基于股权分置改革的中国上市公司股利政策研究
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摘要
股利政策作为企业的核心财务问题之一,一直受到各方面的密切关注。自米勒和莫迪利安尼(Miller and Modigliani,简称MM)1961年提出股利与企业价值无关理论以来,学术界即不断对MM理论提出挑战。经过三十多年的发展演进,股利理论已经从不同的角度得到了拓展,财务经济学中出现了大量研究股利政策的文献;然而,不幸的是这些理论还存在着这样那样的缺陷,相互之间缺乏协调,显得支离破碎,甚至矛盾重重。运用这些理论,对股利的性质和有关股利的决策还难以取得明晰的认识。布莱克(Black)在1976年的一篇文章中说过这样一句话“我们越是认真地研究股利政策,越觉得它象一个谜”,这个像谜一样的股利政策也同样吸引着我国的学者对其进行研究。相比之下,我国的证券市场起步较晚,迄今只有十几年的历史,我国对股利政策研究的历史较短。但是自从我国实行改革开放以后,经济发展迅速,尤其是最近十余年来股份制企业和上市公司发展迅猛,取得了令人瞩目的成就。伴随着股份制企业和上市公司的迅速发展,我国的证券市场也在不断的发展与完善,市场越来越关注我国上市公司的股利政策,这又促使学术界不断加深对上市公司股利政策的研究。现在我国学术界对上市公司股利政策的研究,不但吸收了国外先进的研究成果,而且还提出了许多针对我国上市公司的具有中国特色的股利政策的研究成果。但同时,我们也注意到:一方面我国的理论界对上市公司股利政策的研究还不完善,如研究主要偏重于对西方股利理论和股利政策种类的介绍、股利政策的影响因素上;另一方面我国的证券市场处于不断的变化发展当中,这必然会导致我国上市公司的股利政策出现一些新的变化,需要我们去探索发现。
自2005年4月股权分置改革在我国拉开帷幕以来,各项改革措施进行的如火如荼,到2006年底为止,股权分置改革已经基本完成。股权分置是我国证券市场所独有的特色,也是我国证券市场的先天不足之处,对其进行改革,必然会导致我国上市公司的股利政策出现一些新的变化。但是到目前为止,关于股权分置改革完成之后我国上市公司股利政策的研究成果很少,因此有必要对股权分置改革后我国上市公司股利政策进行系统分析。
本文共分为五章,内容要点如下:
第一章:绪论。本章主要介绍本文的研究背景、国内外研究现状及评价、研究内容、研究方法和本文的创新之处。
第二章:股利政策理论基础和股权分置改革概述。本章首先分别介绍了股利政策理论、股利支付方式和股利政策的影响因素,通过阐释一些股利政策的基本知识,依此作为本文研究设计的理论基础。其次,对股权分置改革进行概述,为本文的研究提供制度背景。
对股利政策理论的简介和分析是从传统理论和现代理论两个方面进行的。传统理论讨论股利政策与股票价格的关系,主要包括“一鸟在手”理论、MM理论和税差理论等,现代理论主要是研究股利政策为什么会引起股票价格的变化,包括顾客效应理论、信号传递理论和代理成本理论等,这些股利理论对我国制定规范的股利政策有一定的理论指导意义;介绍了股利支付方式,我国上市公司目前常用的股利分配方式包括现金股利、股票股利、转增股本以及这几种方式的组合;从公司外部和公司内部两个方面来对股利政策的影响因素进行归纳研究,指出在股权分置改革的背景下,公司内部影响因素中的股权结构和公司治理发生了变化,它们的变化将会对我国上市公司的股利政策产生深远的影响。在股权分置改革概述中,介绍了造成股权分置的历史原因以及随着经济的发展它所起到的负面作用,阐述了股权分置改革的意义。
第三章:股权分置改革前股利政策分析。本章对股权分置改革前股利政策的特点及形成此特点的原因进行分析。通过搜集大量的数据,分析了股权分置改革前我国上市公司现金股利分配的基本情况:股利政策缺乏连续性和稳定性、派现公司数量逐年增多,但不分配现象仍很严重、股利政策受再融资行为制约、异常派现情况较为严重、股利分配方式不规范等问题,指出股利政策的特点与股权分置造成的股权结构、股东利益不一致和资本市场异化等因素密切相关,股权分裂是其中最重要的制度原因,因此根除流通股与非流通股的不平等待遇,为股东创建公平的权益分享平台是大势所趋,股权分置改革是一项重要的、重大的制度变革。
第四章:股权分置改革对股利政策的影响。本章是本研究的主要组成部分,主要研究在股权分置改革后所引起的股权结构、公司治理及股东投资理念的变化对股利政策的影响,本章理论分析与实证研究相结合。
股权分置改革实现全流通后,股权结构构成主体的变化和股权结构的分散化将会对上市公司的股利产生影响。股权分置改革对上市公司的股权结构进行了优化,由于股权结构和公司治理之间存在着密切的关系,股权结构作为公司治理机制的基础,影响到公司治理模式的形成、运作及绩效,与公司治理中的内部监督机制直接发生作用,在优化股权结构的同时也促进了公司治理的完善,而股利政策是公司经营中的一项重要决策自然也受公司治理的影响,因此股权分置改革影响公司治理的变化进而会对股利政策有一定的影响。在股权分置问题解决之后,股东能够形成一致的利益基础,从而能共同关注公司的发展,使股东树立起长期投资的理念,积极参与对上市公司的决策行为的监督与约束,使投资者对资本市场更有信心。
在理论分析的基础上,运用多元线性回归方法对股权分置改革对股利政策的影响进行研究,选用股权分置改革影响比较显著的股权结构和公司治理来反映股权分置改革对股利政策的影响,发现股权分置改革虽然使股权结构进一步优化,但第一大股东持股比例仍然是影响股利政策的重要因素。其他大股东对第一大股东有一定的制衡作用,说明公司治理效率有了一定程度的提高,由于公司治理对股利政策产生影响,会使股利政策更加规范。实证研究还表明股改对股利政策的近期影响效果虽然不是很明显,但是我们可以看到股利政策的利好发展趋势。
第五章:结论与相关建议。在理论和实证分析的基础上,综合得出研究结论并针对股权分置改革后上市公司处于全流通的状态,提出促进股利政策良性发展的政策建议:加强对大股东行为的约束与监督,防止第一大股东采取其他方法侵害中小股东的利益;加强对中小投资者的教育和培训,使他们正确认识资本市场,合理评估风险,明确投资方向;发展、培育机构投资者,控制证券市场的过度投机状况;加强对公司高管人员的监督和制约,提高公司治理的效率,使不同类型股东之间形成有效的制衡机制;加强对上市公司信息披露的监管,保证证券市场的透明度;加强资本市场建设,缩小不同融资方式的成本差距。
本文的主要贡献有以下几点:
