本文選題：股利政策　切入點(diǎn)：公司注冊(cè)地　出處：《江西財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：股利政策是現(xiàn)代財(cái)務(wù)管理三大核心之一,對(duì)上市公司利益影響重大,因此在上市公司財(cái)務(wù)經(jīng)營(yíng)活動(dòng)中處于重要地位,它既是上市公司利益分配問(wèn)題,又是一種融資策略,因此一直為證券市場(chǎng)和廣大投資者密切關(guān)心。恰當(dāng)?shù)墓衫?不僅可以適當(dāng)?shù)亟o予投資者回報(bào)以樹(shù)立起公司積極健康的正面形象,而且能增加廣大投資者對(duì)公司的信心,甚至于可能使投資者因?yàn)榭春霉景l(fā)展前景而追加對(duì)公司的投資,從而使公司取得持續(xù)、穩(wěn)定發(fā)展的條件和機(jī)會(huì)。 在對(duì)股市的相關(guān)研究當(dāng)中,與股票的行業(yè)聯(lián)動(dòng)類(lèi)似,股票的地域聯(lián)動(dòng)逐步引起學(xué)術(shù)界和投資者的關(guān)注。盡管?chē)?guó)內(nèi)外學(xué)者對(duì)此關(guān)系的研究興趣逐漸增加,國(guó)內(nèi)在這方面的討論(特別是涉及中國(guó)國(guó)情的研究)和對(duì)地域因素的經(jīng)濟(jì)學(xué)含義探索依然較為欠缺。我國(guó)文獻(xiàn)中尚沒(méi)有地域性與上市公司股利政策相互關(guān)系的實(shí)證分析。本文采用理論分析、統(tǒng)計(jì)分析和實(shí)證研究相結(jié)合的方法,以我國(guó)上市公司1993年到2009年股利分配的數(shù)據(jù)為依據(jù),分析當(dāng)前我國(guó)上市公司股利政策的現(xiàn)狀,系統(tǒng)性地檢驗(yàn)了地域因素對(duì)上市公司現(xiàn)金股利政策的影響。并基于信息不對(duì)稱(chēng)理論等與信息有關(guān)的理論,研究公司注冊(cè)地帶來(lái)的信息不對(duì)稱(chēng)程度不同是否對(duì)股利政策存在影響。本文從多個(gè)角度(包括地區(qū)經(jīng)濟(jì)發(fā)展水平、離金融中心的遠(yuǎn)近、產(chǎn)權(quán)保護(hù)、政府賄賂水平)對(duì)該因素進(jìn)行分情況討論。研究分析發(fā)現(xiàn)：注冊(cè)地位于經(jīng)濟(jì)發(fā)達(dá)程度越高、距離金融中心越近、產(chǎn)權(quán)保護(hù)越好、企業(yè)賄賂成本低的上市企業(yè),其股利派發(fā)率越高。另外,本文的回歸分析還驗(yàn)證了以往的一些研究成果,如：成立時(shí)間越短,盈利能力越強(qiáng),負(fù)債權(quán)益率更低,現(xiàn)金持有越高的公司更傾向于發(fā)行股利。另外,上市企業(yè)注冊(cè)地與兩個(gè)金融中心距離越遠(yuǎn)時(shí)發(fā)行股利時(shí)更傾向于以現(xiàn)金方式發(fā)行,留存利潤(rùn)更高和資產(chǎn)收益率越低的公司更傾向于發(fā)現(xiàn)金股利。 最后,本文找出其存在的問(wèn)題并提出相關(guān)的政策建議。希望能對(duì)我國(guó)證券市場(chǎng)的健康發(fā)展略進(jìn)綿薄之力。
[Abstract]:Dividend policy is one of the three cores of modern financial management, which has a great impact on the interests of listed companies, so it plays an important role in the financial operations of listed companies. It is not only a problem of profit distribution of listed companies, but also a financing strategy.As a result, the securities market and the vast number of investors have been closely concerned about.An appropriate dividend policy can not only give investors an appropriate return to create a positive and healthy image of the company, but also increase the confidence of the majority of investors in the company.It may even cause investors to invest in the company because they are optimistic about the future of the company, so that the company can obtain the conditions and opportunities for sustainable and stable development.In the related research of stock market, similar to the industry linkage of stock, the regional linkage of stock has gradually attracted the attention of academia and investors.Although the domestic and foreign scholars' interest in the study of this relationship is increasing gradually, the domestic discussion on this aspect (especially the research concerning the national conditions of China) and the exploration of the economic meaning of the regional factors are still relatively lacking.There is no empirical analysis of the relationship between regionalism and dividend policy of listed companies in Chinese literature.Based on the data of dividend distribution of listed companies from 1993 to 2009, this paper analyzes the current situation of dividend policy of listed companies in China by the methods of theoretical analysis, statistical analysis and empirical research.The paper systematically examines the influence of regional factors on cash dividend policy of listed companies.Based on the information asymmetry theory and other information related theories, this paper studies whether the different degree of information asymmetry brought by the place of incorporation has an impact on dividend policy.This paper discusses this factor from several angles (including the level of regional economic development, the distance from the financial center, the protection of property rights, the level of government bribery).It is found that the higher the degree of economic development, the closer to the financial center, the better the protection of property right, the lower the cost of bribery, the higher the dividend distribution rate.In addition, the regression analysis of this paper also verifies some previous research results, such as: the shorter the establishment time, the stronger the profitability, the lower the debt and equity ratio, and the higher the cash holdings, the more inclined companies are to issue dividends.In addition, companies with higher retained profits and lower return on assets are more likely to issue cash dividends when the place of registration is farther away from the two financial centres.Finally, this paper finds out the existing problems and puts forward relevant policy recommendations.Hope to the healthy development of China's securities market slightly forward a modest force.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275;F832.51;F224

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