【作者】 胡建军；

【导师】 陈旭东；

【作者基本信息】 西南财经大学 ， 会计硕士（专业学位）， 2023， 硕士

【摘要】 A股因为股市的存在时间不长,同时个人投资者在投资者中占据较高比例以及法律制度仍然不够健全等多方面原因,目前价值投资理念还没有被广大投资者普遍接受与认同,导致投机主义盛行,造成过去很长一段时间内上市公司与投资者对于现金股利分红并不热衷,反而更加关注短期收益。证监会在过去数年的时间中,不断出台相关政策,对于现金股利分配与股权再融资的关系进行了强化,以引导资本市场的健康发展,同时向广大投资者普及价值投资的理念。在这些政策的引导下,使得一部分原本不重视现金分红的上市公司逐渐认识到了进行现金分红的必要性与重要性,逐步提高了现金分红的比率及频率。然而,在此背景之下,一些上市公司所进行的现金分红并非以分享经营成果作为首要目的,而是通过侵害中小投资者利益帮助上市公司的实际控制人完成资本运作,这样的行为对于A股市场的健康发展带来了十分负面的影响,同时也影响了上市公司自身的信誉与可持续发展。本文首先梳理了股利政策与其影响因素相关的研究成果,然后比较了2012年至2021年A股上市公司中的异常高派现公司与非异常高派现公司的财务指标。随后本文选择以在2021年现金分红十分异常的宁波华翔作为研究对象,通过对其现金股利分配水平的横向和纵向对比,分析了宁波华翔的异常高派现行为,之后还对于该异常高派现行为的动因及引发的后果进行了分析。基于对宁波华翔异常高派现动因的分析,本文认为宁波华翔的动机主要包含了实际控制人资本运作的资金需求。在分析异常高派现后果时利用了事件研究法与财务分析法,事件研究主要围绕异常高派现的判定,实际控制人在异常高派现中所获得的收益与宁波华翔股价变动等,财务分析主要从宁波华翔的偿债能力、盈利能力与营运能力这三个方面来评价异常高派现对宁波华翔所造成的影响。最后,本文希望能够根据宁波华翔的案例分析对A股资本市场所发生的一些实际问题产生借鉴意义:(1)通过对上市公司制度章程的完善,帮助宁波华翔与其他类似的上市公司制定可持续的现金股利分配政策,有利于维护公司形象与信誉。(2)帮助宁波华翔与类似上市公司解决第二类代理问题,提出一些防范措施。(3)为相关法律法规的进一步完善提供建议,让现金股利不沦为实际控制人资本运作的工具,而是真正回归回馈投资者的本质。本文的创新点在于对2012年至2021年A股异常高派现上市公司与非异常高派现上市公司财务指标之间的差异进行了总结分析,对宁波华翔的案例研究丰富了上市公司异常高派现的动因,同时提出了相应的预防措施与应对策略,有利于引导资本市场的稳定运行与传播价值投资的理念。然而受到案例分析固有局限性的影响,本文不能得出A股市场发生异常高派现的所有动因,同时也无法从根本上避免上市公司出现异常高派现的行为。更多还原

【Abstract】 Due to late establishment of A-share stock market,individual investors account for a relatively high proportion of investors,the legal system is still not perfect,etc,the current value investment concept has not been generally accepted and recognized by the majority of investors,resulting in the prevalence of opportunism:investors were not keen on cash dividends for a long time,while paid more attention to short-term benefits.In the past few years,the China Securities Regulatory Commission has continuously issued policies to strengthen the relationship between cash dividend distribution and equity refinancing,to guide the healthy development of the capital market,and popularize the concept of value investment to investors.Under the guidance of these policies,some listed companies which did not pay much attention to cash dividends in the past gradually realized the necessity and importance of cash dividends,and gradually increased the ratio and frequency of cash dividends.However,under this background,the primary purpose of the cash dividends carried out by some listed companies is not to share operating results,but to help the actual controllers of listed companies complete capital operations by infringing on the interests of small and medium investors.These behaviors have brought a very negative impact,and it has also affected the reputation and sustainable development of listed companies themselves.This paper first sorts out the research results related to dividend policy and its influencing factors and then compares the financial indicators of companies with abnormally high dividends and non-abnormally high dividends among A-share listed companies from 2012 to 2021.This article chooses Ningbo Huaxiang,which has very abnormal cash dividends in 2021,as the research object.Through horizontal and vertical comparisons of its cash dividend distribution levels,we analyze Ningbo Huaxiang’s abnormally high cash dividend behavior and then analyze the abnormally high dividends.Finally,we also investigate the causes and consequences of this behavior.Based on the analysis of the reasons for Ningbo Huaxiang’s abnormally high distribution,we believe that Ningbo Huaxiang’s motivation mainly includes the capital needs of the actual controller’s capital operation.When analyzing the consequences of abnormally high cash distribution,the event research method and financial analysis method are used.The event research mainly focuses on the judgment of abnormally high cash distribution,the income obtained by the actual controller in the abnormally high cash distribution,and the stock price changes of Ningbo Huaxiang.The financial analysis mainly evaluates the impact of abnormally high cash distribution on Ningbo Huaxiang from the three aspects of Ningbo Huaxiang’s solvency,profitability,and operating ability.Finally,this article hopes to provide a reference for some practical problems in the A-share capital market based on the case analysis of Ningbo Huaxiang:(1)Help Ningbo Huaxiang and other similar listed companies formulate a sustainable cash dividend distribution policy,which is conducive for maintaining the company’s image and reputation.(2)Help Ningbo Huaxiang and similar listed companies solve the second type of agency problems and propose some preventive measures.(3)Provide suggestions for the further improvement of relevant laws and regulations,so that cash dividends will not be reduced to a tool for the actual controller’s capital operation,but will truly return to the essence of giving back to investors.The innovation of this article is to summarize and analyze the difference between the financial indicators of A-share listed companies with abnormally high distributions and non-abnormally high distributions from 2012 to 2021.The case study of Ningbo Huaxiang enriches the abnormality of listed companies.Simultaneously,it puts forward corresponding preventive measures and coping strategies,which are conducive to guiding and stabilizing the operation of the capital market and spreading the concept of value investment.However,affected by the inherent limitations of the case study,this paper cannot find out all the reasons for the abnormally high cash distribution in the A-share market,and it cannot fundamentally avoid the abnormally high cash distribution behavior of listed companies.更多还原