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论文编号：	75
作者编号：	2120051882
上传时间：	2007/6/21 15:14:54
中文题目：	现金股利与盈余质量的关系研究—
英文题目：	Research on the Relationship b
指导老师：	刘志远
中文关键字：	现金股利;盈余质量;控股股东;信<
英文关键字：	cash dividend;earnings quality
中文摘要：	根据股利政策的信号传递效应，高质量的公司往往愿意通过相对较高的股利支付率把自己同低质量的公司区别开，以吸引更多的投资者，因此股利支付率越高的公司，其盈余质量越好。由此，上市公司的现金股利应该和盈余质量保持一致性的变化。这一情况在外国具备普遍应用性，但是在中国资本市场中，由于上市公司普遍存在控股股东一股独大、非流通股和流通股并存、控股股东通常为国有股法人股等非流通股股东，以及股权集中度比较高等特征，使现金股利的信号传递效应有失偏颇。上市公司的现金股利与盈余质量之间已经不再保持一致的正向变化，而呈现出一种负相关关系。 本文的研究是以我国上市公司现金股利与盈余质量的关系为起点，通过对我国上市公司控股股东控制权和收益权等特殊优势地位的分析，运用控股股东的利益输送行为对我国上市公司中现金股利与盈余质量的负相关关系进行了分析。为了更深入地研究控股股东利益输送行为的影响，本文在实证部分采用的研究方法是，首先设计初始研究现金股利和盈余质量关系的线性回归模型，然后再加入第一大股东持股比例和现金股利与第一大股东持股比例的交叉变量等要素进行第二次回归，接着加入股权制衡度进行第三次回归。研究结果发现，我国上市公司现金股利与盈余质量之间在没有考虑控股股东的情况下并不存在显著的相关关系，但在加入第一大股东持股比例，第一大股东持股比例与股利支付率的交互项之后，盈余质量与现金股利呈现出了显著的负向关系。在加入股权制衡度这个研究变量之后，研究对象的显著性略有下降，说明股权制衡力量在一定程度上能够影响上市公司的盈余质量。 通过理论和实证分析，我们得出了在我国上市公司中，因为控股股东的利益输送行为，使现金股利和盈余质量之间存在负相关关系，究其原因，这与我国资本市场现有的股权结构的状况是分不开的。
英文摘要：	According to signaling effect，in order to attract more investors, high-quality companies are always willing to differentiate themselves from low-quality ones by high dividend payout ratios. As a result, compared to those of low-quality, companies with the higher dividend payout ratios possess the better earnings quality. Therefore, a listed company's cash dividend varies with earnings quality consistently. This situation in a foreign country is applicable. But in the capital market of China, the listed companies’ controlling shareholders possess absolute controlling rights, non-floating stock and floating stock are exiting at the same time, and the controlling shareholders are always non-floating shareholders ,such as state-owned ones. These phenomena thus exclude the effort of signaling effect, so in the capital market of China ,there is negative relationship between cash dividend and earnings quality instead of positive one,that is, companies with the higher dividend payout ratios possess the worse earnings quality. This thesis bases on the relationships between cash dividend and earnings quality at first.Through the anlaysis about the controlling shareholdes’ advantageous rights of controlling and income, it then researches their relationships taking use of the theory of tunneling.In order to research the influence of controlling shareholders on the relationship between cash dividend and earnings quality deeply, at the beginning of empirical research, we build a model to study relationship between cash dividend and earnings quality.Our result shows that the relationship between cash dividend and earnings quality isn’t distinct .Therefore, secondly we add the variables such as controlling shareholder ratios, controlling shareholders radios plus the cash dividend ratios, we find the negative relationship between cash dividend and earnings quality is quite significant. Finally,after adding the degree of ownership restriction variable, the negative relationship is less significant than before.It shows that the ownership restriction can influence the earnings quality of the listed company at some extent. Through the theory and the empirical analysis,we discover that ,in the listed companies of our capital market, it is the tunnelling of the controlling shareholders that make the negative relationship between cash dividend and earnings quality exsist .After the research ,the result is closely connected with our structure of ownership in the capital market.
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