中国创业板市场分红机制的研究

发布时间：2018-02-28 13:37

本文关键词： 创业板分红比例投资者保护可持续分红比例估算模型　出处：《辽宁大学》2013年博士论文　论文类型：学位论文

【摘要】：我国创业板市场从2009年成立至今3周年，创业板市场显现出两大特点：1.公司上市数量、募集资金和超募资金量、财富创造效应等指标都非常高；2.这些指标并未给投资者带来相应的回报，创业板推出3年以来，创业板上市公司分红的积极性逐年下降，这与其高额的超募资金形成极大对比。由于中国资本市场，特别是创业板市场的“重融资，轻投资者保护”，上市审核之后就没有严格的法律法规来促使上市企业保护投资者的利益，导致创业板市场的股息回报率普遍偏低。出于投资者利益保护和投资者信心建立的目的，在此，很有必要对创业板上市公司的分红机制进行剖析；同时结合投资者要求报酬率以及创业板公司上市后的财务状况，对创业板上市公司是否有能力加强合理、持续稳定的现金分红提出本文的观点和建议。本文着手于创业板上市公司现金分红水平的提高，从传统股利理论和创业板分红的实际问题出发，发现实际分红比例（POR）在研究期间内远远低于本文估算的可持续分红比例（SPOR），这也就说明了在投资者利益为重的资本市场改革下，创业板分红机制存在改进的必要。因此为了得出一个合理的分红比例，，来说明可持续现金分红比例是合理符合公司未来发展同时也符合投资者利益的保护，本文依托股利理论、资本成本理论、可持续发展理论构建了创业板的可持续分红比例估算模型（SPORM），对创业板3年的相关财务数据、β系数、风险溢价等参数进行模型统计，依照模型假设：当资本成本（投资者必要报酬率）大于净资产收益率（ROE）时，即公司的投资回报不能满足投资者要求报酬率的水平，那么创业板上市公司应当加强现金股利分配对投资者进行弥补；如果是相反的情况，那么创业板上市公司可以将分红比例下降到较低的可持续分红比例（SPOR）水平。本文发现最终结果是创业板实际现金分红比例偏低，无法完全达到假设的要求，只是符合部分假设：在考虑了只有现金分红的样本和纳入了未派现公司样本的样本组，并且考虑了创业板市场净资产收益率（ROE）的转回变化后，两种情况下都出现实际分红比例小于应有可持续分红比例的情况，其中只有2011年含有未派现公司的样本组的统计结果解释了净资产收益率（ROE）小于资本成本时应增加股利的结论。最后，本文对规范我国创业板上市公司的现金股利政策，从内外环境的优化以及现金股利发放补充方式的研究出发提出了一些政策建议。
[Abstract]:China's gem market has been established since 2009 to the third anniversary. The gem market shows two major features: 1.The number of companies listed on the market, the amount of funds raised and the amount of funds raised over the amount of funds raised. The wealth creation effect and other indicators are very high. 2. These indicators have not brought corresponding returns to investors. Since the launch of the gem three years ago, the enthusiasm of listed companies on the gem has declined year by year. This is in contrast to its high level of overcapitalization. Because of the "heavy financing" of China's capital market, especially the gem market, Light investor protection ", after listing audit, there are no strict laws and regulations to urge listed enterprises to protect the interests of investors. In order to protect the interests of investors and establish investor confidence, it is necessary to analyze the dividend mechanism of listed companies in gem. At the same time, according to the return rate required by investors and the financial situation of gem companies after listing, this paper puts forward the views and suggestions on whether gem listed companies have the ability to strengthen reasonable and stable cash dividends. This paper begins with the improvement of cash dividend level of gem listed companies, starting from the traditional dividend theory and the practical problems of gem dividend. It is found that the actual dividend ratio (POR) is far lower than the sustainable dividend ratio estimated in this paper during the period of study, which shows that under the capital market reform in which the interests of investors are the most important, Therefore, in order to obtain a reasonable dividend ratio to explain that the sustainable cash dividend ratio is reasonable in line with the future development of the company and the protection of investors' interests, this paper relies on dividend theory. The capital cost theory and the sustainable development theory have constructed the sustainable dividend ratio estimation model of the gem. The relevant financial data, 尾 coefficient, risk premium and other parameters of the gem for 3 years are analyzed. According to the model assumption: when the cost of capital (the necessary rate of return of investors) is greater than the return on net assets (ROEO), that is, the return on investment of the company cannot meet the level of return required by investors. Then the gem listed companies should strengthen the cash dividend distribution to compensate the investors; if the contrary is the case, Then the gem listed companies can reduce the proportion of dividends to a lower sustainable share of dividends (SPOR). The final result of this paper is that the actual cash dividend ratio of the gem is on the low side and can not fully meet the hypothetical requirements. It is only partially assumed that, after taking into account a sample of cash dividends and a sample group that includes a sample of unpaid companies, and after taking into account the reversal of the return on net assets of the growth Enterprise Market (gem), In both cases, the actual dividend ratio is less than the sustainable dividend ratio, and only the statistical results of the sample group with unpaid company in 2011 explain the conclusion that the net assets return rate (ROEO) should increase when the capital cost is lower than the capital cost. Finally, this paper puts forward some policy suggestions on standardizing the cash dividend policy of listed companies on the gem, from the optimization of the internal and external environment and the study of the supplementary way of cash dividend payment.
【学位授予单位】：辽宁大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.51

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