论文标题:股权结构对股利政策影响的实证研究
An Empirical Study on the Relationship of Ownership Structure and Dividend Policy of Listed Companies in China
论文作者
论文导师 束景虹,论文学位 硕士,论文专业 金融学
论文单位 对外经济贸易大学,点击次数 940,论文页数 24页File Size471k
2006-04-01论文网 http://www.lw23.com/lunwen_718272/
Dividend;Capital Structure;Dividend Policy
股利政策是上市公司将税后收益和留存收益之间进行的合理配置的策略,根据股利的代理理论,适当的现金股利政策能够有效地降低公司股东的代理成本。恰当的股利政策既能树立上市公司良好的市场形象,也能激发投资者的热情,因此股利政策成为财务管理者普遍关心的焦点。股权结构问题是股票市场最基本的问题,也是影响股利政策最重要的因素之一。在现代经济市场中,股权结构既是形成股票市场的基本前提,又是公司治理的逻辑起点。在我国,由于存在着特殊的股权结构和股东主体,也相应存在着不同西方的代理问题和股利政策。本文试图结合股利代理成本学说,从我国上市公司的实际情况出发,分析在我国的特殊的市场情况下上市公司股权结构是如何影响我国上市公司股利分配政策的。实证分析发现,国有股持股比例与股利支付率呈正方向变动;随着流通股持股比例的增大,股利支付率有非常微弱的下降的趋势;管理层持股比例与股利支付率呈正方向变动。由此得出结论我国上市公司的股利分配政策并不符合西方学者已经证实的在西方发达国家适用的股利分配代理成本理论。在我国,股利政策并没有像美国那样成为解决代理问题的有效途径,反而加剧了企业相关利益者的冲突。
Dividend policy is the decision by which a listed company allocatesits earnings. According to the agency-cost theory, a proper dividendpolicy can reduce the agency-cost of company effectively. Reasonabledividend policy can set up creditable reputation of a listed company in themarket and inspire investors" passion. Capital-stock structure is the baseof corporate governance, and one of the most important factors thatinfluence the dividend policy. For the special capital-stock structure andshareholder in China, there are different agency problems and dividendpolicy.The thesis discuss the relationship between the dividend policy andthe capital-stock structure. The empirical anlysis shows that dividendpolicy in China does not accorded to the western agency-cost theory. Theresearch comes up with the conlusion that the dividend policy can not bethe effective method to sovle the agency-cost problems but aggravates theconflict of interest.
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