本文選題：股利分配　切入點(diǎn)：會(huì)計(jì)穩(wěn)健性　出處：《鄭州大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：股利分配作為財(cái)務(wù)管理的重要研究領(lǐng)域,也是廣大投資者關(guān)注的重要問題之一。但我國上市公司的股利分配行為普遍不規(guī)范,存在以下問題:上市公司不派現(xiàn)現(xiàn)象嚴(yán)重;派現(xiàn)公司股利支付水平較低,出現(xiàn)迎合政策現(xiàn)象;部分派現(xiàn)公司的股利支付較高,呈現(xiàn)超能力派現(xiàn)現(xiàn)象;上市公司在選擇股利分配政策時(shí)隨意性強(qiáng)等現(xiàn)象。作為我國的“股利之謎”,學(xué)者們對(duì)股利分配的影響因素進(jìn)行了深入而廣泛的研究,而本文將股利分配作為動(dòng)機(jī),結(jié)合我國自2001年開始實(shí)施半強(qiáng)制分紅政策、2006及2008年對(duì)半強(qiáng)制性分紅政策的不斷完善,將再融資資格與分紅掛鉤以及2013年出臺(tái)差異分紅政策的分紅背景,研究上市公司的股利分配亂象中是否存在為了實(shí)現(xiàn)獲得再融資資格或者侵害中小投資者利益等分紅目的,對(duì)股利的分配基礎(chǔ)即會(huì)計(jì)盈余進(jìn)行操縱等犧牲會(huì)計(jì)信息質(zhì)量的行為。會(huì)計(jì)穩(wěn)健性是財(cái)務(wù)報(bào)告的重要原則之一,也是反映會(huì)計(jì)信息,尤其是盈余信息質(zhì)量的重要特征之一,能夠緩解信息不對(duì)稱,降低投資成本,保護(hù)投資者的利益,被學(xué)者們作為衡量會(huì)計(jì)信息質(zhì)量的替代指標(biāo)之一。因此,本文將股利分配與會(huì)計(jì)穩(wěn)健性相聯(lián)系,通過對(duì)已有文獻(xiàn)和相關(guān)理論的梳理分析,發(fā)現(xiàn)股利分配通過代理成本理論和股利分配動(dòng)機(jī)兩種機(jī)制影響著會(huì)計(jì)穩(wěn)健性,反映上市公司的會(huì)計(jì)信息質(zhì)量。本文基于“委托代理理論”、“信息不對(duì)稱理論”“信號(hào)傳遞理論”以及“隧道挖掘理論”,從股利分配的視角研究會(huì)計(jì)穩(wěn)健性,采用理論和實(shí)證相結(jié)合的研究方法,以滬深兩市2010-2014年7140個(gè)數(shù)據(jù)為研究樣本,構(gòu)建實(shí)證模型,以期發(fā)現(xiàn)是否分配現(xiàn)金股利、分配現(xiàn)金股利和股票股利對(duì)會(huì)計(jì)穩(wěn)健性的影響;為豐富研究內(nèi)容,加入債權(quán)約束和股權(quán)結(jié)構(gòu)變量,研究該變量如何影響現(xiàn)金股利支付率與會(huì)計(jì)穩(wěn)健性之間的關(guān)系;區(qū)分不同的產(chǎn)權(quán)性質(zhì),研究產(chǎn)權(quán)性質(zhì)是否以及如何影響現(xiàn)金股利支付率與會(huì)計(jì)穩(wěn)健性之間的關(guān)系。通過實(shí)證結(jié)果發(fā)現(xiàn):(1)分配現(xiàn)金股利的上市公司會(huì)計(jì)穩(wěn)健性強(qiáng)于未分配現(xiàn)金股利的上市公司;(2)現(xiàn)金股利支付率與會(huì)計(jì)穩(wěn)健性負(fù)相關(guān),送股率與會(huì)計(jì)穩(wěn)健性也呈負(fù)相關(guān)關(guān)系,但并不顯著;(3)短期借款率能夠緩解現(xiàn)金股利支付率與會(huì)計(jì)穩(wěn)健性之間的負(fù)相關(guān)關(guān)系;(4)而第一大股東持股比例加劇了現(xiàn)金股利支付率與會(huì)計(jì)穩(wěn)健性之間的負(fù)相關(guān)關(guān)系;(5)產(chǎn)權(quán)性質(zhì)不改變現(xiàn)金股利支付率與會(huì)計(jì)穩(wěn)健性之間的負(fù)相關(guān)關(guān)系,但國有企業(yè)相對(duì)于民營企業(yè),現(xiàn)金股利支付率與會(huì)計(jì)穩(wěn)健性之間的負(fù)相關(guān)效果更強(qiáng)。上述實(shí)證結(jié)果表明:半強(qiáng)制分紅等政策降低了不分配現(xiàn)金股利的上市公司比例,在一定程度上提高了會(huì)計(jì)穩(wěn)健性;政府等相關(guān)部門應(yīng)重點(diǎn)關(guān)注現(xiàn)金股利分配形式,尤其是現(xiàn)金股利支付水平較高的上市公司以及國有上市公司,是否存在通過提前確認(rèn)收益、延緩確認(rèn)損失等降低會(huì)計(jì)穩(wěn)健性的行為來實(shí)現(xiàn)分紅目的;通過適當(dāng)負(fù)債以及降低股權(quán)集中程度能夠緩解現(xiàn)金股利支付率與會(huì)計(jì)穩(wěn)健性之間的負(fù)相關(guān)關(guān)系。
[Abstract]:Dividend distribution is one of the important research fields of financial management, which is one of the important problems. But the majority of investors concerned about the dividend distribution behavior of Listed Companies in China are generally not standardized, there are the following problems: the listed company cash dividend phenomenon is serious; the company sent the level of dividend payout is low, catering to the phenomenon of policy; part of cash dividend dividend pay a higher, showing high cash dividend phenomenon; Listed Companies in the choice of dividend distribution policy arbitrariness phenomenon. As China's "dividend puzzle", influencing factors of the dividend distribution of scholars in-depth and extensive research, and the dividend distribution as motivation, combined with China began to implement a half the mandatory dividend policy since 2001, and in 2008 2006 the semi mandatory dividend policy will continue to improve, financing and dividend and dividend policy introduced in 2013 linked to differences in the background of dividends, The dividend distribution of Listed Companies in the chaos of existence in order to achieve refinancing qualification or infringe upon the interests of small investors into red, which is based on