發(fā)布時(shí)間：2021-09-19 11:01

　　盡管已有文獻(xiàn)對(duì)股利政策進(jìn)行了許多理論研究,但圍繞股利政策依然存在若干謎團(tuán)吸引著今天的研究者。本文的目的就是要從董事會(huì)財(cái)務(wù)專長(zhǎng)、管理層能力和經(jīng)濟(jì)不確定性三個(gè)新的視角來(lái)探討新興股票市場(chǎng)股利政策的動(dòng)態(tài)變化。第一個(gè)視角是董事會(huì)財(cái)務(wù)專長(zhǎng),分析新興市場(chǎng),具體而言就是中國(guó)和巴基斯坦這兩個(gè)新興的資本市場(chǎng)上,上市公司董事會(huì)的財(cái)務(wù)專長(zhǎng)如何影響它們的股利政策。本研究主要采用靜態(tài)（固定效應(yīng)和隨機(jī)效應(yīng)）模型方法和動(dòng)態(tài)（兩階段廣義矩估計(jì)方法）模型方法（Arellano和Bond[1];Arellano和Bover[2]）展開(kāi)分析。研究顯示,董事會(huì)財(cái)務(wù)專長(zhǎng)程度高的中國(guó)公司支付的股利較少,因?yàn)樗麄冋J(rèn)為可以為股東找到更好的投資機(jī)會(huì);但董事會(huì)財(cái)務(wù)專長(zhǎng)程度高的巴基斯坦上市公司會(huì)支付較高的股利,從而能夠更好地保護(hù)股東的利益。第二個(gè)視角是管理層能力。本研究基于MM理論的完美市場(chǎng)假說(shuō)和新古典主義的公司管理觀,引入“管理層能力”這個(gè)變量來(lái)解釋中國(guó)這個(gè)新興市場(chǎng)的股利政策。實(shí)證結(jié)果表明,管理層能力程度高的企業(yè)傾向于派發(fā)更多的股利。通過(guò)運(yùn)用三種不同方式劃分子樣本,深入探討了管理層能力對(duì)股利支付的影響。研究發(fā)現(xiàn):（1）與國(guó)有企業(yè)相比,管理... 

【文章來(lái)源】：北京科技大學(xué)北京市 211工程院校 教育部直屬院校

【文章頁(yè)數(shù)】：141 頁(yè)

【學(xué)位級(jí)別】：博士

【文章目錄】：
Acknowledgement
摘要
Abstract
List of Acronym
1 Introduction
    1.1 Research Motivation
        1.1.1 Financial expertise of Board
        1.1.2 Managerial Ability
        1.1.3 Economic Policy Uncertainty
    1.2 Summary of the Studies
        1.2.1 Board Financial Expertise and Dividend Policy
        1.2.2 Managerial Ability and Dividend Policy
        1.2.3 Economic Policy Uncertainty and Dividend Policy
    1.3 Contribution
        1.3.1 Board Financial Expertise and Dividend Policy
        1.3.2 Managerial Ability and Dividend Policy
        1.3.3 Economic Policy Uncertainty and Dividend Policy
2 Literature Review
    2.1 Dividend Policy stylized facts
    2.2 Why firms make Dividend Payments
    2.3 Dividend Policy Determinants
3 Board Financial Expertise and Dividend Policy
    3.1 Introduction
    3.2 Theoretical Framework and Hypothesis Development
        3.2.1 Financial Expertise of Corporate Board
        3.2.2 Board Financial Expertise and Dividend Policy
    3.3 Two Rising Power of Asia-China & Pakistan
    3.4 Data & Research Methodology
        3.4.1 Empirical Model
    3.5 Empirical Findings
        3.5.1 Board Financial Expertise
        3.5.2 Board Financial Expertise and Dividend Policy
    3.6 Robustness Check
    3.7 Conclusion
4 Managerial Ability and Dividend Policy
    4.1 Introduction
    4.2 Literature Review
        4.2.1 Theoretical Framework of Study
        4.2.2 Managers Ability and Dividend Payout
    4.3 Sample Selection Process & Research Design
        4.3.1 Methodology
    4.4 Empirical Results
        4.4.1 Summary Statistics
        4.4.2 Regression Estimates
        4.4.3 Managerial Ability and Dividend Policy Under different Conditions
        4.4.4 Robustness Test
        4.4.5 Pre-crisis MA and dividend decisions during crisis
    4.5 Conclusion and Policy Implications
5 Economic Policy Uncertainty and Dividend Sustainability
    5.1 Introduction
    5.2 Literature Review & Hypothesis Development
    5.3 Data and Empirical Modelling
        5.3.1 Data
        5.3.2 Measurement of Variables
        5.3.3 The effect of EPU on Dividend Sustainability
        5.3.4 Uncertainty, EPU and Cost of Equity Capital
        5.3.5 EPU and Dividend Sustainability
        5.3.6 Firm heterogeneous characteristics, EPU and Dividend Sustainability
        5.3.7 Marketization Impact, EPU and Dividend Sustainability
        5.3.8 Robustness Test
        5.3.9 2008 Financial Crisis as a proxy to EPU
        5.3.10 Moderating role of MA on dividend decisions during high EPU
        5.3.11 Moderating role of BFE on dividend decisions during high EPU
    5.4 Conclusion
6 Conclusion
References
Appendices
    Appendix 1: Tables
    Appendix 2: Figures
Resume
學(xué)位論文數(shù)據(jù)集


【參考文獻(xiàn)】：
期刊論文
[1]半強(qiáng)制分紅政策的市場(chǎng)反應(yīng)研究[J]. 李常青,魏志華,吳世農(nóng).  經(jīng)濟(jì)研究. 2010(03)



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