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论文编号：	198
作者编号：	2120061963
上传时间：	2008/6/20 15:57:11
中文题目：	股权分置改革对股利政策的影响研
英文题目：	Study on how the reform of non
指导老师：	周宝源
中文关键字：	股权分置改革 股利政策 股权结构
英文关键字：	the Reform of Non-tradable Sha
中文摘要：	股权分置改革前，存在我国的流通股与非流通股的二元结构和“一股独大”的特殊股权结构问题。在这种特殊的股权结构下，我国上市公司股利分配呈现出了浓厚的中国特色，股利政策也成为控股股东从上市公司攫取利益的工具，股利政策不规范。 而股利政策影响到公司的股票市价和市场形象，是企业财务管理的问题的重要方面，是上市公司核心的财务问题之一，直接服务于公司的最终财务目标。 本文以股权分置改革背景，在以往对股利政策研究的基础上，尝试分析股权分置改革对我国上市公司股利政策的可能影响，从股权结构和公司治理等方面出发，分析我国股利政策在股权分置改革后能否真正体现出股利政策的实质，体现大多数股东的利益，从而引导股利政策逐步规范化。 在回顾了股权分置改革和股利政策的相关理论的基础上，从理论上，分析股权分置改革对股权结构和公司治理产生的影响，从股权结构和公司治理变化这两个角度来分析这些变化对股利政策的影响。然后，运用实证研究的方法，分析股利政策的变化。在股权分置改革背景下，统计分析股利政策以及股权结构和公司治理等股利的重要影响因素的变化，分析股权结构、代理成本等相关变量对现金股利的影响。结果证明：股权分置改革对股利政策的影响已经逐步发挥出来，随着流通股比例的显著上升，我国上市公司中股权相对分散的样本公司，开始倾向高股利政策。但第一大股东仍有动机利用股利侵害中小股东的利益，股权分置改革作用的发挥还需要一段过程。 最后，在理论和实证分析的基础上，总结研究结论并提出一些相关建议，虽然目前股权分置改革已经基本完成，其作用已经逐步发挥出来，但是还需要建立各种市场机制和加强监管，使得企业内外部环境不断完善，推动股利政策的规范化。这些建议具有针对性和可操作性，相信会对规范我国上市公司的股利政策有一定的积极作用。
英文摘要：	Before the reform of non-tradable shares, the special ownership structure of both tradable shares and non-tradable shares existing and the phenomenon of the one stock dominance is a great problem. Because of this, the dividend policy in our country exhibits the Chinese characteristics. And the controlling shareholders rob media and small shareholders by cash dividends, so the dividend policy is irregular in our country. Dividend policy can influence the investor’s passion and the company’s reputation, and it is the important aspect of financial management for a listed company, and it serves to the final financial purpose of a listed company. On the basis of previous research, this thesis points out how dividend policy is affected by stock structure influenced by reform of non-tradable shares. Through it, the change on dividend policy is analyzed from two aspects: equity ownership structure and corporate governance. It analyzes whether the dividend policy reflects its nature, delegates the most shareholders’ benefits and become normal and regular after the reform. After reviewing to the forefather’s research about the reform of non tradable shares and dividend policy, in theory, analyze the influence in equity ownership structure and corporate governance by the reform and studies the change of the dividend policy caused by these influences. Then, in quantity, the differences of the dividend policy before and after the reform are analyzed. The paper offers the latest statistics of the dividend policy and the related important factors about equity ownership structure and corporate governance. In empirical study, analyze the influences using the linear regression method. As the result of them, the paper discovered that as the proportion of tradable shareholders rises, the reform changed the dividend policy in a style of companies and solves some problems. At last, we come to the conclusion and mention some proposals, though the reform has been successfully finished, we still need to build some related measures. The proposals mentioned are feasible and will play positive role to the reform.
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