【摘要】：股利分配是公司金融的核心問題之一，我國上市公司回報股東的方式可謂花樣繁多，總體來說分為三類：現(xiàn)金股利、股票股利、資本公積金轉(zhuǎn)增股本。管理層歷年來不斷加強對上市公司分紅的監(jiān)管，上市公司股利政策出現(xiàn)了一些好轉(zhuǎn)的跡象，但是我國證券市場還是存在現(xiàn)金分紅股息率低，輕分紅、重送轉(zhuǎn)的問題。 考慮到我國的證券市場有效性較差，同時投資者存在大量的非理性行為，這些都符合股利迎合理論的假設(shè)前提，因此本文從股利迎合理論的視角對我國上市公司的股利政策進(jìn)行分析，重點關(guān)注上市公司是否會在某項股利政策上迎合投資者的需求。 基于股利迎合理論的基本原理，即上市公司會在股利決策時考慮投資者的股利政策偏好，并結(jié)合我國當(dāng)前上市公司的實際情況提出假設(shè)：投資者的分配政策溢價的順序為股票股利、資本公積金轉(zhuǎn)增股本、現(xiàn)金股利，而上市公司會在前兩者的支付上迎合投資者的需求，并且轉(zhuǎn)增的積極性相對送股而言更高，采用2000—2010財年剔除ST、*ST、PT及金融行業(yè)后的所有A股上市公司的分配數(shù)據(jù)，利用各項分配政策的溢價來衡量投資者的需求，同時考慮傳統(tǒng)的股利政策影響因素，通過Logit模型分別對三種類型的分配行為進(jìn)行實證檢驗，實證結(jié)果很好的支持了理論假設(shè)，上市公司并未在現(xiàn)金紅利上迎合投資者，在送轉(zhuǎn)的政策上選擇了迎合投資者的需求，但是股票股利的發(fā)放積極性不高。 接著利用實證結(jié)果，結(jié)合我國上市公司的股利政策的一些特征進(jìn)行進(jìn)一步闡述，并對改善我國目前股利政策現(xiàn)狀提出政策建議，應(yīng)進(jìn)一步加強對上市公司現(xiàn)金分紅的的監(jiān)管，，同時采取各種措施引導(dǎo)投資者的股利政策偏好轉(zhuǎn)變。
[Abstract]:Dividend distribution is one of the core problems in corporate finance. There are many ways to return shareholders in listed companies in China. Generally speaking, there are three types of dividend: cash dividend, stock dividend, capital accumulation fund transfer. Over the years, the management has strengthened the supervision of the dividends of listed companies, and the dividend policy of listed companies has shown some signs of improvement. However, there are still the problems of low dividend rate in cash, light dividends and heavy transfers in the stock market of our country. Considering that the efficiency of the securities market in our country is poor, and that there are a lot of irrational behaviors of investors, all of these accord with the premise of the hypothesis that dividend caters to the theory. Therefore, this paper analyzes the dividend policy of listed companies in China from the perspective of dividend pandering theory, focusing on whether the listed companies will meet the needs of investors in a certain dividend policy. Based on the basic principle of dividend pandering theory, listed companies will consider investors' dividend policy preferences when making dividend decisions. Combined with the actual situation of listed companies in our country, this paper puts forward some assumptions: the order of investor's distribution policy premium is stock dividend, capital accumulation fund transfer, cash dividend, etc. The listed companies cater to the needs of investors in the first two payments, and are more motivated than sending shares, using the distribution data of all A-share listed companies after excluding ST,*ST,PT and the financial industry in the 2000-2010 fiscal year. Using the premium of each distribution policy to measure the investor's demand, and considering the influence factors of the traditional dividend policy, through the Logit model to carry on the empirical test to the three types of distribution behavior, the empirical results support the theoretical hypothesis very well. Listed companies did not cater to investors in cash dividends, in the policy of transfer to meet the needs of investors, but the incentive to pay stock dividends is not high. Then using the empirical results, combined with some characteristics of the dividend policy of listed companies in China to further elaborate, and to improve the current status of dividend policy in China, we should further strengthen the regulation of cash dividend of listed companies. At the same time, take various measures to guide investors to change their dividend policy preferences.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F275

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 原紅旗;中國上市公司股利政策分析[J];財經(jīng)研究;2001年03期

2 陳珠明;史余森;;高送轉(zhuǎn)股票財富效應(yīng)的實證研究[J];系統(tǒng)工程;2010年10期

3 饒育蕾;賀曦;李湘平;;股利折價與迎合:來自我國上市公司現(xiàn)金股利分配的證據(jù)[J];管理工程學(xué)報;2008年01期

4 孔小文,于笑坤;上市公司股利政策信號傳遞效應(yīng)的實證分析[J];管理世界;2003年06期

5 熊德華;劉力;;股利支付決策與迎合理論——基于中國上市公司的實證研究[J];經(jīng)濟(jì)科學(xué);2007年05期

6 陳曉,陳小悅,倪凡;我國上市公司首次股利信號傳遞效應(yīng)的實證研究[J];經(jīng)濟(jì)科學(xué);1998年05期

7 呂長江,王克敏;上市公司股利政策的實證分析[J];經(jīng)濟(jì)研究;1999年12期

8 俞喬,程瀅;我國公司紅利政策與股市波動[J];經(jīng)濟(jì)研究;2001年04期

9 魏剛;我國上市公司股利分配的實證研究[J];經(jīng)濟(jì)研究;1998年06期

10 陳浪南,姚正春;我國股利政策信號傳遞作用的實證研究[J];金融研究;2000年10期

相關(guān)碩士學(xué)位論文 前1條

1 伍偉;我國上市公司股利政策的信息內(nèi)涵研究[D];湖南大學(xué);2003年

本文編號：2244554