本文關(guān)鍵詞：中外股票市場(chǎng)分紅問(wèn)題比較研究　出處：《天津大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 股利政策 現(xiàn)金分紅 累計(jì)超常收益率 強(qiáng)制分紅

【摘要】：上市公司分紅是投資者實(shí)現(xiàn)投資回報(bào)的重要方式之一,對(duì)于資本市場(chǎng)長(zhǎng)期投資理念和促進(jìn)市場(chǎng)健康、可持續(xù)發(fā)展具有重要意義。本論文使用分紅比率、分紅公司占比和股息率三大指標(biāo)衡量分紅水平,系統(tǒng)分析了中國(guó)與境外上市公司2000年以來(lái)股利分配情況,比較了中外股票市場(chǎng)分紅水平和特點(diǎn),剖析了國(guó)內(nèi)外股利政策監(jiān)管政策變遷,并應(yīng)用事件研究法實(shí)證了中國(guó)股市對(duì)各類股利政策的市場(chǎng)反應(yīng),提出了有針對(duì)性的政策建議,旨在為制定股利政策監(jiān)管政策提供依據(jù)。首先,本文實(shí)證研究發(fā)現(xiàn),中國(guó)股市的分紅比率、分紅公司占比與境外市場(chǎng)基本處于同一水平,尤其是境內(nèi)外市場(chǎng)藍(lán)籌公司兩個(gè)指標(biāo)的差距很小。但是,中國(guó)股市的股息率水平遠(yuǎn)比境外市場(chǎng)低。2013年度中國(guó)股市滬深300指數(shù)成份股的分紅公司占比為92.6%,分紅比率為30.1%,與主要成熟市場(chǎng)接近,但是股息率為1.31%,在全球處于較低的水平。其次,相比境外市場(chǎng)股息率高、股利政策連續(xù)、具有行業(yè)特征等特點(diǎn),中國(guó)股市股利分配特點(diǎn)主要包括:(1)整體股息率較低、股利政策連續(xù)性差,與成熟市場(chǎng)還有一些距離;(2)金融業(yè)、交通運(yùn)輸、倉(cāng)儲(chǔ)和郵政業(yè)分紅水平高于其他行業(yè),而農(nóng)、林、牧、漁業(yè)則低于其它行業(yè);(3)近年來(lái)分紅的穩(wěn)定性、回報(bào)率、分紅意愿上都有了明顯進(jìn)步,支付股利公司的數(shù)量與比例逐漸上升。最后,實(shí)證分析2005年前后兩個(gè)時(shí)段(2000年至2005年、2006年至2013年)中國(guó)股票市場(chǎng)對(duì)于四種股利政策類型(既分紅又送股、只分紅、只送股、無(wú)分紅或送股)公告事件的反應(yīng)發(fā)現(xiàn):第一,中國(guó)股市投資者偏好送股,兩個(gè)時(shí)段只送股公司累計(jì)超常收益率均為正,且高于只分紅和不分配的公司。但是2005年后階段只送股的累計(jì)超常收益率在下降,這表明市場(chǎng)趨于成熟理性。第二,2005年前階段只送股類別的公司超常成交量在事件日前后波動(dòng)幅度較大,但在2005后階段超常成交量在事件日前后變化幅度不大。第三,在分紅預(yù)案公告日前后5個(gè)交易日,超常成交量顯著大于零。本文提出啟示和建議:第一,重點(diǎn)改進(jìn)分紅的結(jié)構(gòu)性問(wèn)題,推動(dòng)那些成長(zhǎng)性較弱、分紅意愿低的上市公司提高分紅水平,將空余現(xiàn)金返還給投資者。第二,引導(dǎo)投資者理性投資。第三,“強(qiáng)制分紅”概念的提出和實(shí)施確實(shí)給市場(chǎng)帶來(lái)了較為積極的影響,應(yīng)該堅(jiān)持分紅制度并進(jìn)行不斷完善。第四,創(chuàng)造良好的稅收環(huán)境,壯大長(zhǎng)期投資者隊(duì)伍,促進(jìn)上市公司的長(zhǎng)期穩(wěn)定分紅。
[Abstract]:Dividend of listed companies is one of the important ways for investors to realize the return on investment. It is of great significance for the long-term investment concept of capital market and the promotion of healthy and sustainable development of the market. This paper analyzes the dividend distribution between China and overseas listed companies since 2000, and compares the level and characteristics of dividend distribution between Chinese and foreign stock markets. This paper analyzes the changes of dividend policy supervision policy at home and abroad, and applies the event research method to demonstrate the market reaction of Chinese stock market to all kinds of dividend policy, and puts forward some targeted policy suggestions. In order to provide the basis for the establishment of dividend policy regulatory policy. First of all, the empirical study found that the share ratio of dividend companies in Chinese stock market is basically at the same level as the overseas market. In particular, the gap between the two indicators of blue-chip companies in the domestic and foreign markets is very small. The dividend rate of China's stock market is much lower than that of foreign markets. The share of dividend companies in the CSI 300 index of China's stock market in 2013 was 92.6, with a dividend ratio of 30.1%. Close to the main mature market, but the dividend yield is 1.31, in the world is at a lower level. Secondly, compared with the foreign market dividend rate is high, dividend policy is continuous, with industry characteristics. The main characteristics of dividend distribution in Chinese stock market include: 1) the overall dividend rate is low, the continuity of dividend policy is poor, and there is still some distance from mature market; (2) the level of dividends in finance, transportation, storage and post office is higher than that in other industries, while that in agriculture, forestry, animal husbandry and fishery is lower than that in other industries; In recent years, the stability of dividends, the rate of return, the willingness to pay dividends have made remarkable progress, and the number and proportion of dividend companies have gradually increased. Finally. Empirical analysis of the two periods before and after 2005 (2000 to 2005, 2005 to 2005) China stock market for four types of dividend policy (both dividends and shares, only dividends. The response to the announcement: first, Chinese stock market investors prefer to send shares, and the cumulative extraordinary return rate of only stock companies in the two periods is positive. And higher than only dividends and non-distribution of the company. But after 2005 only the cumulative abnormal return on stocks in the decline, which indicates that the market tends to mature and rational. Second. In 2005, the abnormal trading volume of the companies only in the stock category fluctuated greatly before and after the event day, but in the later stage of 2005, the abnormal trading volume did not change much before and after the event day. Third. Before and after 5 trading days before and after the announcement of the dividend plan, the volume of extraordinary transactions is significantly greater than zero. This paper puts forward some enlightenment and suggestions: first, focus on improving the structural problems of dividends and promoting those weak growth. Listed companies with low willingness to share out dividends will raise the level of dividends and return the spare cash to investors. Second, guide investors to invest rationally. Third. The introduction and implementation of the concept of "compulsory dividend" have indeed brought a more positive impact to the market. We should adhere to the dividend system and continue to improve. 4th, create a good tax environment, and strengthen the team of long-term investors. To promote the long-term stable dividends of listed companies.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51

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本文編號(hào)：1391070