本文選題：現(xiàn)金股利　切入點(diǎn)：藍(lán)籌股　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：本文想要研究的是我國藍(lán)籌股現(xiàn)金股利分配的影響因素,藍(lán)籌股,因其業(yè)績良好,風(fēng)險(xiǎn)相對其他股票較小,是我國個(gè)人和機(jī)構(gòu)投資者接觸最頻繁的投資標(biāo)的那么影響藍(lán)籌股現(xiàn)金股利分配的因素究竟有哪些?這是本文想要研究的問題。本文在第一章介紹研究的話題和研究方法。在第二章介紹股利分配的相關(guān)概念和理論。第三章是文獻(xiàn)綜述,總結(jié)前人的研究成果。在第四部分以自由現(xiàn)金流假說為基礎(chǔ)構(gòu)建了一個(gè)簡單的博弈論模型,證明投資者話語權(quán)對公司股利分配可能存在的影響。第五部分,運(yùn)用2008-2012年我國滬深300成分股的面板數(shù)據(jù),對我國藍(lán)籌股是否分配現(xiàn)金股利以及股利支付率的影響因素進(jìn)行驗(yàn)證。第六部分是總結(jié)和政策建議。具體來說,本文希望驗(yàn)證我國藍(lán)籌股的現(xiàn)金股利分配是否與三個(gè)現(xiàn)代股利分配理論相符：信號(hào)理論、自由現(xiàn)金流假說、生命周期假說。另外,本文還想驗(yàn)證,在我國投資者話語權(quán)提高對現(xiàn)金股利分配的影響、實(shí)際控制人類型對現(xiàn)金股利分配的影響以及2012年證監(jiān)會(huì)發(fā)布《關(guān)于進(jìn)一步落實(shí)上市公司現(xiàn)金分紅有關(guān)事項(xiàng)的通知》這一事件對于我國藍(lán)籌股現(xiàn)金股利分配的影響。本文通過實(shí)證研究,發(fā)現(xiàn)如下之前學(xué)者沒有得出的結(jié)論：我國的散戶和投資者隨著話語權(quán)的提升,會(huì)偏好讓上市公司更多地分配現(xiàn)金股利；實(shí)際控制人類型的不同,不會(huì)明顯影響藍(lán)籌股支付現(xiàn)金股利的概率,但是會(huì)對股利支付率產(chǎn)生顯著影響,相對而言,政府控制的企業(yè)股利支付率更小而外資機(jī)構(gòu)控制的企業(yè)股利支付率會(huì)更高。2012年證監(jiān)會(huì)強(qiáng)制分紅文件的發(fā)布,使得我國藍(lán)籌股進(jìn)行現(xiàn)金股利分配的概率以及股利支付率都有顯著提高。
[Abstract]:This paper wants to study the factors that affect the cash dividend distribution of blue chips in China. Blue chips, because of their good performance, the risk is relatively small compared with other stocks. Is our country individual and the institutional investor contacts the investment target most frequently so what are the factors that affect the blue chip cash dividend distribution? This is the question that this paper wants to study. In the first chapter, the topic and research methods are introduced. In the second chapter, the related concepts and theories of dividend distribution are introduced. In the fourth part, based on the free cash flow hypothesis, a simple game theory model is constructed to prove the possible influence of investor's right of speech on the dividend distribution. By using the panel data of China's Shanghai and Shenzhen 300 constituent stocks from 2008 to 2012, the paper verifies the factors affecting the distribution of cash dividends and dividend payment rates in China's blue-chip stocks. The sixth part is a summary and policy recommendations. This paper hopes to verify whether the cash dividend distribution of blue chips in China is consistent with three modern dividend distribution theories: signal theory, free cash flow hypothesis, life cycle hypothesis. The influence of the improvement of investors' right of speech on the Distribution of Cash dividend in China, The effect of the Type of actual Controller on the Distribution of Cash dividend and the effect of this event on the Distribution of Cash dividend of Blue-chip stocks in China issued by the Securities Regulatory Commission in 2012. Through empirical research, It is found that the following conclusions have not been drawn by scholars before: retail investors and investors in our country will prefer to let listed companies distribute more cash dividends with the increase of the right to speak; the types of actual controllers are different. It will not significantly affect the probability of blue chips paying cash dividends, but it will have a significant impact on the dividend payment rate, relatively speaking, Government controlled companies pay less dividends and foreign firms pay higher dividends. In 2012, the Securities and Futures Commission issued a mandatory dividend document. As a result, the probability of cash dividend distribution and dividend payment rate of blue chips in China have been improved significantly.
【學(xué)位授予單位】：復(fù)旦大學(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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相關(guān)期刊論文 前2條

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本文編號(hào)：1647960