本文選題：紅利分配異化　切入點：紅利分配矯正　出處：《河南財經(jīng)政法大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：上市公司紅利分配既是當前我國資本市場制度領(lǐng)域改革中的熱點和難點問題之一，也是保護投資者利益和回報投資者最重要的方式之一。長期不分紅與異常高派現(xiàn)的異化分配行為會嚴重損害投資者利益，并擾亂市場秩序，對資本市場循環(huán)等造成危害。但是，一直以來都是從公司財務(wù)決策、公司治理等微觀角度研究紅利分配政策，忽略了紅利分配政策對資本市場循環(huán)的影響。本文研究則突破了以上局限，在更廣闊的視角，從監(jiān)管部門政策、信息披露、市場行為等方面進行，對上市公司紅利分配異化行為，即長期不分紅和異常高派現(xiàn)，進行分析和研究。 本文從長期不分紅和異常高派現(xiàn)上市公司統(tǒng)計、分紅數(shù)據(jù)比較等方面論證了目前我國上市公司存在著較為嚴重的紅利分配異化行為，對紅利分配異化上市公司進行了廣泛搜集和比較，，并結(jié)合這些紅利分配異化現(xiàn)象，本文深入分析長期不分紅與異常高派現(xiàn)影響因素，并針對性地利用數(shù)量方法進行分析和歸納。上市公司因長期虧損而無紅可分，因傾向留存而少分紅，因信息披露不規(guī)范縱容不分紅等，因為前期留存過高而異常高派現(xiàn)，因控股股東影響而傾向高派現(xiàn)，因再融資而有能力高派現(xiàn)等，這些潛在的因素都被挖掘。同時，本文針對這些影響因素，提出了上市公司紅利分配異化的矯正措施，包括嚴格執(zhí)行上市公司退市制度、推行強制分紅措施、規(guī)范和完善分紅信息披露制度、完善上市公司治理結(jié)構(gòu)等，這些矯正措施的提出，能夠為監(jiān)管部門針對性地矯正目前紅利分配異化行為提供理論支持與幫助。 另外，本文創(chuàng)新性地提出了“個股分紅指數(shù)”這一概念，對上市公司分紅水平給出了量化的指數(shù)方法，為監(jiān)管部門監(jiān)管上市公司紅利分配提供了有效地監(jiān)管指標。同時，本文通過SAS程序悉心篩選的紅利分配異化上市公司為其它研究者和投資者提供了豐富的借鑒。
[Abstract]:Dividend distribution of listed companies is one of the hot and difficult issues in the field of capital market system reform in China. It is also one of the most important ways to protect the interests of investors and return investors. The dissimilatory distribution behavior of long-term non-dividend and unusually high cash distribution will seriously damage the interests of investors, disrupt the market order and cause harm to the circulation of capital markets. The dividend distribution policy has always been studied from the microcosmic angles of corporate financial decision, corporate governance and so on, ignoring the impact of dividend distribution policy on the circulation of capital market. From the aspects of regulatory policy, information disclosure, market behavior and so on, this paper analyzes and studies the dissimilation behavior of dividend distribution of listed companies, that is, long-term non-dividend distribution and unusually high dividends. This paper demonstrates that the listed companies in our country have serious behavior of dividend distribution alienation from the aspects of statistics of long-term non-dividend and abnormal high dividend distribution and comparison of dividend data. The dividend distribution alienation listed companies are widely collected and compared, and combined with these dividend distribution alienation phenomenon, this paper deeply analyzes the factors that affect the long-term non-dividend distribution and abnormal high dividend payment. The listed companies have no red to divide due to long-term losses, less dividends due to their tendency to retain, no dividends due to non-standard information disclosure, and so on, because the early retention is too high and the dividends are exceptionally high. These potential factors have been excavated because of the influence of controlling shareholders and the ability to pay high cash due to refinancing. At the same time, aiming at these factors, this paper puts forward some corrective measures for the alienation of dividend distribution of listed companies. Including strictly enforcing the delisting system of listed companies, implementing compulsory dividend measures, standardizing and perfecting the information disclosure system of dividend distribution, perfecting the governance structure of listed companies, and so on. These corrective measures have been put forward. It can provide theoretical support and help for regulators to correct the current alienation behavior of dividend distribution. In addition, this paper creatively puts forward the concept of "individual dividend index", gives a quantitative index method to the dividend level of listed companies, and provides an effective supervision index for supervising the dividend distribution of listed companies. This paper provides a rich reference for other researchers and investors by carefully selecting dividend allocation alienation listed companies through SAS program.
【學(xué)位授予單位】：河南財經(jīng)政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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本文編號：1562713