本文選題：地理位置　切入點：城市競爭力　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】：股利政策是現(xiàn)代公司財務(wù)管理的核心課題之一,隨著公司制和股票市場的發(fā)展,上市公司的利潤分配決策受到利益相關(guān)者的廣泛的關(guān)注�，F(xiàn)金紅利在管理者和股東之間構(gòu)成了一條紐帶,通過這條紐帶,公司的盈利得以回饋給股東；投資者也通過股利變動的信號來觀察公司的經(jīng)營經(jīng)營狀況,盈利能力和投資前景的變化。因此,公司現(xiàn)金股利政策的選擇關(guān)系到公司的融資成本、投資者的盈利預(yù)期、資本結(jié)構(gòu)和經(jīng)營管理等方面。雖然西方資本市場對股利的研究已經(jīng)很成熟,但是由于我國特殊的經(jīng)濟體制結(jié)構(gòu),在2005年進行股權(quán)分置改革之前,大部分公司的股權(quán)被政府和國有機構(gòu)控制著,股權(quán)不夠分散。公司治理較弱,現(xiàn)金股利作為聯(lián)系投資者和上市公司紐帶的功能并沒有得到充分的發(fā)揮,對于股利政策與公司總部的地理位置與市場化程度的研究還很不足。隨著我國證券市場的發(fā)展,股份制公司數(shù)目的急劇增加,企業(yè)的營理層面臨著越來越多提高現(xiàn)金紅利的要求。目前國內(nèi)對于股利政策的研究主要是著眼于公司的控股股權(quán),公司治理,管理層特征,經(jīng)營狀況等層面。本文主要基于代理成本和信息不對稱理論,從地理因素的角度出發(fā),考察公司的地理因素對于公司現(xiàn)金股利政策的影響。此外,由于我國特殊的經(jīng)濟發(fā)展制度,導(dǎo)致各個地區(qū)發(fā)展水平也極不平衡,各個地區(qū)的市場化水平和城市競爭力懸殊甚大。本文在此基礎(chǔ)上也提出了相關(guān)的競爭性假設(shè)。本文主要選擇2012年之前在A股主板上市的公司,從2001至2012年的數(shù)據(jù)作為研究樣本(不包括金融業(yè),ST,中小板和創(chuàng)業(yè)板,以及數(shù)據(jù)缺失的公司),從公司的地理位置因素的角度出發(fā),考察公司的位置(到大城市的距離)對于公司現(xiàn)金股利政策的影響。本文實證發(fā)現(xiàn)市場化程度越高,公司的現(xiàn)金股利支付的概率越高,支付水平也越高。此外,城市競爭力越高,現(xiàn)金股利支付的概率也就越大,同時股利支付水平也越高。實證發(fā)現(xiàn)公司總部到北、上、廣、深四大城市的距離越遠,公司支付現(xiàn)金股利的意愿就越低,支付現(xiàn)金股利的水平也越低。
[Abstract]:Dividend policy is one of the core issues in the financial management of modern companies. With the development of the corporate system and the stock market, The decision of profit distribution of listed companies is concerned by stakeholders. Cash dividend forms a link between managers and shareholders, through which the profits of the company can be returned to shareholders; Therefore, the choice of cash dividend policy of the company is related to the financing cost of the company, the profit expectation of the investor, the change of the operating condition, the profit ability and the investment prospect of the company through the signal of the change of dividend, so the choice of the company's cash dividend policy is related to the company's financing cost, Although the research on dividend in western capital markets is very mature, but due to the special economic structure of our country, before the reform of split share structure in 2005, The majority of companies are controlled by the government and state-owned institutions, and the shares are not dispersed enough. Corporate governance is weak, and the function of cash dividends as a link between investors and listed companies is not given full play. With the development of the stock market in China, the number of joint-stock companies has increased sharply. At present, domestic research on dividend policy is mainly focused on controlling equity, corporate governance, and management characteristics. Based on the theory of agency cost and information asymmetry, this paper investigates the influence of company's geographical factors on the company's cash dividend policy from the perspective of geographical factors. As a result of China's special economic development system, the level of development in various regions is also extremely uneven. The level of marketization and the competitiveness of cities vary greatly in various regions. On this basis, this paper also puts forward the relevant competitive assumptions. This paper mainly selects companies listed on the A-share main Board before 2012. From data from 2001 to 2012 as a sample of the study (excluding financial sector STs, small and medium-sized boards and growth enterprise boards, and companies with missing data, from the point of view of the geographical location of companies), This paper investigates the influence of the position of the company (distance from the big city) on the cash dividend policy of the company. The higher the degree of marketization, the higher the probability of the cash dividend payment and the higher the payment level. The higher the competitiveness of a city, the greater the probability of cash dividend payment, and the higher the level of dividend payment. It is found that the farther the company headquarters to the north, the wider, the deeper the city, the lower the company's willingness to pay the cash dividend. Cash dividends are also paid at lower levels.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51

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本文編號：1616570