the dividend distribution of accounting earnings manipulation at the expense of the quality of accounting information. The accounting conservatism is one of the important principles of financial reporting, but also reflect the accounting information, especially one of important characteristics the quality of earnings information, can alleviate the information asymmetry, reduce investment costs, protect the interests of investors, by scholars as one of the alternative indicators to measure the quality of accounting information. Therefore, this paper will contact the dividend distribution and accounting conservatism, based on the literature and related theories analysis, found by dividend agency theory and dividend distribution of two kinds of mechanism affects the motivation of accounting conservatism, reflecting the quality of accounting information of listed companies. This paper is based on the" The principal-agent theory "," information asymmetry theory "," signaling theory "and" tunneling theory ", from the perspective of accounting conservatism of dividend distribution, using the combination of theoretical and empirical research methods, the Shanghai and Shenzhen two city 2010-2014 years 7140 data for the study sample, the empirical model, in order to find out whether the distribution of cash effect of distribution of dividend, cash dividend and stock dividend on accounting conservatism; to enrich the research contents, adding constraints and debt equity structure variables, to study the relationship between the factors that affect the cash dividend payment rate and between accounting conservatism; distinguishing the property of different property rights relationship, study whether and how to influence the cash dividend payment rate between accounting and the robustness. The empirical results show that: (1) cash dividend distribution of listed companies accounting conservatism in undistributed cash dividend. Company; (2) the cash dividend payment rate and accounting conservatism negatively correlated with dividend rate and accounting conservatism is negatively correlated, but not significant; (3) short-term borrowing rates can alleviate the negative relationship between the cash dividend payment rate and accounting conservatism; (4) and the proportion of the first shareholder increased cash a negative correlation between the rate of dividend payment and accounting conservatism; (5) the nature of property rights does not change the negative relationship between the cash dividend payout ratio and accounting conservatism, but state-owned enterprises to private enterprises, the cash dividend payment rate and stronger negative correlation between the effect of accounting conservatism. The empirical results show that: the semi mandatory dividend policy to reduce the distribution of cash dividends of listed companies, to a certain extent improve the accounting conservatism; the government and other relevant departments should focus on cash dividend distribution on form, especially cash dividend Pay a high level of listed companies and the state-owned listed companies, whether there is confirmed in advance by revenue, reduce the delay loss recognition of accounting conservatism behavior to achieve the purpose of dividends; to a negative correlation between the cash dividend payment rate relief and accounting conservatism through appropriate liabilities and reduce the degree of ownership concentration.

【學(xué)位授予單位】：鄭州大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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