本文選題：創(chuàng)業(yè)板 + 現(xiàn)金股利�。� 參考：《中國經(jīng)濟(jì)問題》2017年02期

【摘要】：本文針對我國創(chuàng)業(yè)板公司IPO后大比例現(xiàn)金分紅的現(xiàn)象進(jìn)行了實(shí)證研究,認(rèn)為對于創(chuàng)業(yè)型企業(yè)上市后隨即大幅現(xiàn)金分紅,屬于與企業(yè)成長性相違背的悖論,論文探討了其成因和后果。研究發(fā)現(xiàn),企業(yè)在IPO時(shí)的資金超募比例越高、控股股東持股比例越大,現(xiàn)金股利支付率越高;控股股東減持股票,現(xiàn)金股利支付率并沒有降低;股利分配預(yù)案公告對公司長期股價(jià)產(chǎn)生顯著的負(fù)向影響。研究證據(jù)支持了由代理成本理論出發(fā)的股利政策假說。本文的結(jié)論是:在新股發(fā)行制度尚未完善的背景下,創(chuàng)業(yè)板上市公司的控股股東利用超募資金進(jìn)行大比例的現(xiàn)金分紅,損害了中小股東的長遠(yuǎn)利益。這一結(jié)論對于完善新股發(fā)行制度及加大中小投資者權(quán)益保護(hù)具有重要意義,對未來的創(chuàng)業(yè)板企業(yè)再融資政策制定亦有啟示。
[Abstract]:This paper makes an empirical study on the phenomenon of a large proportion of cash dividends after the growth Enterprise Board (IPO) in our country, and holds that the cash dividend distribution for the entrepreneurial enterprises immediately after listing is a paradox contrary to the growth of the enterprises. The paper discusses its causes and consequences. The study found that the higher the proportion of capital overraising in IPO, the larger the controlling shareholder's holding ratio, the higher the cash dividend payment rate, the less the controlling shareholder's holding of the stock, the less the cash dividend payment rate; Dividend distribution notice has a significant negative impact on the long-term stock price of the company. The evidence supports the dividend policy hypothesis based on agency cost theory. The conclusion of this paper is: under the background that the new issue system is not perfect, the controlling shareholders of the gem make use of the excess funds to carry out a large proportion of cash dividends, which damages the long-term interests of the minority shareholders. This conclusion is of great significance to the improvement of the new issue system and to the protection of the rights and interests of small and medium-sized investors, as well as to the formulation of refinancing policies for gem enterprises in the future.
【作者單位】： 新疆財(cái)經(jīng)大學(xué)金融學(xué)院;上海財(cái)經(jīng)大學(xué)金融學(xué)院;上海對外經(jīng)貿(mào)大學(xué)金融管理學(xué)院;
【基金】：教育部人文社科項(xiàng)目(12YJA790074) 國家社科基金項(xiàng)目(13BJL038) 博士后科學(xué)基金項(xiàng)目(2013M540667) 新疆財(cái)經(jīng)大學(xué)科研創(chuàng)新團(tuán)隊(duì)項(xiàng)目(2015XTD001)的資助
【分類號(hào)】：F832.51;F275

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