【作者】 李慧玲；

【导师】 杨兴全；

【作者基本信息】 石河子大学 ， 会计学， 2005， 硕士

【摘要】 股利政策作为公司三大财务决策之一,一直是理论界与实务界的关注焦点。Miller和Modigliani在1961年提出的“股利无关论”认为,在完全资本市场中股利政策与公司价值无关。然而,现实中由于交易成本大量存在,MM股利无关论成立的假设条件与现实不符。通过放松假设,西方财务学家发展了一系列股利分配理论,认为公司的现金股利分配影响企业价值,乃至社会资源的有效配置。 与国外成熟的资本市场相比,我国上市公司股利政策的制定有着很大的随意性,股利分配的特点在不断变化,上市公司的现金股利分配存在不合理的现象。因此,在中国特定的制度背景下,结合西方股利理论研究我国上市公司现金股利分配的特点、动机和影响因素具有重要的理论价值和现实意义。 本文运用信息经济学、不完全契约理论和委托代理理论,首先分析了现金股利理论和影响现金股利分配的因素,在此基础上,通过描述性统计方法分析了我国上市公司现金股利分配的特点和存在的问题,分析发现,我国上市公司现金股利支付水平普遍偏低,部分上市公司存在超能力派现问题。其次通过选择Logistic回归模型,研究了影响我国上市公司现金股利分配的因素,实证结果发现,上市公司盈利能力和充足的现金流是影响上市公司股利分配的重要因素。最后,在以上分析的基础上主要从以下几个方面提出了规范我国上市公司现金股利分配的政策和建议:①完善现有的法律、法规;②强化对上市公司派现行为的监管;③优化公司治理结构,完善公司制衡机制;④加强对中小股东的利益保护;⑤规范上市公司现金股利分配的信息披露;⑥发展我国企业债券市场,完善资本市场体系。更多还原

【Abstract】 The dividend policy took company one of three importance finance decisions-making, always is the theory and the solid service attention focal point. Miller and Modigliani proposed "irrelevant the dividend theory" in 1961 to believe that, the dividend policy had nothing to do with in the complete capital market with the company value. However, in reality because the transaction cost massive existences, the MM dividend irrelevant discusses the establishment the supposition condition and the reality not match. Through relaxed the supposition, the western finance scientist has developed a series of dividends assignment theory, thought the company the cash dividend assignment will affect the enterprise value and the social resources effective disposition. Compares with the overseas mature capital market, our country goes on the market the company dividend policy formulation to have very in a big way at will, the dividend assignment characteristic unceasingly is changing, goes on the market company’s cash dividend assignment existence unreasonable phenomenon. Therefore, under the Chinese specific system background, unifies western dividend fundamental research our country to go on the market the company cash dividend assignment characteristic, the motive and the influence factor has the important theory value and the practical significance.This article utilizes the information economics, the incomplete contract theory and entrusts the agent theory, first has analyzed the cash dividend theory and the influence cash dividend assignment factor, in this foundation, analyzed our country through the description statistical method to go on the market the company cash dividend assignment characteristic and the existence question, the analysis discovered, the listed company’ s cash dividend payment level universally to be somewhat low, the part went on the market the company to have the ultra ability to send the present question. Next through chooses the Logistic return model, studied has affected our country to go on the market the company cash dividend assignment factor, the real diagnosis result discovered, went on the market the company to gain the ability and the sufficient cash class is the influence goes on the market the company dividend assignment important attribute. Finally, mainly from following several aspects proposed in the foundation which the above analyzed standard our country went on the market the company cash dividend assignment policy and suggested: (l)Perfecting the legal laws and regulations. (2)The strengthening to goes on the market the company sends presently for supervising and managing; (3)The optimized company governs the structure, the perfect company makes weighs the mechanism; (4)Strengthens to the center general shareholder’s benefit protection; (5) The standard goes on the market the company cash dividend assignment information to approve; (6) To develop the bond market of listed company and standard capital market.更多还原