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论文编号：	1873
作者编号：	041843
上传时间：	2010/5/18 10:41:58
中文题目：	我国上市公司超能力派现问题研究
英文题目：	Cash Dividend Beyond Ability Determinants Market Reactions
指导老师：	周宝源
中文关键字：	超能力派现、影响因素、市场反应
英文关键字：	Cash Dividend Beyond Ability Determinants Market Reactions
中文摘要：	从90年代初期我国证券市场的建立以来，上市公司已经从中融得了大笔资金，但是却一直吝于分配。1993年到2003年，上市公司的平均现金股利支付额从未超过每股0.25元。与此形成鲜明对比的是，市场中也存在一些上市公司不顾自身发展情况派发高额的现金股利。因此，这是一种值得研究的反常现象，本文运用了规范和实证的方法对这一现象进行了综合研究。 本文认为，我国流通股和非流通股同时存在的股权分置状况产生了中国特有的委托代理问题，而这一严重的委托代理问题正是上市公司超能力派现行为产生的最根本原因。根据西方的委托代理理论，现金股利支付是有助于防止内部人对公司的资金侵占行为，但是它同时也为我国那些既有能力也有动机侵吞公司财富的非流通股股东提供了途径。超能力派现行为不仅对流通股东的利益造成损害，同时也损害了公司自身的利益和整个市场的秩序。 根据文中对超能力派现行为影响因素的logistic回归实证结果，公司的上市年限越短，其进行超能力派现行为的可能性越大；如果公司的第一大股东是国有法人，这种公司就更有动机进行超能力派现行为；超能力派现行为还会受到ROE是否处于配股达标线附近、非流通股比例、公司规模和前十大股东中基金的数量等因素的影响，这些因素所起的作用强弱会随着股市行情、配股动机等的变化而发生改变。 为了衡量流通股东对超能力派现行为的看法，本文首次对上市公司的超能力派现行为的市场反应进行了研究，并发现在2002年的分配预案发布时，超能力派现行为会产生正向的市场反应，但在随后的2003年这一市场反应变的并不显著。本文认为2002年出现正向市场反应的原因是投资者对超能力派现行为的危害并没有清楚的认识。 最后，本文在对全文进行总结的基础上提出了政策建议，这些建议有助于防止非流通股东通过超能力派现行为对流通股东的利益造成更大的危害。
英文摘要：	Since the establishment of Chinese security market in the early 1990s, listed companies have financed a lot but distribute a little cash from the market. During 1993 to 2003, average cash dividend per share never exceeded RMB 0.25 Yuan. In contrast, some listed companies paid high cash dividend beyond their ability. It’s an abnormal phenomenon and deserves to be researched. In this paper, comprehensive researches were made on this in a way of both normal and empirical research. The basic reason of this phenomenon is the special and serious agency problems existed in China which is caused by the existence of non-publicly tradable shares (NPTS) and publicly tradable shares (PTS). Holders of NPTS may have both powers and incentives to expropriate corporate wealth through cash dividend payment in China, although western agency theory suggests that dividend payment helps limit insider expropriation. The abnormal high cash dividends would do harm not only to holders of PTS but also to the company itself and the whole market. Based on the empirical results of logistic regression, the later the company’s IPO was, the more probably the company paid cash dividend beyond ability. If the biggest shareholder was a state-owned legal person, the company was more probable to pay cash dividend beyond ability. The probability of paying cash dividend beyond ability maybe affected by the level of ROE, the proportion of NPTS, company size and the number of fund in the top 10 biggest PTS holders, but the effect of these factors may change with the security market trend and the company’s motivation to keep allotment qualification. This paper also attempts to identify the market reaction for the first time, and find it was significantly positive in 2002 but not significant in 2003. This result may attribute to the investor’s poor understanding of this behavior. In the end, the paper is concluded and suggestions are made to protect the benefit of PTS holders against the NPTS holders’ expropriation.
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