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论文编号：	2101
作者编号：	2120051907
上传时间：	2010/4/20 15:14:19
中文题目：	中国上市公司现金股利支付水平影响因素的实证研究
英文题目：	Cash dividend Dividend policy Ownership structures
指导老师：	肖沂
中文关键字：	现金股利 股利政策 股权结构
英文关键字：	Cash dividend Dividend policy Ownership structures
中文摘要：	股利政策是公司在平衡内外部相关集团利益的基础上，对提取了各种公积金后的净利润进行分配的决策，是现代公司理财活动的三大核心内容之一。自从1961年美国财务学家莫顿•米勒(M H Miller)和经济学家弗兰克•莫迪格里亚尼(Franco Modigliani)共同提出了“股利政策无关论”的观点以来，西方许多学者从不同的角度、运用不同的方法对公司现金股利政策进行了研究，但是仍然没有达成共识。因此，现金股利一直是国内外学者进行研究的热点之一，这也是本文选择中国上市公司现金股利政策影响因素作为研究内容的理论原因。 在中国证券市场的发展过程中，中国的上市公司很少真正重视股利政策对公司财务的影响，制定股利政策的盲目性和随意性较大。在最近几年现金股利分配问题才开始得到中国学者的重视。中国上市公司也逐渐认识到，股利政策不仅仅是一个利润分配的问题，它与股东财富、公司在市场上的形象甚至是公司的交易成本、代理成本等都有关系。但由于开展研究的时间较短，相关研究成果不多。因此，本文在借鉴国内外已取得的研究成果的基础上，选择了若干可能对中国上市公司现金股利政策制定产生影响的因素，建立假设，用实证研究的方法，对制定现金股利政策的影响因素进行较全面的研究。 本文内容分为三部分：第一部分是导言，对本文的研究背景、研究内容、研究方法、体系结构进行简单介绍。第二部分是文本的主体，包括本文的第二章、第三章、第四章和第五章。本部分首先对西方股利政策理论进行回顾，对中西方现金股利支付相关研究进行总结。在此基础上，通过数据对中国上市公司现金股利分配的现状进行了规范性描述和分析，其次，针对问题提出假设并利用多元线性回归和单因素分析方法对现金股利政策制定的影响因素进行了实证研究，最后利用实证分析结果对其产生的基本动因进行分析。本文的第三部分是对全文进行的总结并提出一些政策性建议。
英文摘要：	Dividend policy, one of the three core topics in modern corporation finance, is the decision about how to distribute the net profit after making various retained earnings. It has to be based on the balance of internal reinvestment and the benefit of shareholders. Since the dividend irrelevance theory made by finance professors Merton Miller and Franco Modigliani (MM) in 1961, many western financial experts has not been able to reach an agreement on the effect of dividend policy on company even though they have done many researches in various methods and from different prospective. So cash dividend is still a widely discussed field among the study of finance professors in the world. And that is also why the author chooses cash dividend policy of the public companies in china as the topic of this paper. In the short 10 more years’ development of Chinese stock markets, public companies hardly pay enough attention to the effect of dividend policy on company’s profit, so their dividend policies are always blind and random. It is not until the last couple of years that Chinese financial experts begin to pay attention to cash dividend policy. And public companies in china also begin to realize that dividend policy is not only a decision on net profit distribution but also related to the benefits of their shareholders, their reputation of company in the market and even to their transaction cost and agency cost. However, the results of research on dividend policy are few because of the relatively short period on research. So based on current achieved research outcomes in the world, this paper will do a wide research on factors affecting dividend policy by selecting various factors that may affect the dividend policy of public companies in china, establishing an assumption and conducting a case study. This paper consists of 3 sections. Section 1 Introduction briefly describes the research background, contents, methods, and structures. Section 2 Main Part includes Chapter 2 to 5. Firstly, this part generally describes the western dividend policy, then summarizes and reviews the relevant research on cash dividend in the world. Based on this, the author does a quantitative analysis on the distribution of cash dividend in current Chinese public companies. Secondly, the author makes an assumption on the problems in cash dividend policy in Chinese public companies and does a research on the factors affecting cash dividend policy with multi-regression and sensitivity analysis. Finally, the author analyzes the reasons for the problems with the outcome of the research and gives several suggestions on the ways to regulate the cash dividend policy in Chinese public companies. Section 3 summarizes the whole paper .
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