【作者】 杨丹；

【导师】 晏艳阳；

【作者基本信息】 湖南大学 ， 金融学， 2006， 硕士

【摘要】 股利政策是指公司税后利润在向股东支付和企业内部留存收益之间的分配选择。一定量的留存收益是保证公司长期发展的重要资金来源。而股利则形成了股东收入的现金流。本文试着用产权经济学,信息经济学和数学实证的方法,从代理成本的角度分析我国上市公司代理问题对股利政策的影响。理论方面,本文首先按股利政策理论的发展沿革介绍了西方股利政策的主要理论,接着文章从信息经济学的角度引出了股利政策的代理理论,详细介绍了从代理理论的视角如何看待股利政策,分析了在股利分配中各个利益主体之间存在哪些冲突,以及他们之间的利益博弈是如何影响股利政策的。之后,文章详细介绍了我国上市公司代理问题产生的原因,表现以及其对我国上市公司制定股利政策的影响。最后,针对我国上市公司股利政策中所体现的代理问题,提出了规范上市公司股利政策,促进资本市场健康发展的建议。在实证方面,本文首先运用描述性的统计分析介绍了我国特殊的股权结构以及我国股利分配形式的多样性,接着运用线性回归分析法对我国1997-2004年8年间上海证券交易所上市的716支股票的现金分红情况进行了实证研究,运用了改进的约瑟夫的成本最小化模型。尽管对变量作了必要的修改,但实证结果表明,模型的拟合程度很低,变量的显著性水平也不高,成本最小化模型基本不适用于我国的国情。作者分析这其中最主要的原因是由于我国国有股一股独大的股权结构,导致股利政策无法真正起到控制代理成本的作用。更多还原

【Abstract】 Dividend policy means this kind of decision making: how to distribute the profit aftertax between shareholders and company itself. A quota preserves is guaranteed the company development for a long time. And the cash dividend has formed the cash flow which the shareholders received. This paper tried to analyze the agent cost affection on dividend policy, using the theories of property rights economics and information economics and the empirical approach. From the angle of theory, first , this paper has introduced the main theories of dividend policy in the west, then from the angle of information economics, the author illustrated how to understand dividend policy under agent cost theory. And analyzed the conflicts between the parties involving the dividend making. Third, this paper has analyzed the causes of agent problems in our listed companies, and how the agent cost effects the dividend policy. At last, according to the agent problems in dividend policy, the author has advanced some suggestions which will help build standard dividend policy and promote the capital market development.From the angle of demonstration, this paper first has introduced the special ownership structure of our listed companies and the diversity of dividend payout. Then author used the cost minimization model to analyze the dividend policy of 716 stocks listed in Shanghai Stock Exchange during 1997-2004.Although some necessary changes have been made into the model, the results suggested that the cost minimization model was not suitable for the situation in China. Author thought maybe it was mainly because our listed companies had special ownership structure which the stated-owned rights was in the position of domination. This lead to the default of controlling agent costs by dividend policy.更多还原