本文選題：現(xiàn)金股利政策 + 差異化股利稅�。� 參考：《河北大學(xué)》2017年碩士論文

【摘要】：股利政策作為三大財(cái)務(wù)決策之一,在企業(yè)中占有著重要的地位。依據(jù)信號(hào)傳遞理論,一個(gè)良好的股利政策可以向外界傳遞出公司未來(lái)有著向好發(fā)展前景的信息,從而增強(qiáng)投資者的信心,為公司樹立積極的企業(yè)形象。因此如何制定合理的股利政策及股利政策制定中需要考慮的因素不僅是上市公司也是眾多學(xué)者一直探討的問(wèn)題,其中關(guān)于企業(yè)的股利政策能否受到投資者層面稅收的影響在國(guó)際上爭(zhēng)論已久。2013年我國(guó)開始實(shí)行的差異化股利稅政策,將持股時(shí)間與股利稅率結(jié)合起來(lái),為這一問(wèn)題的研究提供了不可多得的研究契機(jī)。本文將2011-2014年A股上市公司作為研究樣本,以股息率作為因變量,選取稅收改革的虛擬變量、持股時(shí)間、管理層持股比例、兩權(quán)分離度作為自變量,并將公司規(guī)模、資產(chǎn)負(fù)債率、成長(zhǎng)性、凈資產(chǎn)收益率、現(xiàn)金流能力和行業(yè)因素作為控制變量,采用了Tobit回歸和分組回歸的方法對(duì)差異化股利稅能否影響上市公司現(xiàn)金股利政策進(jìn)行了檢驗(yàn),得出如下結(jié)論:第一,對(duì)投資者根據(jù)其持股時(shí)間征收不同的股利稅,能夠顯著影響公司的現(xiàn)金股利政策制定,與個(gè)人投資者持股時(shí)間短的公司相比,持股時(shí)間長(zhǎng)的公司在股利稅改革之后提高其現(xiàn)金股利支付水平的愿望更強(qiáng)烈。這一研究結(jié)果是因?yàn)樵谖覈?guó)個(gè)人投資者占主導(dǎo)地位,他們更可能是投資者邊際稅率的決定者,當(dāng)個(gè)人投資者在公司中占據(jù)著重要位置時(shí),企業(yè)能夠響應(yīng)個(gè)人投資者稅率的變化。第二,通過(guò)進(jìn)一步研究發(fā)現(xiàn),差異化股利稅對(duì)公司現(xiàn)金股利政策的影響程度還受到管理層持股比例和控股股東兩權(quán)分離程度的影響,當(dāng)管理層持股比例高,控股股東兩權(quán)分離度低時(shí),其利益目標(biāo)更能跟其他股東保持一致,降低公司的代理成本,從而制定出符合廣大股東利益的股利政策。
[Abstract]:Dividend policy, as one of the three major financial decisions, plays an important role in enterprises.According to the theory of signal transmission, a good dividend policy can convey to the outside world the information that the company has a good prospect in the future, so as to enhance the confidence of investors and establish a positive corporate image for the company.Therefore, how to formulate reasonable dividend policy and the factors to be considered in the formulation of dividend policy are not only the problems of listed companies but also discussed by many scholars.Whether the dividend policy of enterprises can be influenced by the tax on investor level has been debated internationally for a long time. The differentiated dividend tax policy that our country began to implement in 2013 combines the time of holding and the tax rate of dividend.It provides a rare opportunity for the study of this problem.In this paper, A share listed companies in 2011-2014 are taken as the research samples, the dividend rate as dependent variable, the fictitious variable of tax reform, the time of ownership, the proportion of managerial stock, the separation degree of two rights as independent variables, and the size of the company and the ratio of assets and liabilities are taken as independent variables.Growth, return on net assets, cash flow ability and industry factors are taken as control variables. The Tobit regression and group regression are used to test whether the differential dividend tax can affect the cash dividend policy of listed companies.The conclusions are as follows: firstly, the tax on the stock interest of investors according to their holding time can significantly affect the company's cash dividend policy formulation, compared with the companies with short holding time of individual investors.Long-held companies have a stronger desire to raise their cash dividend payments after the dividend tax reform.The result of this study is that individual investors are dominant in our country. They are more likely to be the determinants of marginal tax rates. When individual investors occupy an important position in the company, enterprises can respond to the changes in tax rates of individual investors.Secondly, through further research, it is found that the influence of differentiated dividend tax on the cash dividend policy is also affected by the proportion of managerial shareholding and the degree of separation of controlling shareholders' rights, when the proportion of managerial shareholding is high.When the degree of separation of two rights of controlling shareholders is low, the interests of controlling shareholders are more consistent with those of other shareholders, and the agency cost of the company can be reduced, and the dividend policy that accords with the interests of the majority of shareholders can be formulated.
【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F275

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