本文關鍵詞： 上市公司 股利政策 股權結構 股權分置改革　出處：《陜西科技大學》2013年碩士論文　論文類型：學位論文

【摘要】：股利政策是現代財務理論體系的重要內容，也是上市公司運營實踐中核心的財務問題。恰當的股利政策，既促進公司可持續(xù)發(fā)展，又能使股票價格穩(wěn)中有升，保護股東及債權人利益。當前，我國上市公司的股利政策仍存在諸多問題，，如何確保股利政策的合理與規(guī)范，成為社會各界普遍關注的焦點。 股權結構和股利政策之間具有密切的聯系，股權結構不僅關系著公司的治理與發(fā)展，還關系著股東的權利與收益。由于我國資本市場發(fā)展的特殊性，發(fā)展之初將上市公司的股份分為可上市的流通股與不可上市的非流通股，這種人為造成的股權分置狀態(tài)存在著諸多弊端，影響了我國資本市場的良性發(fā)展。2005年4月中國證監(jiān)會啟動了資本市場的一項重大制度性改革—股權分置改革，截止目前股權分置改革已基本完成，改革后的股票市場進入了“全流通時代”，實現了“同股同利”，也帶來了股利政策一系列的變化。本文立足于股權分置改革后的新形勢，以股權結構對股利政策的影響進行了專題研究。 本文在參閱大量國內外文獻的基礎上，采用規(guī)范和實證研究相結合的方法，對我國上市公司股權結構和股利政策之間的影響關系進行了研究。文章首先介紹研究背景、目的和創(chuàng)新之處。其次，對國內外學者圍繞股權結構和股利政策的研究內容、相關概念及理論進行了回顧和綜述。繼而結合我國國情，深入分析了股權分置時期所存在的“同股不同利”、“同股不同權”等問題及股權分置改革工作的發(fā)展進程。并依據最新數據探究分析了股權分置改革后，我國股權結構及股利政策的現狀。之后運用描述性統計及多元線性回歸方法實證分析我國上市公司股權結構對股利分配政策的影響，所用數據來自于2009-2011年上市公司財務報表，數據的整理分析通過SPSS軟件完成。得出如下實證結果：1.從股權流通性角度看，流通股比例與每股股利及股利支付率均呈正相關關系。2.從股權集中度角度看，上市公司第一大股東持股比例與每股股利呈顯著正相關，第二至第五大股東持股比例與每股股利無明顯相關性。3.從股權制衡度角度看，上市公司股權制衡度與每股股利及股利支付率均呈不顯著正相關關系。4.從股權屬性角度看，上市公司中，國有股比例與法人股比例同每股股利、股利支付率均正相關。最后文章根據以上的理論與實證分析結果提出了優(yōu)化股權結構改善我國上市公司股利政策的六點對策。
[Abstract]:Dividend policy is an important content of the modern financial theory system, and also the core financial problem in the operation practice of listed companies. Appropriate dividend policy not only promotes the sustainable development of the company, but also makes the stock price rise steadily. Protecting the interests of shareholders and creditors. At present, there are still many problems in the dividend policy of listed companies in our country. How to ensure the reasonable and standard dividend policy has become the focus of attention of all walks of life. There is a close relationship between equity structure and dividend policy. Equity structure is not only related to the governance and development of the company, but also to the rights and benefits of shareholders. Because of the particularity of the development of capital market in China. At the beginning of the development, the shares of listed companies are divided into tradable shares and non-tradable shares, which is caused by many drawbacks. In April 2005, China Securities Regulatory Commission launched a major institutional reform of the capital market-the split share structure reform. Up to now, the equity split structure reform has been basically completed. After the reform, the stock market has entered the "full circulation era", which has realized the "same share with interest" and brought about a series of changes of dividend policy. This article is based on the new situation after the reform of split share structure. The influence of equity structure on dividend policy is studied. On the basis of consulting a large number of domestic and foreign literature, this paper adopts the method of combining normative and empirical research. This paper studies the relationship between equity structure and dividend policy of listed companies in China. Firstly, this paper introduces the background, purpose and innovation of the research. Secondly. This paper reviews and summarizes the research contents, related concepts and theories of equity structure and dividend policy at home and abroad, and then combines the situation of our country. This paper deeply analyzes the problems such as "different interests of the same shares" and "different rights of the same shares" in the period of the split share structure and the development process of the reform of the split share structure, and analyzes the reform of the split share structure based on the latest data. The current situation of equity structure and dividend policy in China. Then using descriptive statistics and multivariate linear regression method to analyze the impact of equity structure on dividend distribution policy of listed companies in China. The data used are from the financial statements of the listed companies from 2009-2011, and the data collation and analysis are completed by SPSS software. The following empirical results: 1. From the perspective of equity liquidity. The proportion of circulating shares is positively correlated with the dividend per share and the dividend payment rate. 2. From the perspective of equity concentration, there is a significant positive correlation between the proportion of the largest shareholders and the dividend per share of listed companies. The second to 5th major shareholders have no significant correlation with the dividend per share. 3. From the perspective of equity balance. There is no significant positive correlation between equity balance degree and dividend per share and dividend payment rate. 4. From the perspective of equity attributes, in listed companies, the proportion of state-owned shares and corporate shares is the same as dividend per share. Finally, based on the above theoretical and empirical results, this paper puts forward six countermeasures to improve the dividend policy of listed companies in China.
【學位授予單位】：陜西科技大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51;F276.6

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