股權分置改革對國內上市公司所有權結構與股利政策的影響分析
發(fā)布時間：2018-08-06 10:34
【摘要】：2005年4月份,本著在制度上對國內資本市場進行再造的目的,證監(jiān)會開始對股權實行分置改革。到目前為止,這項改革業(yè)已完成,隨著資本市場的日益發(fā)展,國內證券市場達到了“同股同利”,股票市場逐漸步入全流通時期,上市單位的股權結構、股利政策已經表現(xiàn)出了與分置改革之前不同的特點。所以,本研究就股權分置改革前后國內上市股權結構與股利政策的變化進行了比較系統(tǒng)的分析研究。 本研究以股權分置改革為背景,以閱讀國內外文獻為基礎,探究了分置改革對國內上市單位股權結構以及股利政策所帶來的作用,基于在對所有權分置改革以及股利政策的有關理論予以回顧的前提下,緊接著通過大量的數(shù)據(jù)和圖表來對股改前后的所有權結構與股利政策的變化予以了比較系統(tǒng)的分析研究。結果表明,隨著股改的深入進行,對國內股權結構以及股利政策帶來了巨大的影響。 股權分置改革之前,國內上市單位所有權結構呈現(xiàn)出“一股獨大”以及流通股與非流通股并存的特點。正因為國內上市單位所具有如此的股權結構,使得國內這些公司股利亦有著不同于國外的分配政策,這些政策經常變化,股利分配不時中斷,被大股東所操縱,從而為其獲得更多的私己利益；在改革之后,股權結構大大不同于以前,從而使得股利政策產生了很多與先前不一樣的內容。在股權結構方面,流通股比重大幅度上升,國有股和法人股所占比重大幅度下降,第一大股東持股所占比重與前五大股東持股所占比重趨于合理,所有權結構趨于合理化。與此同時,股利政策也大不同于股改之前,發(fā)放現(xiàn)金股利的公司數(shù)目不斷增加,上市公司整體排放現(xiàn)金股利水平很大程度地提高了,發(fā)放的現(xiàn)金股利連續(xù)且穩(wěn)定,異常派現(xiàn)現(xiàn)象不斷地減少。 股改至今,雖說我國資本市場已經進入全流通時代,但是,依然需要對股權結構和股利政策不斷地予以優(yōu)化,需要不斷地完善公司治理制度,形成監(jiān)管機制以求對投資方利益予以保護,對國內資本市場予以合理規(guī)范,對法律法規(guī)環(huán)境予以改善,對不同的市場機制予以健全。
[Abstract]:In April 2005, with the aim of reconstructing the domestic capital market, the CSRC began to carry out the split share structure reform. So far, this reform has been completed. With the increasing development of the capital market, the domestic securities market has reached the "same share with interest", and the stock market has gradually entered the period of full circulation, and the equity structure of listed units. Dividend policy has shown different characteristics than before the reform of split structure. Therefore, this study makes a systematic analysis on the changes of domestic listed equity structure and dividend policy before and after the reform of split share structure. Based on the background of the reform of split share structure and the reading of domestic and foreign literature, this study explores the effect of the reform on the ownership structure and dividend policy of domestic listed units. Based on the review of the relevant theories of ownership structure reform and dividend policy, this paper makes a systematic analysis and study on the changes of ownership structure and dividend policy before and after the reform through a large number of data and charts. The results show that with the deepening of stock reform, it has a great impact on domestic equity structure and dividend policy. Prior to the reform of split share structure, the ownership structure of domestic listed units presented the characteristics of "one share alone" and the coexistence of circulating shares and non-tradable shares. It is precisely because of the ownership structure of domestic listed units that the dividend of these domestic companies is also different from that of foreign countries. These policies often change, the dividend distribution is interrupted from time to time, and is manipulated by major shareholders. After the reform, the ownership structure is much different from the previous ones, which makes the dividend policy produce a lot of different contents. In the aspect of ownership structure, the proportion of circulating shares has increased by a large margin, the proportion of state-owned shares and legal persons shares has decreased by a large margin, the proportion of the largest shareholders holding shares has tended to be reasonable with the proportion of the first five major shareholders holding shares, and the ownership structure has tended to be rationalized. At the same time, the dividend policy is also quite different from that before the stock reform. The number of companies paying cash dividends is increasing, and the overall emission level of cash dividends of listed companies has increased to a large extent, and the cash dividends paid out are continuous and stable. The phenomenon of abnormal cash distribution is decreasing. Although China's capital market has entered an era of full circulation, it is still necessary to optimize the ownership structure and dividend policy, and to constantly improve the corporate governance system. In order to protect the interests of investors, to regulate the domestic capital market reasonably, to improve the environment of laws and regulations, and to perfect different market mechanisms.
【學位授予單位】：西南財經大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F271;F272.92
本文編號：2167461
[Abstract]:In April 2005, with the aim of reconstructing the domestic capital market, the CSRC began to carry out the split share structure reform. So far, this reform has been completed. With the increasing development of the capital market, the domestic securities market has reached the "same share with interest", and the stock market has gradually entered the period of full circulation, and the equity structure of listed units. Dividend policy has shown different characteristics than before the reform of split structure. Therefore, this study makes a systematic analysis on the changes of domestic listed equity structure and dividend policy before and after the reform of split share structure. Based on the background of the reform of split share structure and the reading of domestic and foreign literature, this study explores the effect of the reform on the ownership structure and dividend policy of domestic listed units. Based on the review of the relevant theories of ownership structure reform and dividend policy, this paper makes a systematic analysis and study on the changes of ownership structure and dividend policy before and after the reform through a large number of data and charts. The results show that with the deepening of stock reform, it has a great impact on domestic equity structure and dividend policy. Prior to the reform of split share structure, the ownership structure of domestic listed units presented the characteristics of "one share alone" and the coexistence of circulating shares and non-tradable shares. It is precisely because of the ownership structure of domestic listed units that the dividend of these domestic companies is also different from that of foreign countries. These policies often change, the dividend distribution is interrupted from time to time, and is manipulated by major shareholders. After the reform, the ownership structure is much different from the previous ones, which makes the dividend policy produce a lot of different contents. In the aspect of ownership structure, the proportion of circulating shares has increased by a large margin, the proportion of state-owned shares and legal persons shares has decreased by a large margin, the proportion of the largest shareholders holding shares has tended to be reasonable with the proportion of the first five major shareholders holding shares, and the ownership structure has tended to be rationalized. At the same time, the dividend policy is also quite different from that before the stock reform. The number of companies paying cash dividends is increasing, and the overall emission level of cash dividends of listed companies has increased to a large extent, and the cash dividends paid out are continuous and stable. The phenomenon of abnormal cash distribution is decreasing. Although China's capital market has entered an era of full circulation, it is still necessary to optimize the ownership structure and dividend policy, and to constantly improve the corporate governance system. In order to protect the interests of investors, to regulate the domestic capital market reasonably, to improve the environment of laws and regulations, and to perfect different market mechanisms.
【學位授予單位】：西南財經大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F271;F272.92
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