我国上市公司股利分配与会计稳健性关系研究

发布时间：2018-03-10 05:18

本文选题：股利分配　切入点：会计稳健性　出处：《郑州大学》2017年硕士论文　论文类型：学位论文

【摘要】：股利分配作为财务管理的重要研究领域,也是广大投资者关注的重要问题之一。但我国上市公司的股利分配行为普遍不规范,存在以下问题:上市公司不派现现象严重;派现公司股利支付水平较低,出现迎合政策现象;部分派现公司的股利支付较高,呈现超能力派现现象;上市公司在选择股利分配政策时随意性强等现象。作为我国的“股利之谜”,学者们对股利分配的影响因素进行了深入而广泛的研究,而本文将股利分配作为动机,结合我国自2001年开始实施半强制分红政策、2006及2008年对半强制性分红政策的不断完善,将再融资资格与分红挂钩以及2013年出台差异分红政策的分红背景,研究上市公司的股利分配乱象中是否存在为了实现获得再融资资格或者侵害中小投资者利益等分红目的,对股利的分配基础即会计盈余进行操纵等牺牲会计信息质量的行为。会计稳健性是财务报告的重要原则之一,也是反映会计信息,尤其是盈余信息质量的重要特征之一,能够缓解信息不对称,降低投资成本,保护投资者的利益,被学者们作为衡量会计信息质量的替代指标之一。因此,本文将股利分配与会计稳健性相联系,通过对已有文献和相关理论的梳理分析,发现股利分配通过代理成本理论和股利分配动机两种机制影响着会计稳健性,反映上市公司的会计信息质量。本文基于“委托代理理论”、“信息不对称理论”“信号传递理论”以及“隧道挖掘理论”,从股利分配的视角研究会计稳健性,采用理论和实证相结合的研究方法,以沪深两市2010-2014年7140个数据为研究样本,构建实证模型,以期发现是否分配现金股利、分配现金股利和股票股利对会计稳健性的影响;为丰富研究内容,加入债权约束和股权结构变量,研究该变量如何影响现金股利支付率与会计稳健性之间的关系;区分不同的产权性质,研究产权性质是否以及如何影响现金股利支付率与会计稳健性之间的关系。通过实证结果发现:(1)分配现金股利的上市公司会计稳健性强于未分配现金股利的上市公司;(2)现金股利支付率与会计稳健性负相关,送股率与会计稳健性也呈负相关关系,但并不显著;(3)短期借款率能够缓解现金股利支付率与会计稳健性之间的负相关关系;(4)而第一大股东持股比例加剧了现金股利支付率与会计稳健性之间的负相关关系;(5)产权性质不改变现金股利支付率与会计稳健性之间的负相关关系,但国有企业相对于民营企业,现金股利支付率与会计稳健性之间的负相关效果更强。上述实证结果表明:半强制分红等政策降低了不分配现金股利的上市公司比例,在一定程度上提高了会计稳健性;政府等相关部门应重点关注现金股利分配形式,尤其是现金股利支付水平较高的上市公司以及国有上市公司,是否存在通过提前确认收益、延缓确认损失等降低会计稳健性的行为来实现分红目的;通过适当负债以及降低股权集中程度能够缓解现金股利支付率与会计稳健性之间的负相关关系。
[Abstract]:Dividend distribution is one of the important research fields of financial management, which is one of the important problems. But the majority of investors concerned about the dividend distribution behavior of Listed Companies in China are generally not standardized, there are the following problems: the listed company cash dividend phenomenon is serious; the company sent the level of dividend payout is low, catering to the phenomenon of policy; part of cash dividend dividend pay a higher, showing high cash dividend phenomenon; Listed Companies in the choice of dividend distribution policy arbitrariness phenomenon. As China's "dividend puzzle", influencing factors of the dividend distribution of scholars in-depth and extensive research, and the dividend distribution as motivation, combined with China began to implement a half the mandatory dividend policy since 2001, and in 2008 2006 the semi mandatory dividend policy will continue to improve, financing and dividend and dividend policy introduced in 2013 linked to differences in the background of dividends, The dividend distribution of Listed Companies in the chaos of existence in order to achieve refinancing qualification or infringe upon the interests of small investors into red, which is based on the dividend distribution of accounting earnings manipulation at the expense of the quality of accounting information. The accounting conservatism is one of the important principles of financial reporting, but also reflect the accounting information, especially one of important characteristics the quality of earnings information, can alleviate the information asymmetry, reduce investment costs, protect the interests of investors, by scholars as one of the alternative indicators to measure the quality of accounting information. Therefore, this paper will contact the dividend distribution and accounting conservatism, based on the literature and related theories analysis, found by dividend agency theory and dividend distribution of two kinds of mechanism affects the motivation of accounting conservatism, reflecting the quality of accounting information of listed companies. This paper is based on the" The principal-agent theory "," information asymmetry theory "," signaling theory "and" tunneling theory ", from the perspective of accounting conservatism of dividend distribution, using the combination of theoretical and empirical research methods, the Shanghai and Shenzhen two city 2010-2014 years 7140 data for the study sample, the empirical model, in order to find out whether the distribution of cash effect of distribution of dividend, cash dividend and stock dividend on accounting conservatism; to enrich the research contents, adding constraints and debt equity structure variables, to study the relationship between the factors that affect the cash dividend payment rate and between accounting conservatism; distinguishing the property of different property rights relationship, study whether and how to influence the cash dividend payment rate between accounting and the robustness. The empirical results show that: (1) cash dividend distribution of listed companies accounting conservatism in undistributed cash dividend. Company; (2) the cash dividend payment rate and accounting conservatism negatively correlated with dividend rate and accounting conservatism is negatively correlated, but not significant; (3) short-term borrowing rates can alleviate the negative relationship between the cash dividend payment rate and accounting conservatism; (4) and the proportion of the first shareholder increased cash a negative correlation between the rate of dividend payment and accounting conservatism; (5) the nature of property rights does not change the negative relationship between the cash dividend payout ratio and accounting conservatism, but state-owned enterprises to private enterprises, the cash dividend payment rate and stronger negative correlation between the effect of accounting conservatism. The empirical results show that: the semi mandatory dividend policy to reduce the distribution of cash dividends of listed companies, to a certain extent improve the accounting conservatism; the government and other relevant departments should focus on cash dividend distribution on form, especially cash dividend Pay a high level of listed companies and the state-owned listed companies, whether there is confirmed in advance by revenue, reduce the delay loss recognition of accounting conservatism behavior to achieve the purpose of dividends; to a negative correlation between the cash dividend payment rate relief and accounting conservatism through appropriate liabilities and reduce the degree of ownership concentration.

【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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