范我国上市公司股利分配政策从优化股权结构和完善中小投资者利益保护体系两个方面提出了政策建议。
英文摘要：	Since the establishment of our stock market, “high proportion of no distribution and low level of cash dividend payment” is a marked feature of Chinese listed companies’ dividend distribution policy, which couldn’t be interpreted by modern dividend theories in developed capital markets. Special ownership structure of listed companies of China became focus when discussing the problem. So the thesis take “how the ownership structure influence the dividend policy” Combining the present theoretical development and the practice as the theme, which has the important theoretical and practical meaning. Firstly, the thesis expatiated on the concept of the dividend policy and the ownership structure, and reviewed the relevant theories dividend policy; then discussed the feature of the dividend policy and the ownership structure of our listed companies, What’s more, the thesis carried out international comparison choosing the America and Japan representative, analyzed the specialty of our ownership structure more; and then paid close attention to and appraised the shareholder structure reform, which is very important, took place in our security market 2005; in the core chapter, the thesis divided the special ownership structure into two types: flexible ownership structure and rigid ownership structure, and then respectively discussed the tendency of the dividend policy of the two types’ ownership structures deeply. Secondly, the thesis verified the above theoretical conclusion. For one thing, the thesis carried out general and classified descriptive statistics of the ownership structure and dividend distribution of our listed company, selected several representative financial indexes related with dividend policy, and then built factor models impacting cash dividend distribution by applying stepwise regression from the two aspects of the property of shareholder and the ownership concentration. Empirical results are as follows: The cash dividend payment level of our listed companies is lower as a whole；The qualitative dimension and quantitative dimension of ownership structure together influence the cash dividend payment level of our listed companies；That our special ownership structure affects on the cash dividend policy remarkably, which correspond with the above-mentioned result of theoretical analysis；That ownership concentration’s effect on cash dividend policy deviates from the result according to foreign main-trend dividend theories. To discuss the reason is that our particular institutionalization arrangement leads to intensify the nonuniformity of shareholders’ interest and the dissimilation of shareholders’ behaviors. For many reasons, cash dividend policy of our listed companies isn’t an efficient channel to settle the agency problem as America’s; on the contrary, it aggravates the conflict of shareholders’ interest. Finally, based on the results of theoretical and empirical analysis, the thesis put forward some policy suggestions regulating the dividend policy, which include perfecting the ownership structure and minority shareholders’ rights protection system.
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