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论文编号：	1940
作者编号：	031701
上传时间：	2010/5/14 9:15:02
中文题目：	基于对股权结构和股利政策进行的实证性研究
英文题目：	Ownership Structure Dividend Policy Agency Theory Empirical Research
指导老师：	孙广平
中文关键字：	股权结构 股利政策 代理理论 实证研究
英文关键字：	Ownership Structure Dividend Policy Agency Theory Empirical Research
中文摘要：	在当前股权分置改革全面展开的情况下，本文从我国证券市场中上市公司股权结构入手，对上市公司治理决策中的股利政策进行分析。本文在结合我国当前证券市场的实际情况和理论趋势，以及国外市场经验的基础上对股权结构和股利政策进行实证性的探讨。 本文在吸收、综合相关文献以及对股利政策进行回顾的基础上，分析相关股利决策的不同行为主体对股利政策造成的影响，探讨不同决策人对股利政策的不同要求；提出运用适合我国证券市场的代理理论模型对股权结构和股利政策进行分析，提出了股权结构和股利政策之间的一般性关系，明确不同股权结构下股利支付的不同。在实证部分对股权结构和股利政策采用描述性统计和回归分析对理论阐述进行求证。在选取涉及股利政策影响的上市公司各类指标，包括财务指标和股权结构指标的基础上，对股利政策的影响各类因素进行了清晰地分析和证明，描述了不同股权结构下股利支付的动因变化。 结果表明，股权集中度和股权性质对上市公司的现金股利政策都有较大影响，第一大股东和国有股对现金股利有明显偏好，与理论分析一致；另一方面，股权结构对股票股利却没有显著的影响，而现金股利与股票股利具有很强的同一性，与理论分析背离。原因探讨表明由于我国特定制度安排导致了股东群体行为的非一致性，在股利政策支付水平差异上主要表现为非流通股股东和大股东的特殊偏好。
英文摘要：	Under the instance of share merger reform outspreading wholly, the paper focuses on anglicizing the dividend policy, which starts with the ownership structure in the stock market of China. On the basis of combining the facts of the Chinese stock market, the present theoretical development and the experiential of foreign market, the paper empirically probes into the ownership structure and the dividend policy. On the basis of absorbing and integrating correlated literatures and retrospection of the dividend policy, the paper analyzes the effects, which are worked by different groups with different behalf, and analyzes the different requisition of the dividend policy. And the paper puts forward to exert the agency theory mode adapted to the stock market of China and analyze the ownership structure and the dividend policy. It proposes the general relation of the ownership structure and the dividend policy so as to define the different dividend policy under the different ownership structure. In the section of empirical study, the paper testifies the theoretical conclusion on the basis of general descriptive statistics and classified comparison of ownership structure and dividend distribution of the listed company. The author selected some kinds of representative indexes including the financial indexes and the ownership structure indexes to build dividend models in the framework of the different property of shareholder and the different ownership to stepwise regress. The model clearly described the motive changes of the dividend payment of different ownership structure. The result of empirical research presents that centralization and character of stock right affect greatly on the cash dividends of the listed company in China, and the biggest shareholder and state-owned shares are favor in cash dividend , which is consistent with the theory analyses; on the other hand , the ownership structure don’t affect on the stock dividends remarkably, And cash dividends and stock dividends always were distributed by listed company in the same period, which lapse from the theory analyses. The causation, which is probed into in the paper, is the inconsistency among the shareholders which leads to non-tradable shareholders and the big shareholders’ favorite on the dividend policy, which special systems in China induced.
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