本文選題：能源行業(yè) + 股權(quán)結(jié)構(gòu)　； 參考：《西南大學(xué)》2012年碩士論文

【摘要】：股利分配與投資活動、籌資活動并稱為財務(wù)管理的三大活動,一直以來都受到來自企業(yè)內(nèi)外部各方的關(guān)注。國外學(xué)者對于股利政策做過大量的實證研究,已取得豐富的研究成果,為推動財務(wù)學(xué)的發(fā)展做出了重要的貢獻。根據(jù)已有的研究來看,好的股利政策在滿足企業(yè)利益相關(guān)者的需求、傳遞公司經(jīng)營管理信息以及降低委托代理成本等方面均能發(fā)揮出積極的作用。股權(quán)結(jié)構(gòu)作為公司治理中最基本的組成部分,決定了公司內(nèi)部各方的利益關(guān)系和需求,對公司的利益分配有著直接的影響。盡管我國目前大部分上市公司都已經(jīng)進入了股權(quán)分置改革的尾聲,但是許多公司股權(quán)結(jié)構(gòu)中非流通股比例以及國有股成分仍然偏高,二元股權(quán)結(jié)構(gòu)仍然存在。在我國這樣特殊而且復(fù)雜的股權(quán)結(jié)構(gòu)背景下,研究股權(quán)結(jié)構(gòu)對現(xiàn)金股利政策的影響就具有很強的理論意義和現(xiàn)實意義。 能源行業(yè)作為我國的基礎(chǔ)和支柱產(chǎn)業(yè),與我國經(jīng)濟持續(xù)發(fā)展和社會民生緊密相關(guān),一直以來都受到國家產(chǎn)業(yè)政策的大力扶持。受行業(yè)自身特點的影響,能源行業(yè)上市公司股權(quán)結(jié)構(gòu)也呈現(xiàn)出一些特征：國有股比例偏高、股權(quán)集中化程度較高和股權(quán)成分較為單一等。盡管經(jīng)歷了股權(quán)分置改革,能源行業(yè)上市公司股份的流通性仍然普遍偏弱。在這樣特殊的股權(quán)結(jié)構(gòu)背景下,研究能源行業(yè)上市公司的現(xiàn)金股利分配情況就有了較強的行業(yè)針對性。本文也試圖找到能源行業(yè)股權(quán)結(jié)構(gòu)與現(xiàn)金股利政策之間的客觀聯(lián)系,為優(yōu)化股權(quán)結(jié)構(gòu)和完善公司現(xiàn)金股利分配政策提出合理建議。 本文首先在已有的研究基礎(chǔ)上,回溯了國內(nèi)外學(xué)者有關(guān)股權(quán)結(jié)構(gòu)以及股利政策的實證研究。對現(xiàn)金股利政策主要從現(xiàn)金股利分配的可能性和現(xiàn)金股利的水平兩個方面進行描述,對于股權(quán)結(jié)構(gòu)的研究則主要從股權(quán)性質(zhì)、股權(quán)集中度和股權(quán)制衡三個層面進行展開。緊接著本文回顧了股權(quán)結(jié)構(gòu)和股利政策有關(guān)的經(jīng)典理論,對本文所涉及的重要概念進行界定,并從理論上分析股權(quán)結(jié)構(gòu)對股利政策的作用機理。然后,本文義借助數(shù)據(jù)資料,對能源行業(yè)上市公司的的股權(quán)結(jié)構(gòu)和現(xiàn)金股利政策的特征進行描述,并對其呈現(xiàn)出的特征進行概括,找到可能存在的一些問題。接下來,本文的實證部分分別運用了logistic回歸和多元回歸的方法,驗證了股權(quán)結(jié)構(gòu)中各變量對現(xiàn)金股利發(fā)放的概率以及現(xiàn)金股利水平的的影響,得到了以下的結(jié)論：國有股比例、第一人股東是否為國有股對現(xiàn)金股利發(fā)放概率產(chǎn)生顯著影響；國有股比例、法人股比例、股權(quán)集中度各變量對現(xiàn)金股利水平產(chǎn)生顯著影響。最后,本文在實證結(jié)論的基上結(jié)合相關(guān)的理論,對優(yōu)化能源行業(yè)股權(quán)結(jié)構(gòu)和完善股利政策提出合理建議。
[Abstract]:Dividend distribution and investment activities, financing activities known as the three major activities of financial management, has been from the internal and external parties to the attention of enterprises.Foreign scholars have done a lot of empirical research on dividend policy, and have made great contributions to the development of finance.According to the existing research, good dividend policy can play a positive role in meeting the needs of the stakeholders, transmitting the company management information and reducing the cost of principal-agent.As the most basic component of corporate governance, equity structure determines the interests and needs of all parties in the company, and has a direct impact on the distribution of interests of the company.Although most of the listed companies in China have entered the end of the reform of the split share structure, the non-tradable share ratio and the state share component of many companies are still high, and the dual equity structure still exists.Under the background of our country's special and complex ownership structure, it is of great theoretical and practical significance to study the influence of equity structure on cash dividend policy.As the foundation and pillar industry of our country, the energy industry is closely related to the sustainable development of economy and the people's livelihood of our country, and has been strongly supported by the national industrial policy.Influenced by the characteristics of the industry, the structure of the listed companies in energy industry also shows some characteristics: the proportion of state-owned shares is high, the degree of equity concentration is higher, and the composition of equity is single, etc.Despite the split-share reform, the liquidity of listed companies in the energy industry is still generally weak.Under the background of such special equity structure, the research on cash dividend distribution of listed companies in energy industry has strong industry pertinence.This paper also tries to find out the objective relationship between the equity structure and the cash dividend policy in the energy industry, so as to put forward reasonable suggestions for optimizing the ownership structure and perfecting the company's cash dividend distribution policy.On the basis of existing research, this paper reviews the empirical research on equity structure and dividend policy at home and abroad.Cash dividend policy is mainly described from two aspects: the possibility of cash dividend distribution and the level of cash dividend. The research on equity structure is mainly carried out from three aspects: equity nature, equity concentration and equity balance.Then this paper reviews the classical theory of equity structure and dividend policy, defines the important concepts involved in this paper, and theoretically analyzes the mechanism of equity structure on dividend policy.Then, with the help of the data, this paper describes the equity structure and the characteristics of cash dividend policy of listed companies in the energy industry, summarizes the characteristics it presents, and finds out some possible problems.Then, the empirical part of this paper uses the methods of logistic regression and multivariate regression to verify the influence of the variables in the equity structure on the probability of cash dividend payment and the level of cash dividend. The following conclusions are obtained: the proportion of state-owned shares,Whether the first shareholder is a state-owned stock has a significant impact on the probability of cash dividend; the proportion of state-owned shares, the proportion of corporate shares and the degree of ownership concentration have a significant impact on the level of cash dividend.Finally, based on the empirical results, this paper puts forward some reasonable suggestions to optimize the ownership structure of energy industry and improve the dividend policy.
【學(xué)位授予單位】：西南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F406.72;F832.51;F426.2

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