本文關(guān)鍵詞： 金字塔結(jié)構(gòu) 現(xiàn)金股利政策 終極控制人　出處：《中南大學》2012年碩士論文　論文類型：學位論文

【摘要】：自La Porta等(1999)提出終極控制人概念以來,國內(nèi)外學者發(fā)現(xiàn)除英美等普通法系國家外,公司治理的主要矛盾不是管理者與所有者之間的矛盾,而是控股股東與中小股東之間的矛盾；控制股東實際上又由終極控制人控制,終極控制人的隱蔽性和復雜性使其盡一切手段最大化自身利益,造成對中小股東的利益侵占。我國終極控制人通過金字塔結(jié)構(gòu)控制上市公司的情況普遍存在,而現(xiàn)金股利政策是各利益相關(guān)主體在股東大會上相互博弈的結(jié)果,所以現(xiàn)金股利政策與金字塔股權(quán)結(jié)構(gòu)緊密相關(guān)。本文通過上市公司控制鏈關(guān)系圖追溯至其終極控制人,從金字塔結(jié)構(gòu)特征的五個方面——終極控制人性質(zhì)、現(xiàn)金流權(quán)、控制權(quán)、兩權(quán)分離度與金字塔結(jié)構(gòu)復雜性著手,研究其對現(xiàn)金股利政策的影響。這對切實保護中小股東利益,完善公司治理機制,具有重要的學術(shù)價值和現(xiàn)實意義。 為研究金字塔結(jié)構(gòu)特征對現(xiàn)金股利政策的影響,本文使用2004-2010年連續(xù)7年非金融行業(yè)的715家上市公司的面板數(shù)據(jù)進行實證研究。研究結(jié)果表明：終極控制人的產(chǎn)權(quán)性質(zhì)與現(xiàn)金股利支付傾向顯著負相關(guān),即受非國有產(chǎn)權(quán)的終極控制人控制的上市公司派發(fā)現(xiàn)金股利的可能性更大；終極控制人的集團性質(zhì)與現(xiàn)金股利支付傾向顯著負相關(guān)；終極控制人的控制權(quán)和現(xiàn)金流權(quán)與現(xiàn)金股利支付傾向及支付力度均顯著正相關(guān)；終極控制人的兩權(quán)分離度與現(xiàn)金股利支付傾向顯著正相關(guān)；金字塔結(jié)構(gòu)復雜性與現(xiàn)金股利支付傾向及支付力度均顯著負相關(guān)。
[Abstract]:Since La Porta et al. 1999) put forward the concept of ultimate controller, scholars at home and abroad have found that except for common law countries such as the United States and the United States. The main contradiction of corporate governance is not between the manager and the owner, but between the controlling shareholder and the minority shareholder. The controlling shareholder is actually controlled by the ultimate controller, and the hidden and complex nature of the ultimate controller makes him maximize his own interests by all means. The ultimate controller of our country through the pyramid structure to control the situation of listed companies, and the cash dividend policy is a result of the stakeholders in the shareholders' general meeting of the game. So the cash dividend policy is closely related to the pyramid ownership structure. This paper traces the relationship diagram of the listed company control chain to its ultimate controller from five aspects of the pyramid structure characteristics-the nature of the ultimate controller. Cash flow right, right of control, separation degree of two rights and the complexity of pyramid structure start to study its influence on cash dividend policy, which can effectively protect the interests of minority shareholders and improve the corporate governance mechanism. It has important academic value and practical significance. In order to study the influence of pyramid structure on cash dividend policy. This paper makes an empirical study using the panel data of 715 listed companies in the non-financial sector from 2004 to 2010. The results show that:. The property right of ultimate controller is negatively correlated with the tendency of cash dividend payment. That is, listed companies controlled by the ultimate controller of non-state-owned property rights are more likely to distribute cash dividends; The group nature of the ultimate controller is negatively correlated with the tendency of cash dividend payment; The ultimate controller's right of control and cash flow are positively correlated with the tendency of cash dividend payment and the intensity of cash dividend payment. The degree of separation of the two rights of the ultimate controller is significantly positively correlated with the tendency of cash dividend payment; The complexity of pyramid structure is negatively correlated with the tendency and intensity of cash dividend payment.
【學位授予單位】：中南大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224

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