本文關(guān)鍵詞：半強(qiáng)制分紅政策下上市公司中小股東利益保護(hù)研究　出處：《陜西科技大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：中小股東利益保護(hù)是上市公司規(guī)范運(yùn)作、公司價(jià)值提升以及資本市場(chǎng)健康發(fā)展的重要前提。中小股東獲取收益的方式主要包括：賺取買賣差價(jià)和獲得投資分紅兩種形式。從國(guó)內(nèi)外發(fā)展的實(shí)踐來(lái)看，長(zhǎng)期穩(wěn)定的分紅收益才是中小股東獲取收益的健康方式，然而大股東通過(guò)不分紅或“掏空式”分紅等方式侵害中小股東利益的現(xiàn)象屢見(jiàn)不鮮，因此對(duì)中小股東利益的保護(hù)引起了社會(huì)各界的廣泛關(guān)注。為了更好保護(hù)中小股東的利益，，我國(guó)證監(jiān)會(huì)自2001年以來(lái)相繼出臺(tái)一系列半強(qiáng)制分紅政策，針對(duì)上市公司分紅行為進(jìn)行規(guī)范和制約。在半強(qiáng)制分紅政策的影響下，我國(guó)上市公司分紅行為、公司治理及信息披露透明度等情況均發(fā)生了變化。本文著眼于研究半強(qiáng)制分紅政策頒布以來(lái)，上市公司分紅情況是否有好轉(zhuǎn)，中小股東利益保護(hù)是否得到改善，并針對(duì)半強(qiáng)制分紅政策在我國(guó)實(shí)施過(guò)程中出現(xiàn)的問(wèn)題提出相關(guān)建議。 本文在參考國(guó)內(nèi)外大量文獻(xiàn)資料的基礎(chǔ)上，綜合運(yùn)用了規(guī)范研究和實(shí)證研究的方法。首先，對(duì)相關(guān)概念進(jìn)行了界定，并對(duì)相關(guān)理論基礎(chǔ)進(jìn)行了說(shuō)明。接著，對(duì)中小股東利益侵害及保護(hù)進(jìn)行分析，發(fā)現(xiàn)大股東侵害中小股東的主要原因及侵害方式；對(duì)中小股東利益保護(hù)的重要性和中小股東的利益保護(hù)面臨的困難進(jìn)行研究；分析了中小股東的利益保護(hù)對(duì)上市公司的影響。然后，對(duì)我國(guó)半強(qiáng)制分紅政策的發(fā)展與推進(jìn)進(jìn)行了系統(tǒng)的分析。本文從我國(guó)證券市場(chǎng)初期的發(fā)展?fàn)顩r、上市公司信息披露情況、市場(chǎng)投機(jī)氛圍和分紅的國(guó)際趨勢(shì)四個(gè)方面分析了我國(guó)半強(qiáng)制分紅政策的實(shí)施背景；分析了半強(qiáng)制分紅政策的實(shí)施目的；把半強(qiáng)制分紅政策的實(shí)施過(guò)程劃分為初始、推進(jìn)和成熟三個(gè)階段；文章對(duì)我國(guó)半強(qiáng)制分紅政策實(shí)施過(guò)程中出現(xiàn)的問(wèn)題進(jìn)行了分析。之后，文章進(jìn)行了實(shí)證分析。本文通過(guò)對(duì)2008年至2012年間上市公司進(jìn)行篩選，在前文的基礎(chǔ)上提出了相關(guān)假設(shè)并進(jìn)行研究設(shè)計(jì)，運(yùn)用SPSS和Excel軟件進(jìn)行描述性、相關(guān)性和回歸分析，最終得出實(shí)證分析結(jié)論。實(shí)證結(jié)論主要有：1）半強(qiáng)制分紅政策頒布期間，上市公司現(xiàn)金股利支付率和分配現(xiàn)金股利的上市公司數(shù)目總體均呈上升趨勢(shì)，即半強(qiáng)制分紅政策促進(jìn)了上市公司分紅。2）分配現(xiàn)金股利的上市公司中小股東的利益保護(hù)程度要高于不分配現(xiàn)金股利的上市公司。3）現(xiàn)金股利的支付率與中小股東利益保護(hù)的關(guān)系呈倒U型關(guān)系，也就是說(shuō)微分紅（不分紅）或者過(guò)高的分紅方式都不利于中小股東的利益保護(hù)，只有適度的分紅才能夠有利于中小股東的利益保護(hù)。然后，本文針對(duì)理論和實(shí)證分析結(jié)論，從對(duì)半強(qiáng)制分紅的完善，中小股東自身保護(hù)意識(shí)的提高以及機(jī)構(gòu)投資者對(duì)中小股東的利益保護(hù)三方面，提出完善半強(qiáng)制分紅政策改善中小股東利益保護(hù)的對(duì)策。 本文的創(chuàng)新點(diǎn)主要是：開(kāi)拓了半強(qiáng)制分紅政策這樣一個(gè)新視角下一系列中小股東利益保護(hù)的理論和實(shí)證研究。本文對(duì)半強(qiáng)制分紅政策進(jìn)行了概念的界定和背景分析，并發(fā)現(xiàn)半強(qiáng)制分紅政策是一種國(guó)際趨勢(shì)。對(duì)半強(qiáng)制分紅政策的實(shí)施進(jìn)行了階段性劃分及特點(diǎn)的總結(jié)。
[Abstract]:Protection of the interests of minority shareholders is the standardized operation of listed companies, an important prerequisite for the healthy development of the company and enhance the value of the capital market. Small and medium-sized shareholders profit way mainly includes: the sale price and earn investment dividends in two forms. The practice of development from home and abroad, the long-term stability of the dividends is a healthy way of small and medium-sized shareholders to obtain income however, It is often seen. major shareholder through dividends or "empty" way of dividends against the interests of small shareholders, so to protect the interests of small shareholders has attracted widespread attention in the community. In order to better protect the interests of minority shareholders, the China Securities Regulatory Commission since 2001 promulgated a series of semi mandatory dividend policy to regulate and restrict the dividend behavior of listed companies. In the semi mandatory dividend policy, dividend behavior of Chinese listed companies, corporate governance And the transparency of information disclosure and other conditions were changed. This paper focuses on the study of semi mandatory dividend policy promulgated, the listed company dividends have better protection of the interests of minority shareholders are improved, the problems and suggestions for semi mandatory dividend policy in China in the implementation process.
