【作者】 王茜璐；

【导师】 李传宪；

【作者基本信息】 西南政法大学 ， 企业管理， 2011， 硕士

【副题名】基于股权分置改革后我国上市公司的经验研究

【摘要】 股利政策是上市公司核心财务问题之一,一直作为财务管理研究的重点受到各方关注。2005年4月我国开始实施股权分置改革,至2006年年底股权分置改革已经基本完成,非流通股陆续解禁,股票的全流通时代已经到来。由于股权分置改革前后上市公司的股权结构发生了变化,可能会导致上市公司的股利政策出现一系列的变化。本文旨在验证股权分置改革后我国上市公司大股东获取利益的“隧道效应”是否减弱,现金股利政策是否体现了大多数股东的意志,机构投资者参与公司治理的行为是否加强,现金股利政策是否降低了代理成本。本研究选取两类公司作为样本,一类是2008和2009年沪深两市股改对价的非流通股全部解禁流通的公司,第二类是股改后全流通首发的上市公司,选取2008和2009两年的数据,研究股权结构和股东构成对现金股利分配的影响。本文从现金股利分配倾向和现金股利分配力度两个方面构建四个模型,分别进行Logistic回归和多元线性回归的实证分析。得到如下结果:体现股权集中度的第一大股东持股比例与上市公司现金股利分配倾向和分配力度均为正相关;体现股权制衡度的第二到第十大股东持股比例与上市公司现金股利分配倾向和分配力度均为正相关;体现股东构成变量的机构投资者持股比例与上市公司现金股利分配倾向负相关。文章最后提出了相应的政策建议,在彻底解决股权流通的问题后,还应该逐步降低股权的集中程度,以降低大股东的持股比例,增加机构投资者的持股比例,进一步改善上市公司的治理结构。更多还原

【Abstract】 The dividend policy is one of the core financial strategies for listed companies and has been concerned by all concerned parties. China launched the reform of non-tradable shares from April 2005, and the reform has completed in late 2006. The non-tradable shares have been put into trade successively and will finally circulate in the near future. The share structure of listed companies has changed before and after the reform of non-tradable shares, thus the dividend policy may change accordingly.In this paper, we would like to examine the following aspects: if the tunnel effect has been decreased; if the dividend payouts have reflected the will of most shareholders; if the institutional investors have participated corporate governance more actively, and if the cash dividend policy has decreased the agency cost.The empirical study in this paper selects two groups of listed companies as samples. The first group is the companies that all the non-tradable shares have circulated, the other group are the companies that all the shares have circulated when they are to be listed. We use the data from year 2008 to 2009 to examine the cash dividend payouts which influenced by share structure and shareholder natures.In this paper we proposed four models with respect of dividend distribution tendency and dividend distribution efforts to examine the assumptions through logistic regression and multivariate linear regression analysis. The following conclusions can be drawn :(1)The share ratio of the first major shareholder which represent concentration of ownership have a positive correlation both with dividend distribution tendency and dividend distribution efforts; (2)The share ratio of the second to tenth major shareholder which represent balance degree of ownership have a positive correlation both with dividend distribution tendency and dividend distribution efforts; (3)The share ratio of the institutional shareholder which represent the shareholder nature have a negative correlation with dividend distribution tendency .In the last chapters we put forward the corresponding policy recommendations. As the non-tradable shares have been completely circulated, the concentration of ownership should be progressively declined. This activity aims to reduce the share ratio of big shareholders and increase the ration of institutional investors as well, and further improves the corporate governance structure of the listed companies in China.更多还原