【摘要】：股利政策是現(xiàn)代公司理財管理活動中三大核心內(nèi)容之一，是公司理財?shù)闹匾h(huán)節(jié),不僅僅是簡單的利潤分配問題，它與股東利益，債權(quán)人利益，公司形象等都密切相關(guān)。在特定的市場條件下，作為資本市場微觀基礎(chǔ)的上市公司，采取什么樣的股利政策才能實現(xiàn)公司價值最大化一直是大家關(guān)注的熱點。 為消除二元股權(quán)結(jié)構(gòu)的弊端，我國從2005年開始進行了股權(quán)分置改革。時至今日，股權(quán)分置改革已經(jīng)基本完成，2008年以來，部分股改上市公司的限售股份到期解禁，無限售上市公司的數(shù)量逐漸增加，2010年更是迎來解禁的高潮，中國資本市場的發(fā)展進入了一個全新的時期，，也為股利政策的研究提供了一個全新的背景。 本文的研究對象主要是我國已經(jīng)實現(xiàn)全流通的上市公司的現(xiàn)金股利政策，選取的樣本為2006年開始股權(quán)分置改革，至2009年實現(xiàn)全流通的上市公司。首先從現(xiàn)狀著手，分析了這些樣本公司的基本情況，發(fā)現(xiàn)這些公司存在如下幾個特點：派現(xiàn)公司數(shù)量相對較少，實現(xiàn)全流通之后有所增加，但增加數(shù)量不是很明顯；派現(xiàn)水平仍然低下，全流通后有所提高；異常派現(xiàn)情況較為嚴重；股利分配形式多樣。隨后從代理成本角度出發(fā)，對我國全流通背景下的上市公司現(xiàn)金股利政策進行實證研究。將代理成本分為三方面：股東—管理層之間的代理成本；股東—債權(quán)人之間的代理成本；大股東—中小股東之間的代理成本，并分別選取指標進行衡量，通過這些代表代理成本的指標來對我國的現(xiàn)金股利政策情況進行解釋說明，最后由實證結(jié)果得出代理成本的各個因素直接影響了現(xiàn)金股利的發(fā)放，另一方面現(xiàn)金股利的發(fā)放也可以有效的降低代理成本，而且在全流通背景下，這一關(guān)系更加明顯。
[Abstract]:Dividend policy is one of the three core contents in the modern company's financial management activities. It is not only a simple profit distribution problem, but also closely related to the interests of shareholders, creditors, corporate image and so on. Under the specific market conditions, what kind of dividend policy can be adopted to maximize the value of listed companies, which is the micro basis of the capital market, has always been the focus of attention. In order to eliminate the malpractice of dual ownership structure, China began to reform the split share structure in 2005. Today, the reform of the split share structure has been basically completed. Since 2008, some of the restricted share sales of listed companies have expired and the number of limitless listed companies has gradually increased. In 2010, the tide of lifting the ban has also been ushered in. The development of China's capital market has entered a new period, and also provides a new background for the study of dividend policy. The main research object of this paper is the cash dividend policy of the listed companies that have realized the full circulation in our country. The selected sample is the listed companies that began the reform of the split share structure in 2006 and realized the full circulation in 2009. First of all, this paper analyzes the basic situation of these sample companies from the current situation, and finds that the following characteristics exist in these companies: the number of cash distribution companies is relatively small, but the increase is not obvious after the realization of full circulation; The level of cash distribution is still low and has been improved after full circulation; abnormal cash distribution is more serious; dividend distribution forms are varied. Then, from the perspective of agency cost, the paper makes an empirical study on the cash dividend policy of listed companies under the background of full circulation in China. The agency cost is divided into three aspects: the agency cost between shareholders and management, the agency cost between shareholders and creditors, and the agency cost between shareholders and creditors. The agency cost between the major stockholders and the minority shareholders, and choose the indicators to measure, through these indicators representing the agency costs to explain the situation of cash dividend policy in China. Finally, the empirical results show that the factors of agency cost directly affect the distribution of cash dividend. On the other hand, the distribution of cash dividend can also effectively reduce the agency cost, and in the context of full circulation, this relationship is more obvious.
【學位授予單位】：廣東商學院
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224

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