中国上市公司股权结构对股利政策影响的实证研究

【作者】 马丽娟；

【导师】 凌春华；

【作者基本信息】 浙江大学 ， 技术经济及管理， 2002， 硕士

【摘要】 本文从目前在中国证券市场上被各界广泛关注的两个焦点问题——上市公司的股利分配和股权结构的关系入手，结合当前理论发展趋势以及各国实践，将股利政策定义为不同利益主体的合作与竞争性谈判结果，而股权结构是决定各主体竞争实力的关键要素，其量和质两个维度的共同作用决定了现实世界股利支付水平的差异。 依上述思路，在吸收和综合相关文献的基础上分析了股利政策的主要决定主体的支付动机，构建了完备股利决定模式并提出此模式下股权结构与股利支付水平之间的一般性关系，不同控制权结构下股利支付水平是显著不同的。并在对我国上市公司股权结构与股利分配的总体描述及分类统计比较的基础上对上述结论进行了比较和求证。结果发现二者之间的关系与分析并不一致，原因探讨表明股利政策集中表现为内部股东和管理层的私有需要，股东并不重视其降低代理成本，提高公司价值的作用。而最根本的原因是由于我国特定制度安排导致了股东群体的非一致性和非制约性的强化以及真正投资主体的缺位，两个因素的共同作用加剧了股东行为的异化，表现在股利政策上，由股权控制度变化产生的支付水平差异主要体现为非流通股股东及管理层的特殊偏好，而从质的角度，以公司价值为目标的真正股东化主体的决策差异分析无效。 最后选取与股利政策有关的各种财务指标，运用逐步回归法建立不同股东控制权结构下现金股利分配的模型，清晰地描述了不同股权结构公司股利支付的动因变化以及分配的规范程度，通过模型比较进一步验证了前述的主要观点。更多还原

【Abstract】 The paper focuses on the two questions much concerned on the Chinese stock market, that is, the dividend policy and the capital structure of listed companies. Combining the present theoretical development as well as the practice, the paper defines the dividend policy as the result of the cooperation and the competitive negotiation among different interest entities. It also points out that the capital structure is the key element to decide the competitive power, of which quantity and quality lead to the discrepancy of the distribution level.On the basis of the relevant references, it analyses the motive on dividend distribution of the entities that hold the balance in policy making. What’s more, it constructs a mature-dividend-deciding pattern and proposes the general relationship between the capital structure and the distribution level. On different stockholder’s controlling level, there are different cash dividends. The paper testifies the conclusion on the basis of general descriptive statistics and classified comparison of capital structure and dividend distribution of the listed company. As a result, the relationship between them is not consistent with the analysis. The discussion about reason shows that dividend policy mainly satisfies the private need of internal stockholders and coiporate management. Stockholders do not think much of the effects of reducing the agency costs to increase the value of the companies. In fact, it is the special system of our country that increase the incoherence and unconditionally of all the stockholders and the lack of the true investors. These two elements increase the stockholders" dissimilated behavior. In dividend policy, the difference of payment level resulted from the variance of the controlling degree embodies not the difference of stockholders" decision making to increase the company’ value but the particular preference of the nonnegotiable shareholders and the management. By qualitative analysis, the difference of decision making of the entities equivalent to true stockholders who seek for the company’s value is invalid.Finally, the author selected some representative financial indexes concerned about dividend policy, applied stepwise regression to build cash dividends models in the framework of different control degree. The model clearly described the motive changes of the dividend payment of different capital structure and the rationalization of distribution plan. By comparing the models, the above viewpoints are better demonstrated.更多还原