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论文编号：	8416
作者编号：	2120142487
上传时间：	2016/6/11 13:06:11
中文题目：	公司股权结构、成长能力与股利政策
英文题目：	Ownership Structure, Growth Capacity and Dividend Policy
指导老师：	张晓农
中文关键字：	上市公司；股利政策；股权结构；成长能力
英文关键字：	Listed Companies; Dividend Policy; Ownership Structure; Growth Capacity
中文摘要：	股利分配是指公司向所有权人进行利润分配的一种形式，是所有权人参与公司经营成果分配的一种方式。公司股利政策不仅关系到股东自身的经济利益，也会影响到公司债权人、公司市场价值与社会形象等诸多方面。合理的股利分配政策有利于树立良好的公司形象，提高公司的市场价值，处理好股东与公司的互动关系。 本研究以上市公司的股利分配政策作为研究对象，研究公司的股权结构因素对公司的股利政策的影响，引入公司的成长能力这个研究视角，分析在不同的成长能力下，股权结构对公司股利政策的影响是否有所不同。 本研究采用理论分析与实证模型并用的研究方法，在梳理国内外有关股利分配的研究文献的基础上，以沪深A股上市公司为研究样本，阐述了上市公司股利分配的特点以及问题。基于前文中的理论分析，提出研究假设，通过采用2011-2014年沪深A股上市公司的股利分配情况、股权结构以及相关指标进行实证分析，从模型回归结果解释了不同变量对股利分配的影响因素，并针对性地提出研究建议。 通过文章的实证回归发现：1. 第一大股东持股比例、前三大股东持股比例的平方和都与上市公司的股利支付率正相关；2. 无论是高成长能力组还是低成长能力组的上市公司，国有控股与股利分配正相关；3. 不同成长能力水平的公司，其股权结构对股利分配的作用确实存在着不同；4. 高成长能力上市公司股权集中度对股利分配的影响要小于低成长能力的上市公司；5. 虽然高成长能力和低成长能力上市公司的国有控股均与股利支付正相关，但是从影响程度而言，低成长能力的上市公司的国有控股性质，使其拥有更高的股利支付率。
英文摘要：	Dividend refers to a form of distribution of profits between the company owners, which is a way to participate in the distribution of the company operating results. Dividend policy not only relates to the economic interests of its shareholders, will also affect the company's creditors, the company's market value and social image, and so on. Reasonable dividend distribution policies are conducive to establish a good corporate image, improve the company's market value, make a good deal with the interaction between shareholders and the company. This study views the listed company's dividend policy as a research object, which focus on the effect of the ownership structure of the company on the company's dividend policy. In addition, from the perspective of the company's growth capacity, this article analyses whether companies’ ownership structure, with different growth capacity, will have different impact on the dividend policy. In this study, theoretical analysis and empirical research methods are adopted. Based on combing the research literature on dividend distribution of home and abroad, this study views Shanghai and Shenzhen A-share listed companiesas samples, and describes the current situation of the listed company’s dividend distribution and its presence of problem; Based on the foregoing the theoretical analysis, the study put out the research hypothesis. By empirical analysis,using the data of Shanghai and Shenzhen A-share listed company's dividend distribution, ownership structure and related indicators which are from 2011 to 2014, the regression results explain the effects of different variables on dividend distribution factors, and put forward research proposals. The empirical regression came to four conclusions. First，the ratio of the largest shareholder and the square of the proportion of the top three shareholders are positively correlated with the dividend payout ratio; Second，whether the growth capacity of the listed companies group is high or low, the state-owned holding a positive correlation with the dividend distribution; Third，different growth capacity of the company, its ownership structure has different effect on dividend distribution; Fourth，high growth capacity listed companies’ concentration has a less influence on dividend distribution than the low-growth capacity companies; Fifth，although high-growth and low-growth capacity of listed state-owned holding companies were positively correlated with the dividend payment, but in terms of the degree of influence，the state-controlled nature of the low-growth capacity of listed companies have a higher dividend payout ratio.
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