本文選題：制度環(huán)境 + 現(xiàn)金股利　； 參考：《大連理工大學(xué)》2014年碩士論文

【摘要】：股利政策,作為回報股東的重要方式,是公司制定財務(wù)戰(zhàn)略的重要環(huán)節(jié),也是判斷公司投資價值的決定性因素之一,而現(xiàn)金股利政策則是成熟的證券市場最常見也是最重要的股利支付方式,備受國內(nèi)外學(xué)者的關(guān)注。恰當(dāng)?shù)默F(xiàn)金股利政策能夠傳遞企業(yè)當(dāng)前經(jīng)營狀況和未來發(fā)展趨勢良好的信號,樹立良好的公司形象,吸引資本市場的投資者,為公司能長期、持續(xù)的發(fā)展提供條件,不斷提升企業(yè)價值。國內(nèi)外學(xué)者從公司特征、股權(quán)結(jié)構(gòu)、行業(yè)特性等方面對現(xiàn)金股利的影響因素進行了理論和實證研究。國外也有研究從制度環(huán)境的角度對股利政策的影響因素進行探討,但多從法律保護的角度著手。然而,比法律制度更為廣泛的制度環(huán)境可能會顯著影響公司現(xiàn)金股利分配行為。 我國地大物博,各地的資源稟賦、經(jīng)濟發(fā)展水平、產(chǎn)業(yè)結(jié)構(gòu)布局等呈現(xiàn)出了不同的發(fā)展趨勢,區(qū)域差異明顯,因此本文基于制度環(huán)境視角,采用2003-2012年滬深兩市A股上市公司數(shù)據(jù)為研究樣本,探討我國區(qū)域制度環(huán)境差異對現(xiàn)金股利政策的作用機理。本文在制度環(huán)境和現(xiàn)金股利政策的相關(guān)文獻和理論進行梳理和分析的基礎(chǔ)上,分析了上市公司現(xiàn)金股利分配的特征,歸納各地區(qū)上市公司現(xiàn)金股利分配情況的年度變化特征趨勢；其次利用logistic模型實證檢驗制度環(huán)境對上市公司現(xiàn)金股利支付意愿的影響；再次構(gòu)建多元回歸方程實證檢驗制度環(huán)境各因素對上市公司現(xiàn)金股利支付水平的影響；最后針對檢驗制度環(huán)境對現(xiàn)金股利政策區(qū)域差異過程中存在的問題進行穩(wěn)健性檢驗。本文的檢驗豐富了制度環(huán)境影響公司財務(wù)行為的實證研究,同時為管理者和投資者提供一些建議。 研究結(jié)果發(fā)現(xiàn)： (1)近年來,我國進行現(xiàn)金股利支付的上市公司比例穩(wěn)步增長,從地區(qū)的統(tǒng)計結(jié)果看,各省分配現(xiàn)金股利的上市公司比例的趨勢也大體一致,然而,各省之間的差異仍然明顯。(2)市場化程度越高、政府干預(yù)程度越低、金融發(fā)展水平越高,法律保護環(huán)境越好,上市公司現(xiàn)金股利支付意愿越強,現(xiàn)金股利支付水平越高,制度環(huán)境可以明顯的影響我國上市公司的現(xiàn)金股利支付行為,本文豐富了現(xiàn)金股利政策的研究范圍；并且,制度環(huán)境中政府干預(yù)是影響現(xiàn)金股利支付水平最明顯的因素。(3)進一步的研究表明,良好的制度環(huán)境不能夠減弱“惡意派現(xiàn)”情況的發(fā)生,研究結(jié)果從一定程度上支持了現(xiàn)金股利的利益輸送假說,我國上市公司分配現(xiàn)金股利過程中的利益輸送行為仍然存在,并從理論上排除了股權(quán)分置改革和上市公司再融資動機對研究結(jié)果的干擾。
[Abstract]:As an important way to return the shareholders, the dividend policy is an important part of the company's financial strategy and one of the decisive factors to judge the value of the company's investment, and the cash dividend policy is the most common and most important way of paying dividends in the mature stock market. It has attracted the attention of scholars at home and abroad. It can transmit the signal of the current business situation and the future development trend of the enterprise, set up a good corporate image, attract the investors of the capital market, provide the conditions for the long-term and continuous development of the company, and constantly improve the value of the enterprise. The influence factors of the domestic and foreign scholars on the cash dividends from the characteristics of the company, the ownership structure and the industry characteristics. Theoretical and empirical studies are carried out. Foreign studies have also studied the influence factors of dividend policy from the perspective of institutional environment, but mostly from the perspective of legal protection. However, a more extensive institutional environment than the legal system may significantly affect the company's cash dividend distribution line.
In our country, the resource endowment, the economic development level and the industrial structure layout have shown different development trends, and the regional differences are obvious. Therefore, based on the institutional environment, this paper uses the data of the listed companies of the A shares of the Shanghai and Shenzhen two cities for 2003-2012 years as the research sample to discuss the cash dividend policy of the regional institutional and environmental differences in China. On the basis of the related literature and theory of the institutional environment and cash dividend policy, this paper analyzes the characteristics of the cash dividend distribution of the listed companies, sums up the annual change trend of the cash dividend distribution of Listed Companies in various regions, and then uses the logistic model to test the institutional environment to the upper part. The influence of the cash dividend payment intention of the city company, the multiple regression equation is constructed to test the influence of various factors on the cash dividend payment level of the listed company. Finally, the test system environment is used to test the stability of the existing problems in the regional difference process of the cash dividend policy. The empirical study of environmental impact on corporate financial behavior provides some suggestions for managers and investors.
The results of the study are as follows:
(1) in recent years, the proportion of Listed Companies in cash dividends paid in China has increased steadily. From the statistical results of the region, the trend of the proportion of listed companies to allocate cash dividends is also generally consistent. However, the difference between the provinces is still obvious. (2) the higher the degree of marketization, the lower the level of government intervention, the higher the level of financial development, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law is higher, the law The better the protection of the environment, the stronger the willingness of the listed companies to pay the cash dividend, the higher the cash dividend payment level, the institutional environment can obviously affect the cash dividend payment behavior of the listed companies in China. This article enriches the scope of the research on the cash dividend policy; moreover, the government intervention is the most obvious effect on the cash dividend payment level in the institutional environment. 3. (3) further research shows that good institutional environment can not weaken the occurrence of "malicious dispatch", and the results support the cash dividend hypothesis to a certain extent. The impact of leather and listed companies' refinancing motives on research results.
【學(xué)位授予單位】：大連理工大學(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：1995288