论文标题:股权结构对股利政策的影响分析
An Analysis of the Influence of the Ownership Structure on the Dividend Policy
论文作者
论文导师 周亚娜,论文学位 硕士,论文专业 会计学
论文单位 安徽大学,点击次数 142,论文页数 52页File Size3110K
2007-04-01论文网 http://www.lw23.com/lunwen_185742282/
listed companies;the dividend policy;the ownership structure; split share structure reform
股利政策是现代公司财务管理的三大政策之一，在公司营运和治理中起到特殊的作用，一方面它是公司筹资、投资活动的逻辑延续，公司理财行为的必然结果；另一方面恰当的股利政策不仅可以树立良好的公司形象，而且能激发广大投资者对公司持续投资的热情，从而使公司获得长期稳定的发展条件和机会。所以股利政策既是企业经营业绩及价值的体现，又反过来可以影响企业未来业绩和价值的形成。由于经济体制改革中的历史原因形成了我国特殊的股权结构，因而研究我国特殊股权结构对股利政策的影响具有重要的理论和现实意义。 本文主要内容如下：第一章是引言，包括研究背景意义、研究现状综述，并对现有的研究进行了评述，总结前人研究存在的不足，为本研究指明方向。第二章是理论回顾与研究对象的界定，主要包括股权结构对股利政策影响的相关理论回顾及对论文研究对象进行界定。第三章是股权结构对股利政策影响的理论分析，主要包括不同股东投资行为动机及特征分析、股权流通性对股利政策制定的影响分析及股权集中度对股利政策制定的影响分析。第四章实证分析部分，立足我国特殊的国情，通过对沪市A股上市公司的数据进行整理，从股权属性和股权集中度两个方面分析我国上市公司的股权结构对股利政策的影响。结果发现，上市公司的现金股利与非流通股比例、国有股比例和股权集中度有着十分密切的关系，而股票股利由于股利分配市场不够完善的客观原因，未能验证出与股权结构的相关性。研究结果表明我国的股权结构对股利政策的影响是通过公司控股股东和管理层利益的协调作用的，这说明了目前我国上市公司股权结构和股利分配政策还不够完善。第五章针对前文的实证检验与理论分析的结论提出政策建议及对未来研究的展望 本文的特色和创新之处在于，在评析相关理论和文献的基础上将股权结构定义扩展为股权属性和股权集中度的二维组合。从不同股东的投资行为动机出发，在理论上探讨了不同属性股东的不同利益要求，并采用沪市上市公司的最新数据资料从股权属性和股权集中度两个角度进行实证分析。此外，结合股权分置改革对后续研究提出展望。论文对优化我国上市公司股权结构，完善股利政策具有一定参考价值。
As one of the three financial administrative policies in modern enterprises, thedividend policy plays a special role in the operation of a company. On the one hand, itis the logic continuity of companies" fund collecting and investing activities, and alsothe certain result of them. On the other hand, the suitable dividend policy can not onlyhelp establish good images of companies but also stimulate the investors" enthusiasmto keep their investment to the company, so that the company will get moreopportunities and condition for long-term and steady development. That is to say, thedividend policy is not only the result followed by companies" operation and value, butalso the reason which can affect the companies" achievement and value in the future.While the ownership structure is so specially formed by the special situation of ourcountry, it will have important theoretical and practical significance. The main contents of this paper as follows: Charter 1, the introduction part, mainly reviews the domestic and foreignresearch findings about the ownership structure and the dividend policy, evaluates thepresent research level and criticizes some weaknesses in the former studies. By theend of this part, the thesis proposes the research frame and this article"s innovationpoint. Charter 2 is the part of theory review and the defining of research objects. Itgenerally includes the review of the theories related to the effects that the ownershipstructure has on the dividend policy. Besides, the thesis defines clearly the researchobjects in the related papers. Charter 3 analyses the effect that the ownership structure exerts on the dividendpolicy from the theoretical perspective. It mainly concerns the analyses of themotivations and the characteristics of different stockholders" actions of investment aswell as those of the influences on the formulation of the dividend policy exercised bythe shares circulation and the ownership collecting. Chapter 4 is facts-analyzing part. Based on the special state of our country, thispart analyzes the influence of the ownership structure of the listed companies on the formulation of the dividend policy from the two aspects of stockholders" property andthe ownership collecting after studying the statistics and data from A-share listedcompanies. And the result shows that the cash dividend in listed companies has closerelationship with the proportion of incurrent stocks, nation-owned stocks andshareholder collecting. While because of the distempered dividend market, therelationship between the stock dividend and the ownership structure isn"t close. Thestudy result shows that in our country the ownership affects the dividend policy by thecorrespondences between the main shareholder and the manager, and this shows thatthe ownership and dividend policy are not perfect in listed companies in our country. According to the study result of the previously testified factual examples and thetheoretical analyses, Chapter 5 offers some suggestions on policy-making about whatto do to optimize the ownership structure and forecasts the future study. The feature and also the most creative point in this thesis lies in the extension ofthe definition of the ownership structure to the combinations of the ownershipproperty and the ownership collecting on the basis of the analyses of the relatedtheories and papers. It theoretically studies the different shareholders" variousinterests demands based on their motivations of investing actions and then makespractical analyses from the two aspects of the ownership property and the ownershipcollecting according to the latest statistics from the listed companies in Shanghaistock market. Besides, the thesis forecasts the related future researches in accordancewith the changes in the dividend policy after the Split share structure reform. In aword, this thesis is of much instructive significance to optimizing the ownershipstructure of the domestic listed companies and perfecting the dividend policy.
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