1、本文从新的视角诠释股利政策,股权分置改革对股权结构有直接影响,股权结构作为公司治理的基础,也将影响公司治理内外部环境的完善,而股权结构、公司治理又与股利政策相关,所以,本文在股权分置改革这个大背景下来研究我国上市公司的股利政策。
2、本文总体采用规范性和实证性相结合的研究方法。其中运用对比分析法首先分析了股权分置改革前股利政策的特点,然后分析股权分置改革对股利政策的影响,以此来说明股权分置改革后股利政策会有哪些变化。运用归纳分析法来分析股权分置改革前股利政策的特点,并从股权分置改革将要解决的问题出发归纳出对股利政策的影响。运用回归分析的方法对股权分置改革对股利政策的影响方面做出实证分析。
3、本文用股权分置改革后最新的数据来对股利政策进行统计描述及定量分析,研究数据具有时效性。本文实证研究所用数据,是由作者本人通过查询相关数据库和网站的最新资料整理而成,使实证结果更加准确,体现了客观性。
4、本文在理论和实证分析的基础上,针对股权分置改革后上市公司处于全流通的状态,提出促进股利政策良性发展的政策建议,相信会对规范我国上市公司的股利政策有一定的积极作用。
Dividend policy as one of the most debated and important issues in corporate finance attracted attention of financial theorists. Ever since Miller and Modigliani argued that in a world without market imperfections, company’s dividend policy would have no impact on its cost of capital or shareholder wealth in 1961, many financial theorists challenged MM theory. After a 30 year long development, dividend policy was improved in many angles. During the three decades, a great number of papers exploring dividend policy were published. Unfortunately, the existing dividend theories are not flawless, some are inconsistent and controversy. It is still very difficult to understand corporation dividend payout polices using these theories. In a 1976 paper, Black said that the more he studied dividend policy, the more miserable and controversy it became. This controversy dividend theory also deeply attracted our financial theorists. However, as domestic stock exchange market only has a history of several decades, our study of dividend policy is incomplete and inadequate. Nonetheless, after the great economic reform, China experienced a rapid economic growth. Especially in the recent decade, there were a dramatically increasing number of incorporations and initial public offerings. Along with the rapid growth of Chinese corporations and listed companies, domestic stock exchange market was also developed gradually. As the market became more rational, investors paid more attention to corporation dividend policies, this in turn resulted in a more comprehensive study on dividend policy. Our current study on dividend policy not only absorbs advanced theories of western countries, but also concluded a number of dividend theories with Chinese characters, particularly focusing on our own listed companies. Meanwhile, we are also aware that: researches conducted by our financial theorists are inadequate, for instance the key study of our financial theorist lies in introduction of western dividend payout policies, classification of dividend policy and factors affecting dividend policy; on the other hand, domestic stock exchange market are still developing and going though many reforms, this will lead to new changes in dividend payout policy of domestic listed companies, requiring our research and exploration.
