本文關(guān)鍵詞：基于監(jiān)管視角的A股市場現(xiàn)金分紅研究　出處：《西南財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：從海外資本市場300多年來的發(fā)展歷程來看,現(xiàn)金分紅一直是股權(quán)文化的核心組成部分,是近現(xiàn)代股份有限公司形成并發(fā)展的前提、基礎(chǔ)和“應(yīng)有之義”。 在我國,為引導(dǎo)和規(guī)范上市公司進(jìn)行現(xiàn)金分紅,中國證監(jiān)會先后出臺多種關(guān)于現(xiàn)金分紅的監(jiān)管政策,旨在督促上市公司提高對股東的回報,積極倡導(dǎo)價值投資、長期投資,進(jìn)一步壯大機(jī)構(gòu)力量,努力引導(dǎo)機(jī)構(gòu)長期資金入市,希望借此創(chuàng)造一個穩(wěn)定的市場環(huán)境。 然而,歷經(jīng)十年努力,盡管監(jiān)管層竭力促使上市公司向市場發(fā)放更多的現(xiàn)金紅利,但是占據(jù)市場大多數(shù)的個人投資者似乎對此并不太關(guān)注,而是將更多的注意力集中在“股票紅利”上,進(jìn)而導(dǎo)致市場不斷出現(xiàn)對“高送轉(zhuǎn)”股票的炒作。這種現(xiàn)象也引發(fā)市場的思考：為什么在監(jiān)管層不斷完善現(xiàn)金分紅政策、上市公司現(xiàn)金分紅水平不斷提高、市場不斷強(qiáng)調(diào)上市公司應(yīng)該進(jìn)行更高比例分紅的時候,個人投資者對此并不在意?各類投資者究竟從中獲得了多少現(xiàn)金分紅?關(guān)注和回答上述問題,有助于監(jiān)管層在了解市場的基礎(chǔ)上進(jìn)一步修正和完善當(dāng)前的現(xiàn)金分紅政策。 本文針對上述問題展開實證研究,深入探討并回答了以下三個問題：第一,通過這么多年的努力,A股市場目前的分紅水平究竟處于一個怎樣水平；第二,證監(jiān)會分紅政策是否對市場分紅水平產(chǎn)生了積極影響,進(jìn)而帶來了積極的市場整體反應(yīng)；第三,一個成熟、健康的資本市場需要怎么樣的回報方式,未來對A股市場現(xiàn)金分紅的監(jiān)管政策定位應(yīng)該是什么。 本文試圖通過對現(xiàn)金分紅情況、A股市場與成熟市場及新型市場的比較、現(xiàn)金分紅分布與投資者持股意愿等方面的實證分析,對A股市場目前的現(xiàn)金分紅水平進(jìn)行客觀判斷。研究發(fā)現(xiàn)：a.A股市場現(xiàn)金分紅家數(shù)和占比逐年提升,但與融資額和凈利潤比較占比日益縮小,分紅集中化和“象征性分紅”趨勢明顯；b.A股市場現(xiàn)金分紅的連續(xù)性和穩(wěn)定性不足,結(jié)構(gòu)倒置和分紅動機(jī)扭曲現(xiàn)象突出,影響了市場整體資源配置功能；c.與成熟市場相比,市盈率較高的發(fā)行價格,是境內(nèi)投資者無法獲得合理投資回報最主要原因之一；d.A股股市的投機(jī)性水平仍處于一個高位。 文章對A股市場現(xiàn)金分紅監(jiān)管政策的變化及其影響進(jìn)行了分析,從現(xiàn)金分紅角度闡述分析了成熟市場特征,對半強(qiáng)制性監(jiān)管措施的效應(yīng)進(jìn)行了分析,并提出了相關(guān)監(jiān)管政策的定位標(biāo)準(zhǔn)。得出以下結(jié)論：a.上市公司必須要有責(zé)任意識,通過加強(qiáng)和提高分紅比例,降低市場投機(jī)性,保障市場的安全性和穩(wěn)定性；b.半強(qiáng)制性分紅政策可以通過倒逼效應(yīng)實現(xiàn)企業(yè)的優(yōu)勝劣汰,以及資金使用的合理化,進(jìn)而實現(xiàn)資源的合理配置；c.上市公司的現(xiàn)金股利政策的監(jiān)管必須配套科學(xué)合理的再融資監(jiān)管,促使企業(yè)“資本獲得”的方式實現(xiàn)從“內(nèi)循環(huán)”到“外循環(huán)”的提升；d.A股市場現(xiàn)金股利監(jiān)管政策的定位應(yīng)該遵循“否定之否定”定律。
[Abstract]:From the past 300 years' development process of overseas capital market, cash dividends have always been a core part of equity culture. It is the premise, foundation and "proper meaning" for the formation and development of modern Limited by Share Ltd.
In our country, to guide and regulate the cash dividends of listed companies, the Commission has issued a variety of Chinese on cash dividend regulatory policies, to urge listed companies to improve returns to shareholders, actively advocate the value investment, long-term investment, further strengthening the institutional strength, efforts to guide the long-term funding mechanism into the city, hoping to create a stable in the market environment.
However, after ten years of efforts, although regulators urge listed companies to distribute more cash dividends to the market, but most of the market of individual investors do not seem too concerned, but will be more focused on the "dividend", which led to the emergence of "market gaosongzhuan" this kind of stock speculation. The phenomenon also sparked thinking: why constantly improve the cash dividend policy in the regulators, the level of cash dividends of listed companies continue to improve, the market constantly stressed when the listed companies should be a higher proportion of dividends, individual investors do not care what? All investors get much cash dividends? Concern and help answer these questions. For regulators to understand the market on the basis of further revise and improve the cash dividend policy at present.
This paper is an empirical study aiming at the above problems, in-depth study and answer the following three questions: first, through so many years of hard work, A stock market dividend level at present is exactly what a level; second, the Commission on the market whether the dividend policy dividend level had a positive impact, and then bring a positive market overall reaction; third, first mature, healthy capital market needs what returns, future regulatory policy positioning of the A stock market cash dividend should be what.
This paper attempts to compare the cash dividend, stock A market and mature markets and emerging markets, an empirical analysis of cash dividend distribution and ownership intention, objective judgment of the current A stock market cash dividend level. The study found: a.A stock market cash dividend the number and proportion increased year by year, but with the the amount of financing and net profit accounted for more than shrinking, dividend centralization and "symbolic dividend" trend evident; lack of continuity and stability of b.A stock market cash dividend, dividend structure inversion and motivation distortion phenomenon is prominent, affecting the overall market resource allocation function; C. compared with the mature market, the issue price earnings ratio higher is that domestic investors can not get a reasonable return on investment is the major cause of d.A; the stock market speculative level is still at a high level.
The change of A stock market cash dividend policy and the regulatory effects were analyzed, elaborated from the point of view of the cash dividend of mature market characteristics, the effect of semi mandatory regulatory measures are analyzed, and puts forward the positioning standard of relevant regulatory policy. Conclusions are as follows: A. listed companies must have a sense of responsibility, through the strengthening of and increase the dividend payout ratio, reduce market speculation, market guarantee the safety and stability of B.; semi mandatory dividend policy can be achieved through forced effect of enterprise survival, and the rational use of funds, so as to realize the rational allocation of resources; the cash dividend policy of listed company C. supervision must complete scientific and reasonable financing supervision and to the "capital" means to achieve from the "circle" to "outer loop" promotion; d.A stock market cash dividend regulation policy The law of "negation of negation" should be followed.

【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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