本文選題：現(xiàn)金股利 + 代理成本��； 參考：《上海交通大學(xué)》2012年碩士論文

【摘要】：本文從我國(guó)股權(quán)分置改革之后的A股上市公司代理成本問題出發(fā)，，以代理成本理論作為理論基礎(chǔ)，研究了我國(guó)A股上市公司發(fā)放現(xiàn)金股利作為一種降低代理成本手段的治理效果。 在實(shí)證部分，本文通過選取支出和產(chǎn)出兩個(gè)角度的代理變量對(duì)我國(guó)A股上市公司的機(jī)會(huì)成本進(jìn)行了描摹。并利用OLS模型檢驗(yàn)了股權(quán)分置改革之后，我國(guó)A股上市公司發(fā)放現(xiàn)金股利的效果。通過實(shí)證分析，本文發(fā)現(xiàn)，通過現(xiàn)金股利支付率這一指標(biāo)來控制公司代理成本的效果較差。 在此基礎(chǔ)上，本文揭示了過度發(fā)放股利和公司再融資成本之間內(nèi)在聯(lián)系的可能原因，并針對(duì)“通過股利支付率控制A股上市公司再融資”這一政策提出了批評(píng)和相應(yīng)的政策改進(jìn)，這在國(guó)內(nèi)研究成果中尚屬首次。
[Abstract]:Based on the theory of agency cost, this paper starts from the problem of agency cost of A share listed companies after the reform of split share structure in our country, and takes the theory of agency cost as the theoretical basis. This paper studies the governance effect of cash dividend issued by A share listed companies as a means of reducing agency cost. This paper describes the opportunity cost of A-share listed companies in China by selecting agency variables from the perspectives of expenditure and output. The OLS model is used to test the effect of cash dividend issued by A-share listed companies after the reform of split share structure. Through the empirical analysis, this paper finds that the efficiency of controlling the agency cost through the cash dividend payment rate is poor. On this basis, this paper reveals the possible reasons for the internal relationship between the overpayment of dividend and the refinancing cost of the company. This paper also puts forward the criticism and corresponding policy improvement on the policy of "controlling the refinancing of A-share listed companies through dividend payment rate", which is the first time in domestic research.
【學(xué)位授予單位】：上海交通大學(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

【共引文獻(xiàn)】

相關(guān)會(huì)議論文 前10條

1 時(shí)晉;吳錦宇;;試議中國(guó)國(guó)有控股上市公司高管薪酬的控制——一種法經(jīng)濟(jì)的分析(初稿)[A];2011年（第九屆）“中國(guó)法經(jīng)濟(jì)學(xué)論壇”論文集[C];2011年

2 嚴(yán)太華;李佩玻;;我國(guó)上市公司薪酬激勵(lì)長(zhǎng)期有效性研究[A];第十三屆中國(guó)管理科學(xué)學(xué)術(shù)年會(huì)論文集[C];2011年

3 鄭筱婷;王s

本文編號(hào)：1993552