Reform of non-tradable shares in China commenced in April, 2005, many new policies and acts were carried out ever since. By the end of 2006, Reform of non-tradable shares had been completed. This reform is a unique character of our stock exchange market; it is also an inefficiency of our stock exchange market. Carrying the from will inevitably resulted in emergence of some new dividend policies in Chinese corporations. However, until now, our study regarding with corporate dividend payout policies after the reform is very few, therefore it is necessary to carry out detailed and complete analysis of new dividend policy after the reform.
This paper has five chapters:
Chapter one: Introduction. This chapter mainly introduces research background of this paper, current status and evaluation of domestic and foreign research and research method, innovation of this paper
Chapter two: This chapter briefly discusses basics of dividend policy theory and reform of non-tradable shares in China. Firstly, this chapter introduces dividend payout theory, various dividend payout methods and factors affecting dividend payout policy. This knowledge of dividend policy is theoretical basis of this paper. Secondly, this chapter briefly introduces process of the reform, the research background of this paper.
Dividend policy was introduced and analyzed from two aspects: traditional dividend theory and modern dividend theory. Traditional dividend theory discusses relationship between dividend payout policy and stock price; main arguments are the“bird in the hand”analogy, Miller and Modigliani theory and tax aversion to dividends. Modern dividend policy explores how dividend payout policy affects stock price; main factors are Clientele Effect, Signaling Effect and Flotation Cost etc. These theories are guidance of setting rational dividend payout policies in China. Then this chapter summarizes dividend payout methods, our current dividend payout methods include cash dividend, stock dividend and a combination of both. This Chapter also summarizes internal and external factors affecting dividend payment policies, and then points out that during the reform, internal factors and corporate management has changed. These changes will place important impacts on corporate dividend policies. In the brief introduction of reform of non-tradable shares, this chapter discusses historical reason, importance of this reform, also states negative impacts of this reform.
Chapter 3: This chapter analyzes corporate dividend payout policies before the reform. Firstly, this chapter explores characters of dividend payout policies before the reform and its reasons. By collecting massive data, this chapter analyzes and summarizes basic characters of dividend payout policies before the reform: dividend payout policies are unsustainable and unstable; the number of companies which pay out cash dividend is increasing, whereas many corporations still select zero dividend; dividend policy is restricted by refinancing policy; unusual dividend payout is common among listed companies and dividend payout is irregular etc. Secondly this chapter points out the special characters of dividend policy are closely related to capital structure resulted from the existence of non-tradable shares, different interests of shareholders and the irrational capital market.
Chapter 4: This chapter is the key part of this paper, it mainly explores change of equity structure, change of corporate governance and change of shareholders’investment ideas resulted from reform of non-tradable shares, and their impacts on dividend payout policies. This chapter includes both theoretical analysis and empirical analysis.
Change and decentralization of equity structure resulted from the reform will have impacts on dividend payout policy of listed firms. The reform improved equity structure of listed firms. Equity structure as the basis of corporate governance plays a leading role in corporate governance policy. Hence change of corporate governance resulted from the form has impact on dividend payout policy. After the reform, shareholders can have the same interest, so they can all focus on company’s development and will build up concept of long term investment.
On the basis of theoretical analysis, this chapter also uses multiple linear regression in exploring the impact on dividend policy resulted from the reform.
Chapter 5: Conclusion and suggestions. Based on theoretical and empirical analysis, this chapter concludes research result and makes proposals and suggestions to promote sound development of dividend policy: Strengthen governance and supervision on large shareholders, preventing them from acting against interest of small and medium investors; Improve small investors’understanding of capital market, ability of rational risk assessment; encourage development of institutional investors and control excessive speculation in stock market; strengthen supervision on company executives, increase corporate governance efficiency; strengthen supervision on information disclosure and guarantee transparency of stock market; Strengthen the construction of capital market and reduce cost cap among different financing methods.
This paper has the following contribution:
1. This paper analyzes and interprets dividend policy from a new perspective. Reform of non-tradable shares has direct impact on capital structure and capital structure will in turn affect corporate internal and external governance, whereas corporate governance is related to dividend policy. This paper analyzes our corporate dividend policy under the background of reform of non-tradable shares.
