中国民营上市公司现金股利政策的实证研究

发布时间：2018-06-17 12:12

本文选题：民营上市公司 + 股利政策　；参考：《复旦大学》2012年硕士论文

【摘要】：股利政策是现代财务理论中的核心内容之一,无论国外还是国内一直以来对于股利政策的研究从未间断,但是股利的相关问题至今没有得到一致的结论,也正因为如此,“股利之谜”引发了国内外学者们强烈的研究兴趣。随着国内外经济的不断发展,资本市场中也涌现出很多新的现象,使得学者们对于股利政策研究的不断深入和拓展。关于股利政策的研究,国外已经有比较成熟的理论基础,而国内的相关研究起步较晚,对于整个资本市场的研究主要集中于国有企业的股利政策。因为国内的资本市场建立初期,国有企业基本占据了整个证券市场,因此国有企业的行为特点基本代表了我国资本市场的情况。但是,近几年来民营企业正在迅速壮大和发展,民营上市公司的数量急剧增长,截至2011年年末,民营上市公司的数量已经与国有企业相当,不仅如此,民营企业的经营业绩和盈利能力同样不可小觑。于是,民营企业这支新生力量的崛起带来了很多值得深入研究的话题。与国有企业不同,民营企业有很多自身独有的特点,最根本的区别在于企业性质,同时这也决定了它们的运营方式和管理模式都与国有企业不同。由于民营企业的最终控制人基本不受来自政府、机关等行政部门的影响,它们的行为方式比国有企业更加市场化。这也是本文针对民营企业进行研究的主要原因,希望通过探索更加符合市场规律的民营上市公司的股利政策,来更加清楚地认识股利政策的影响因素。影响公司股利政策的因素有很多,本文选择了从治理结构和控制权结构等角度出发,研究它们与民营上市公司发放现金股利的关系。民营企业的股权结构、董事会结构等都表现出了其不同的特征,使得我们对于这些特征所带来的股利分配现象和结果产生疑问,因此本文将会重点探究这些民营上市公司的特征会对他们的股利政策带来何种影响。本文以2007年到2010年这四年间的民营上市公司为样本,分别进行了二值因变量Logistic回归分析和多元线性回归分析,通过Logistic回归我们考证了公司治理结构等因素与民营上市公司派现意愿的关系,进而再通过多元回归分析考察这些影响因素与民营上市公司股利支付水平的关联。经过实证研究后,我们发现股权集中度、董事会中管理人员比例和机构持股比例与派现意愿及股利支付水平呈正向相关,而公司控制人的两权分离程度和董事会中独立董事比例与派现意愿及股利支付水平呈负向相关。这些研究结果表明,由于股权集中程度和两权分离程度较高,民营上市公司的控股股东与中小投资者之间存在代理问题,控股股东会通过发放现金股利的形式获取私人利益。但是独立董事能够在董事会中起到制约控股股东的作用,抑制控股股东通过派现形式转移公司资金。而且,为了降低代理成本,机构持股比例越高的民营上市公司倾向于支付较高的现金股利。最后,本文针对优化股权结构、保护中小投资者利益、改善独立董事制度以及强化监管体系等方面提出了相应建议,希望能够为民营上市公司的健康稳定发展提供一定参考。
[Abstract]:Dividend policy is one of the core elements in modern financial theory . However , the study of dividend policy has never been interrupted at home and abroad , but the related problems of dividend have not been agreed yet . As such , " the mystery of dividend " has attracted scholars from home and abroad . With the development of domestic and foreign economy , there are many new phenomena in the capital market , which makes scholars deeply and expand the study of dividend policy .

With regard to dividend policy research , foreign countries have a relatively mature theory foundation , and the research on the whole capital market is mainly focused on the dividend policy of state - owned enterprises .

Unlike state - owned enterprises , private enterprises have many unique characteristics , the most fundamental difference lies in the nature of the enterprise . At the same time , it also determines that their operation mode and management mode are different from the state - owned enterprises . As the ultimate controllers of the private enterprises are basically not influenced by the administrative departments such as the government and the government , their behavior mode is more market - oriented than the state - owned enterprises . This is also the main reason for the private enterprises to study , and it is hoped that the influence factors of the dividend policy will be more clearly understood by exploring the dividend policy of private listed companies that are more consistent with the market law .

There are many factors that affect the dividend policy of the company . In this paper , the relationship between them and private listed companies is selected from the angle of governance structure and control structure . The ownership structure , the structure of the board of directors and so on show different characteristics , so we have doubts about the dividend distribution and the result of these characteristics . Therefore , this paper will focus on the impact of the characteristics of these private listed companies on their dividend policy .

This paper takes the private listed companies listed in the four years from 2007 to 2010 as samples , and carries out the two - valued independent logistic regression analysis and the multivariate linear regression analysis . After the empirical study , we find that the equity concentration , the proportion of managers in the board of directors and the proportion of independent directors in the board of directors are positively correlated with the cash dividend payout .

Finally , aiming at optimizing the equity structure , protecting the interests of small and small investors , improving the independent director system and strengthening the supervisory system , this paper hopes to provide some reference for the healthy and stable development of private listed companies .
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.5;F224

【参考文献】