本文關(guān)鍵詞： 市場(chǎng)化進(jìn)程 投資者保護(hù)執(zhí)行 信任 政治聯(lián)系 現(xiàn)金股利　出處：《新疆財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：中國(guó)處于市場(chǎng)經(jīng)濟(jì)快速發(fā)展時(shí)期，但與快速的經(jīng)濟(jì)發(fā)展相比，我國(guó)的股利政策卻出現(xiàn)了與之不相匹配的現(xiàn)象，如發(fā)放水平較低，不分配現(xiàn)象嚴(yán)重等，，不能很好地保護(hù)投資者利益。被給予厚望的法律和公司治理等正式制度對(duì)公司的股利政策并沒(méi)有起到應(yīng)有的作用。所以，我國(guó)在正式制度逐步建立和完善的基礎(chǔ)上，強(qiáng)調(diào)非正式的聲譽(yù)機(jī)制（信任）的重要性，以期通過(guò)正式制度的執(zhí)行和非正式制度的雙重約束來(lái)規(guī)范公司的股利行為。因此，公司內(nèi)外部正式制度的設(shè)置及執(zhí)行和非正式的信任機(jī)制對(duì)股利政策影響的相關(guān)研究具有重大理論價(jià)值和現(xiàn)實(shí)意義。 本文擬在對(duì)股利政策、信任和正式制度環(huán)境相關(guān)研究成果綜述的基礎(chǔ)上，以2005—2010年中國(guó)A股上市公司作為研究對(duì)象，對(duì)現(xiàn)金股利政策與信任、正式制度環(huán)境和投資者保護(hù)執(zhí)行之間關(guān)系的相關(guān)問(wèn)題，采用多元線性回歸的實(shí)證方法，研究如下三個(gè)主要問(wèn)題：（1）制度環(huán)境對(duì)政治聯(lián)系與現(xiàn)金股利政策之間關(guān)系所發(fā)揮的作用；（2）信任對(duì)現(xiàn)金股利政策所存在的影響；（3）上市公司內(nèi)部投資者保護(hù)執(zhí)行行為對(duì)現(xiàn)金股利政策的影響。 通過(guò)研究分析，得出如下結(jié)論： 第一，基于聲譽(yù)效應(yīng)的存在，公司會(huì)以提高現(xiàn)金股利支付水平的方式來(lái)傳遞公司良好的信任或聲譽(yù)。所以，公司所處地區(qū)的信任水平越高，現(xiàn)金股利支付水平就越高。 第二，制度環(huán)境對(duì)政治聯(lián)系與現(xiàn)金股利政策之間的關(guān)系具有調(diào)節(jié)作用。即隨著公司所處地區(qū)市場(chǎng)化程度的提高，政治聯(lián)系對(duì)現(xiàn)金股利政策的負(fù)向影響在減弱，這說(shuō)明，市場(chǎng)化進(jìn)程的提高，可以減弱政治聯(lián)系對(duì)現(xiàn)金股利分配的扭曲程度。 第三，公司投資者保護(hù)執(zhí)行越有力，現(xiàn)金股利支付水平越高。同時(shí)，在投資者保護(hù)執(zhí)行較好的公司中，成長(zhǎng)性較好的公司現(xiàn)金股利支付水平低于成長(zhǎng)性低的公司現(xiàn)金股利支付水平。 通過(guò)以上的結(jié)論，本文認(rèn)為我國(guó)應(yīng)加快和平衡各地區(qū)的市場(chǎng)化發(fā)展進(jìn)程，減少政府的干預(yù)，并加快信任制度和體系建設(shè)，加強(qiáng)投資者保護(hù)執(zhí)行力度，促使上市公司現(xiàn)金股利達(dá)到合理化的支付水平，更好地保護(hù)中小投資者的利益。
[Abstract]:China is in the period of rapid development of market economy, but compared with the rapid economic development, the dividend policy of our country has not matched with it, such as the low level of payment, the serious phenomenon of non-distribution and so on. Can not protect the interests of investors very well. The formal system of law and corporate governance, which is given high expectations, has not played its due role in the dividend policy of the company. Therefore, on the basis of the gradual establishment and perfection of the formal system, Emphasizing the importance of the informal reputation mechanism (trust), with a view to regulating the dividend behavior of a company through both the enforcement of the formal system and the dual constraints of the informal institution. The establishment and implementation of formal system and informal trust mechanism have great theoretical value and practical significance to the research on the influence of dividend policy. On the basis of summarizing the research results of dividend policy, trust and formal institutional environment, this paper takes China A-share listed companies from 2005-2010 as the research object, to the cash dividend policy and trust. The relationship between the formal institutional environment and the implementation of investor protection, using the empirical method of multiple linear regression, Study on the effect of Institutional Environment on the relationship between political Relations and Cash dividend Policy 2) the impact of Trust on Cash dividend Policy. The impact of the cash dividend policy. Through research and analysis, the following conclusions are drawn:. First, based on the existence of reputation effect, the company will improve the level of cash dividend payment to transfer the good trust or reputation of the company. Therefore, the higher the trust level in the region, the higher the cash dividend payment level. Secondly, the institutional environment has a moderating effect on the relationship between the political relationship and the cash dividend policy, that is, with the increase of the marketization degree of the region in which the company is located, the negative influence of the political connection on the cash dividend policy is weakening, which shows that, The improvement of marketization process can weaken the distortion degree of political connection to the distribution of cash dividend. Third, the stronger the enforcement of investor protection, the higher the level of cash dividend payment. At the same time, in companies with better investor protection, The level of cash dividend payment of the company with good growth is lower than that of the company with low growth. Through the above conclusion, this paper holds that our country should speed up and balance the process of market-oriented development in various regions, reduce government intervention, speed up the construction of trust system and system, and strengthen the enforcement of investor protection. To promote the cash dividend of listed companies to achieve a reasonable payment level, better protect the interests of small and medium-sized investors.
【學(xué)位授予單位】：新疆財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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