2. This paper uses both normative and empirical methods. Firstly, it uses comparative Analysis discussing characters of Chinese dividend policy before and after the reform, then it explores the impact on dividend policy caused by the reform, Secondly, Regression is used in empirical study to analyze the impact on dividend policy caused by the reform.
3. This paper uses the most updated data after the reform for empirical study. The data for empirical study is collected from the most updated data source on related database and websites, thus the research result is more accurate and objective.
4. Based on theoretical and empirical analysis, this paper makes suggestion to promote sound development of dividend policy after the reform.
自2005年4月股权分置改革在我国拉开帷幕以来,各项改革措施进行的如火如荼,到2006年底为止,股权分置改革已经基本完成。股权分置是我国证券市场所独有的特色,也是我国证券市场的先天不足之处,对其进行改革,必然会导致我国上市公司的股利政策出现一些新的变化。但是到目前为止,关于股权分置改革完成之后我国上市公司股利政策的研究成果很少,因此有必要对股权分置改革后我国上市公司股利政策进行系统分析。
本文共分为五章,内容要点如下:
第一章:绪论。本章主要介绍本文的研究背景、国内外研究现状及评价、研究内容、研究方法和本文的创新之处。
第二章:股利政策理论基础和股权分置改革概述。本章首先分别介绍了股利政策理论、股利支付方式和股利政策的影响因素,通过阐释一些股利政策的基本知识,依此作为本文研究设计的理论基础。其次,对股权分置改革进行概述,为本文的研究提供制度背景。
对股利政策理论的简介和分析是从传统理论和现代理论两个方面进行的。传统理论讨论股利政策与股票价格的关系,主要包括“一鸟在手”理论、MM理论和税差理论等,现代理论主要是研究股利政策为什么会引起股票价格的变化,包括顾客效应理论、信号传递理论和代理成本理论等,这些股利理论对我国制定规范的股利政策有一定的理论指导意义;介绍了股利支付方式,我国上市公司目前常用的股利分配方式包括现金股利、股票股利、转增股本以及这几种方式的组合;从公司外部和公司内部两个方面来对股利政策的影响因素进行归纳研究,指出在股权分置改革的背景下,公司内部影响因素中的股权结构和公司治理发生了变化,它们的变化将会对我国上市公司的股利政策产生深远的影响。在股权分置改革概述中,介绍了造成股权分置的历史原因以及随着经济的发展它所起到的负面作用,阐述了股权分置改革的意义。
第三章:股权分置改革前股利政策分析。本章对股权分置改革前股利政策的特点及形成此特点的原因进行分析。通过搜集大量的数据,分析了股权分置改革前我国上市公司现金股利分配的基本情况:股利政策缺乏连续性和稳定性、派现公司数量逐年增多,但不分配现象仍很严重、股利政策受再融资行为制约、异常派现情况较为严重、股利分配方式不规范等问题,指出股利政策的特点与股权分置造成的股权结构、股东利益不一致和资本市场异化等因素密切相关,股权分裂是其中最重要的制度原因,因此根除流通股与非流通股的不平等待遇,为股东创建公平的权益分享平台是大势所趋,股权分置改革是一项重要的、重大的制度变革。
第四章:股权分置改革对股利政策的影响。本章是本研究的主要组成部分,主要研究在股权分置改革后所引起的股权结构、公司治理及股东投资理念的变化对股利政策的影响,本章理论分析与实证研究相结合。
股权分置改革实现全流通后,股权结构构成主体的变化和股权结构的分散化将会对上市公司的股利产生影响。股权分置改革对上市公司的股权结构进行了优化,由于股权结构和公司治理之间存在着密切的关系,股权结构作为公司治理机制的基础,影响到公司治理模式的形成、运作及绩效,与公司治理中的内部监督机制直接发生作用,在优化股权结构的同时也促进了公司治理的完善,而股利政策是公司经营中的一项重要决策自然也受公司治理的影响,因此股权分置改革影响公司治理的变化进而会对股利政策有一定的影响。在股权分置问题解决之后,股东能够形成一致的利益基础,从而能共同关注公司的发展,使股东树立起长期投资的理念,积极参与对上市公司的决策行为的监督与约束,使投资者对资本市场更有信心。
在理论分析的基础上,运用多元线性回归方法对股权分置改革对股利政策的影响进行研究,选用股权分置改革影响比较显著的股权结构和公司治理来反映股权分置改革对股利政策的影响,发现股权分置改革虽然使股权结构进一步优化,但第一大股东持股比例仍然是影响股利政策的重要因素。其他大股东对第一大股东有一定的制衡作用,说明公司治理效率有了一定程度的提高,由于公司治理对股利政策产生影响,会使股利政策更加规范。实证研究还表明股改对股利政策的近期影响效果虽然不是很明显,但是我们可以看到股利政策的利好发展趋势。
第五章:结论与相关建议。在理论和实证分析的基础上,综合得出研究结论并针对股权分置改革后上市公司处于全流通的状态,提出促进股利政策良性发展的政策建议:加强对大股东行为的约束与监督,防止第一大股东采取其他方法侵害中小股东的利益;加强对中小投资者的教育和培训,使他们正确认识资本市场,合理评估风险,明确投资方向;发展、培育机构投资者,控制证券市场的过度投机状况;加强对公司高管人员的监督和制约,提高公司治理的效率,使不同类型股东之间形成有效的制衡机制;加强对上市公司信息披露的监管,保证证券市场的透明度;加强资本市场建设,缩小不同融资方式的成本差距。
本文的主要贡献有以下几点:
1、本文从新的视角诠释股利政策,股权分置改革对股权结构有直接影响,股权结构作为公司治理的基础,也将影响公司治理内外部环境的完善,而股权结构、公司治理又与股利政策相关,所以,本文在股权分置改革这个大背景下来研究我国上市公司的股利政策。
2、本文总体采用规范性和实证性相结合的研究方法。其中运用对比分析法首先分析了股权分置改革前股利政策的特点,然后分析股权分置改革对股利政策的影响,以此来说明股权分置改革后股利政策会有哪些变化。运用归纳分析法来分析股权分置改革前股利政策的特点,并从股权分置改革将要解决的问题出发归纳出对股利政策的影响。运用回归分析的方法对股权分置改革对股利政策的影响方面做出实证分析。
3、本文用股权分置改革后最新的数据来对股利政策进行统计描述及定量分析,研究数据具有时效性。本文实证研究所用数据,是由作者本人通过查询相关数据库和网站的最新资料整理而成,使实证结果更加准确,体现了客观性。
4、本文在理论和实证分析的基础上,针对股权分置改革后上市公司处于全流通的状态,提出促进股利政策良性发展的政策建议,相信会对规范我国上市公司的股利政策有一定的积极作用。
