本文關(guān)鍵詞：我國(guó)上市公司現(xiàn)金分紅對(duì)投資者利益的影響研究　出處：《西北大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 現(xiàn)金分紅 股利信息 公司治理 換手率 面板模型

【摘要】：本文主要從現(xiàn)金分紅的資產(chǎn)配置功能、信息傳遞功能和公司治理功能三個(gè)方面研究其對(duì)于市場(chǎng)的作用和投資者利益的影響�，F(xiàn)金分紅是證券市場(chǎng)上利益分配的一種重要形式,是投資者直接獲取投資收益的重要手段。通過(guò)現(xiàn)金分紅,投資者實(shí)質(zhì)上擁有了一次便捷的重新配置資產(chǎn)的機(jī)會(huì)。通過(guò)對(duì)自身風(fēng)險(xiǎn)的評(píng)估和公司未來(lái)前景的預(yù)期,投資者可以將資產(chǎn)重新調(diào)整到合適的風(fēng)險(xiǎn)收益狀態(tài)�，F(xiàn)金分紅還是解決市場(chǎng)信息不對(duì)稱的重要手段。具有穩(wěn)定股利政策的公司通過(guò)現(xiàn)金分紅傳遞出公司內(nèi)部一些重要信息,對(duì)市場(chǎng)上的信息解讀者產(chǎn)生影響�，F(xiàn)金分紅還具有解決現(xiàn)代公司治理體系中突出的委托代理問(wèn)題的作用。通過(guò)現(xiàn)金分紅可以有效減少代理成本,增加投資者利益。以上所述的現(xiàn)金分紅三種功能的發(fā)揮依賴于良好的市場(chǎng)環(huán)境基礎(chǔ)和公司治理環(huán)境。當(dāng)市場(chǎng)法制不健全,公司股權(quán)結(jié)構(gòu)和治理結(jié)構(gòu)不合理時(shí),現(xiàn)金分紅就可能成為集權(quán)者用于欺騙、侵占外部投資者的手段。我國(guó)股票市場(chǎng)在過(guò)去二十年的發(fā)展過(guò)程中,市場(chǎng)制度不斷改革和完善。據(jù)此,本文按照強(qiáng)制分紅和股權(quán)分置改革兩個(gè)事件節(jié)點(diǎn),將市場(chǎng)劃分為三個(gè)觀察區(qū)間,對(duì)比了三個(gè)階段市場(chǎng)分紅狀況。以上證A股公司為樣本,本文著重研究了股權(quán)分置改革之后,我國(guó)股票市場(chǎng)上現(xiàn)金分紅的信息內(nèi)涵,以及現(xiàn)金分紅對(duì)投資者產(chǎn)生的影響。結(jié)果表明,我國(guó)上市公司現(xiàn)金分紅政策缺乏穩(wěn)定性,在6年期和3年期的檢驗(yàn)中,現(xiàn)金分紅波動(dòng)較大,缺乏平滑性,從而否定了其包含公司經(jīng)營(yíng)業(yè)績(jī)和管理層關(guān)于公司前景預(yù)期的信息。此外,本文還以換手率為指標(biāo)衡量投資者的行為特征,基于面板數(shù)據(jù)模型,對(duì)換手率和現(xiàn)金分紅進(jìn)行回歸分析,結(jié)果表明現(xiàn)金分紅的發(fā)放顯著降低了換手率。最后,本文針對(duì)我國(guó)股票市場(chǎng)存在的問(wèn)題給出了相應(yīng)的政策建議。
[Abstract]:This article mainly from the cash dividend asset allocation function. The information transfer function and the corporate governance function are three aspects to study the influence of the information transfer function and the investor benefit. The cash dividend is an important form of interest distribution in the securities market. Through cash dividend, investors have a convenient opportunity to reallocate their assets. Through the assessment of their own risk and the expectation of the company's future prospects. Investors can readjust their assets to the right return on risk. Cash dividends are also an important means of resolving market information asymmetries. Companies with stable dividend policies pass out some of the inside of the company through cash dividends. Important information. Cash dividend can also solve the outstanding principal-agent problem in the modern corporate governance system. The cash dividend can effectively reduce the agency cost. The above three functions of cash dividend depend on the good market environment and corporate governance environment. When the market legal system is not perfect and the corporate equity structure and governance structure is unreasonable. Cash dividend may become a means for centralists to deceive and occupy external investors. In the past twenty years, the stock market system has been reformed and perfected. This paper divides the market into three observation intervals according to the two event nodes of compulsory dividend and split share structure reform, and compares the three stages of market dividend situation. This paper focuses on the information connotation of cash dividend in Chinese stock market and the influence of cash dividend on investors after the reform of split share structure. The cash dividend policy of listed companies in our country lacks stability. In the test of 6 years and 3 years, the cash dividend fluctuates greatly and lacks smoothness. In addition, this paper uses turnover rate as an indicator to measure the behavior characteristics of investors, based on panel data model. The regression analysis of turnover rate and cash dividend shows that the distribution of cash dividend significantly reduces the turnover rate. Finally, the paper gives some policy suggestions for the problems existing in China's stock market.
【學(xué)位授予單位】：西北大學(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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