本文選題：投資者保護(hù) + 股利政策��； 參考：《山東財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：證券市場(chǎng)的運(yùn)轉(zhuǎn)，需要一系列制度安排（正式、非正式）來(lái)降低交易費(fèi)用。從公司的角度，可以分為公司內(nèi)部治理機(jī)制與公司外部治理機(jī)制。其中，投資者保護(hù)與股利政策分屬于公司外部治理機(jī)制與公司內(nèi)部治理機(jī)制。股利政策作為上市公司內(nèi)部治理的重要內(nèi)容，關(guān)系到不同股東群體之間的利益分配，也關(guān)系到中小投資者投資收益權(quán)的實(shí)現(xiàn)。作為公司內(nèi)部治理的股利政策，要受到作為公司外部治理的中小投資者保護(hù)狀況的影響。 本文首先從不同角度對(duì)股利政策與中小投資者保護(hù)問(wèn)題的研究文獻(xiàn)進(jìn)行了梳理。然后，本文闡述了公司外部治理機(jī)制、公司內(nèi)部治理機(jī)制及其相互關(guān)系，從理論上分析為公司外部治理環(huán)境的投資者保護(hù)作用于作為公司內(nèi)部治理機(jī)制的股利政策的機(jī)制。進(jìn)而描述了我國(guó)證券市場(chǎng)上的上市公司股利政策的現(xiàn)狀，并從中小投資者保護(hù)層面探悉其原因，提出兩者關(guān)系的理論假設(shè)——投資者保護(hù)水平與公司的股利政策之間存在正相關(guān)：較高水平的投資者保護(hù)將導(dǎo)致高的股利分配傾向，較高水平的投資者保護(hù)，將導(dǎo)致較高的股利支付水平。并利用我國(guó)證券市場(chǎng)2010-2012年A股上市公司的相關(guān)數(shù)據(jù)，對(duì)上述理論假設(shè)進(jìn)行了描述性統(tǒng)計(jì)分析和多元回歸分析，考察在相同的立法背景下，各地執(zhí)法效率、執(zhí)法環(huán)境的不同所決定的投資者保護(hù)實(shí)際水平的不同，，對(duì)上市公司股利政策的影響，實(shí)證結(jié)果支持投資者保護(hù)與股利政策關(guān)系的“結(jié)果”模型，驗(yàn)證了理論假設(shè)。最后，在總結(jié)研究結(jié)論的基礎(chǔ)上，結(jié)合目前我國(guó)的現(xiàn)實(shí)背景，提出相關(guān)的對(duì)策建議，包括完善法律法規(guī)、提高執(zhí)法效率、優(yōu)化股權(quán)結(jié)構(gòu)以及建立多層次資本市場(chǎng)等。
[Abstract]:The operation of the securities market requires a series of institutional arrangements (formal and informal) to reduce transaction costs. From the angle of company, it can be divided into internal governance mechanism and external governance mechanism. Among them, investor protection and dividend policy belong to external governance mechanism and internal governance mechanism. As an important part of the internal governance of listed companies, dividend policy is related to the distribution of interests among different shareholder groups, and also to the realization of the right of small and medium-sized investors to benefit from investment. The dividend policy as the internal governance of the company is affected by the protection of the small and medium investors as the external governance of the company. At first, this paper combs the research literature of dividend policy and the protection of small and medium investors from different angles. Then, this paper expounds the external corporate governance mechanism, corporate internal governance mechanism and their mutual relations, and theoretically analyzes the mechanism of dividend policy acting as the internal governance mechanism for the investor protection of the external corporate governance environment. Then it describes the current situation of dividend policy of listed companies in China's securities market, and probes into the reasons from the level of protection of small and medium-sized investors. The theoretical hypothesis of the relationship is that there is a positive correlation between the level of investor protection and the dividend policy of the company: a higher level of investor protection will lead to a higher tendency of dividend distribution, a higher level of investor protection, and a higher level of investor protection. Will lead to a higher level of dividend payment. Using the relevant data of A share listed companies in China's securities market from 2010 to 2012, this paper makes descriptive statistical analysis and multiple regression analysis on the above theoretical hypotheses, and examines the enforcement efficiency in various places under the same legislative background. The effect of the actual level of investor protection determined by different enforcement environments on the dividend policy of listed companies is different. The empirical results support the "result" model of the relationship between investor protection and dividend policy, and verify the theoretical hypothesis. Finally, on the basis of summing up the conclusion of the research, combined with the reality background of our country, this paper puts forward the relevant countermeasures and suggestions, including perfecting the laws and regulations, improving the efficiency of law enforcement, optimizing the ownership structure and establishing the multi-level capital market, etc.
【學(xué)位授予單位】：山東財(cái)經(jīng)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;F275;F271

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本文編號(hào)：1938492