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论文编号：	2593
作者编号：	2120082121
上传时间：	2010/6/12 12:55:23
中文题目：	我国上市公司的现金股利政策研究——基于股权结构的角度
英文题目：	Research on Cash Dividend Policy of China’s Listed Companies from the perspective of ownership structure
指导老师：	肖沂
中文关键字：	现金股利政策;股权结构;股权分置改革;利益侵占
英文关键字：	Cash Dividend Policy;Ownership Structure; the Reform of Non-tradable Shares;Entrenchment Hypothesis
中文摘要：	公司的现金股利分配一直是财务理论界和实务界关注的重点。影响现金股利分配的因素有很多，其中股权结构是重要的一个因素。我国上市公司经过股权分置改革，非流通股与流通股之分的二元股权结构将逐步消失，股权高度集中的现状也会得到改善。本文研究了股权结构对于现金股利政策的影响，尤其是在股改之后这种影响的变化。 根据上述思路，本文总结了国内外的有关股利政策和股权结构对现金股利影响的文献，发现了国内研究现金股利政策在使用股利代理成本理论时，研究成果与国外的差异性，原因可以归结于我国特殊的股权结构，即存在非流通股份、股权集中度高。在此背景下，本文将股利代理成本理论的延伸：利益侵占假说作为理论前提，研究股权结构对现金股利政策的影响，同时发现大股东利用现金股利对中小股东的利益侵占。 在理论分析基础上，本文选择了股权流通性和集中度两个指标来衡量股权结构，分别按这两个指标提出了与现金股利关系的研究假设。通过全样本的描述性统计、T检验和多元回归分析，对假设进行了验证。再结合股权分置改革背景，将全样本数据进行分组，探讨股权结构的变化对于现金股利政策的影响。 经过实证分析，本文发现：股权流通性方面，国有股和法人股持股比例与现金股利支付水平正相关，但随着股改的时间推移，这种相关性变得微弱，而流通股与现金股利支付水平负相关，流通股持股比例的提高有利于限制中小股东受到的利益侵占；股权集中度方面，第一大股东持股比例与前五大股东持股比例均和现金股利支付水平正相关，随着股改完成，这种相关性也变得不显著，大股东对其他股东的利益侵占得到缓解。 在文章最后根据结论，针对如何规范我国上市公司的现金股利政策方面，从股权结构、现金股利分配制度和中小投资者利益保护角度提出了建议。 关键词：现金股利政策 股权结构 股权分置改革 利益侵占
英文摘要：	The company’s cash dividend distribution has always been the focus of financial theorists and practitioners. Among many factors of cash dividend distribution, the ownership structure is an important one. Through the reform of non-tradable shares, the phenomenon of dual ownership structure which contains tradable shares and non-tradable shares will fade away, and the condition of ownership concentration will be amended. This paper studies the impact on cash dividend by company’s ownership structure on the background of the reform of non-tradable shares. According to the thought above, this paper summarizes related researches about dividend policy and ownership structure, and finds that the conclusions of domestic research are often different from foreign ones when they study the cash dividend policy using the Agency Costs Theory of Dividend. The reason may be the particular ownership structure in our country. Therefore, on the theoretical basis of the Entrenchment Hypothesis, which is the extension of the Agency Costs Theory of Dividend, this paper studies the large shareholder entrenches other shareholders using cash dividend. Based on the theoretical analysis, ownership liquidity and ownership concentration are chosen as the index to measure the ownership structure. The research hypotheses are the relations of these two indexes and dividend distribution. On the method of descriptive analysis, T test and multiple regression of full sample, the hypotheses are testified. Considering the reform of non-tradable shares, the full sample is separated into 3 groups according to year. The results of empirical study reveal that: in the aspect of ownership liquidity, there is a positive correlation between the proportion of state share and cash dividend per share, so is legal person shares and cash dividend per share. With the advance of reform, this correlation becomes non-obvious. While there is a significant negative correlation between the proportion of tradable shares, which can restrain the entrenchment of other shareholders by controlling shareholders. In the aspect of ownership concentration, the proportion of large shareholder and CR_5 are positively related to cash dividend per share. With the advance of reform, this correlation turns to be non-obvious either, and the entrenchment is hold back. In the end, from the perspective of ownership structure, cash dividend regulation and protection of the interests of small investors, this paper recommends some suggestions to how to regulate the cash dividend policy of listed firms in our country. Key Words: Cash Dividend Policy, Ownership Structure, the Reform of Non-tradable Shares, Entrenchment Hypothesis
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