【作者】 吉晓莉；

【导师】 孙健；

【作者基本信息】 中国海洋大学 ， 金融学， 2005， 硕士

【摘要】 上市公司的股利分配决策是现代公司理财活动的三大核心问题之一。一方面,它是公司融资、投资活动的逻辑延续,是其理财行为的必然结果;另一方面,恰当的股利分配政策,不仅可以树立起公司的良好形象,而且能够激发广大投资者对公司持续投资的热情,从而能够更好的使公司取得长期、稳定的发展。 但是,在我国由于上市公司股权结构不完善、代理问题突出以及我国的证券市场还是一种弱势有效市场,上市公司的股利分配政策存在着一些不规范之处,如股利分配形式多种多样、股利支付短期行为严重、不分配现象普遍存在等。随着我国资本市场不断发展和上市公司的急剧增加,企业的经营决策者们面对着越来越多地与股利分配有关的财务问题,因此,上市公司迫切的需要科学、系统和实用的理论和实务研究成果作指导,我国证券市场也迫切需要一定的监管措施来规范上市公司的股利分配政策。 本文以代理理论为理论基础,试图以代理理论来解释我国上市公司的股利政策。全文在对西方股利政策理论进行介绍比较的基础上,分析了现代股利政策理论的主流理论——代理成本理论对股利政策的解释,重点从理论上和数据的实证描述上论证了中国上市公司中代理问题与股利政策之间存在密切的关系,进而从股权结构的角度深层次的剖析了股权结构以及国有股的比重对股利政策的影响,同时,从降低代理成本角度出发,就如何规范上市公司的股利政策提出了相应的政策建议。 值得一提的是本文结合交易成本,将股利发放导致企业外部融资的增加,进而导致代理成本增加的情况考虑到最佳股利发放率的确定模型中来,从理论上对西方最佳股利政策理论进行了改进探讨。这也是本文的主要创新之处。更多还原

【Abstract】 Dividend distribution policy of the listed company is one of the three core problems in modern company’s financial activities. On the one hand, it is the logical sustaining step of company’s financing and investment activities, one the other hand, sensible dividend distribution policy can build a good image for the company, advocate the investors’ enthusiasm and eventually bring the company good opportunities for steady and extended development.However, because of the faulty ownership structure, obvious agent cost and the low efficiency stock market, the dividend distribution policy of Chinese listed company presents some anomaly aspects such as various forms of dividend distribution, severe phenomenon of short term distribution and none dividend distribution. With the rapid growth of Chinese stock market and the number of the listed company, more and more financial problems concerning dividend distribution are brought to the decision-makers of the company. Therefore, the listed company needs a scientific, systemic and useful theory and research outcome as the guidance. It is also urgently needed by the Chinese stock market some rules to normalize the listed company’s dividend distribution policy.The article tries to interpret Chinese listed company’s dividend policy using agency theory. Based on the comparison of western dividend policy theories, the article will analyze the agency cost theory, the artery theory of modern dividend policy theories and give an argument on the intimate relationship between the agency problems in Chinese listed company and its dividend policy mainly from the aspects of theories and data empirical depictions, moreover, will deeply anatomize the influence on dividend policy causing by ownership structure and proportion of state holdings from the side of ownership structure and eventually give the advice on policies to normalize the listed company’s dividend policy from how to reduce the agency cost.The dividend distribution will cause the increase of external financing and subsequently cause the increase of agency cost. The article will take this situation into considered when discussing the model on confirming the best rate of dividend distribution. It will be emphasized as the main innovation of this article.更多还原