Based on a large number of domestic and foreign literature, comprehensive use of empirical and normative research methods. Firstly, defines related concepts, and the related theoretical basis are described. Then, to encroach on the interests of small shareholders and protection are analyzed, the main reason is the large shareholders and against the way; facing the protection of the interests of the importance of the protection of the interests of small shareholders and small shareholders in difficult research; analyzes the influence of protecting the interests of minority shareholders of Listed Companies in our country. Then, the semi mandatory dividend policy and promote the development of the system are analyzed in this paper. From the early development of China's securities market the situation of information disclosure of listed companies, the four aspects of market speculation atmosphere and dividend international trend analysis of the implementation of the background of China's semi mandatory dividend policy; analysis of half The purpose of the implementation of mandatory dividend policy; divides the implementation process of semi mandatory dividend policy as the initial advance, and three stages of maturity; this article analyzes China's semi mandatory dividend policy implementation problems. After that, the article makes an empirical analysis. Through screening of listed companies from 2008 to 2012. On the basis of the above proposed related assumptions and descriptive research design, using SPSS and Excel software, correlation and regression analysis, finally draws the conclusion of empirical analysis. The main conclusions are: 1) during the semi mandatory dividend policy, the number of listed company's cash dividend payment rate and the cash dividend distribution of Listed Companies in general are a rising trend, namely the semi mandatory dividend policy promoted the dividends of listed companies.2) to protect the interests of small shareholders of the cash dividend distribution of listed companies is higher than No cash dividend distribution of listed companies.3) in inverted U relationship between the cash dividend payment rate and protect the interests of small shareholders, namely micro dividends (not dividends) to protect the interests or excessive dividends are not conducive to small and medium shareholders, only modest dividends can have to protect the interests of small shareholders. Then, according to the conclusions of theoretical and empirical analysis, the improvement of semi mandatory dividend from minority shareholders, improve self-protection awareness of the benefits of small shareholders and institutional investors protection three aspects, put forward countermeasures to improve the semi mandatory dividend policy to improve the protection of the interests of minority shareholders.
The main innovation of this paper is: to develop the semi mandatory dividend policy so that a new perspective under the protection of the interests of small shareholders a series of theoretical and empirical research. In this paper the semi mandatory dividend policy is analyzed and defined the concept of background, and found that the semi mandatory dividend policy is an international trend. The semi mandatory implementation of the dividend policy the classification and characteristics of stage summary.

【學(xué)位授予單位】：陜西科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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