Dividend policy as one of the most debated and important issues in corporate finance attracted attention of financial theorists. Ever since Miller and Modigliani argued that in a world without market imperfections, company’s dividend policy would have no impact on its cost of capital or shareholder wealth in 1961, many financial theorists challenged MM theory. After a 30 year long development, dividend policy was improved in many angles. During the three decades, a great number of papers exploring dividend policy were published. Unfortunately, the existing dividend theories are not flawless, some are inconsistent and controversy. It is still very difficult to understand corporation dividend payout polices using these theories. In a 1976 paper, Black said that the more he studied dividend policy, the more miserable and controversy it became. This controversy dividend theory also deeply attracted our financial theorists. However, as domestic stock exchange market only has a history of several decades, our study of dividend policy is incomplete and inadequate. Nonetheless, after the great economic reform, China experienced a rapid economic growth. Especially in the recent decade, there were a dramatically increasing number of incorporations and initial public offerings. Along with the rapid growth of Chinese corporations and listed companies, domestic stock exchange market was also developed gradually. As the market became more rational, investors paid more attention to corporation dividend policies, this in turn resulted in a more comprehensive study on dividend policy. Our current study on dividend policy not only absorbs advanced theories of western countries, but also concluded a number of dividend theories with Chinese characters, particularly focusing on our own listed companies. Meanwhile, we are also aware that: researches conducted by our financial theorists are inadequate, for instance the key study of our financial theorist lies in introduction of western dividend payout policies, classification of dividend policy and factors affecting dividend policy; on the other hand, domestic stock exchange market are still developing and going though many reforms, this will lead to new changes in dividend payout policy of domestic listed companies, requiring our research and exploration.
Reform of non-tradable shares in China commenced in April, 2005, many new policies and acts were carried out ever since. By the end of 2006, Reform of non-tradable shares had been completed. This reform is a unique character of our stock exchange market; it is also an inefficiency of our stock exchange market. Carrying the from will inevitably resulted in emergence of some new dividend policies in Chinese corporations. However, until now, our study regarding with corporate dividend payout policies after the reform is very few, therefore it is necessary to carry out detailed and complete analysis of new dividend policy after the reform.
This paper has five chapters:
Chapter one: Introduction. This chapter mainly introduces research background of this paper, current status and evaluation of domestic and foreign research and research method, innovation of this paper
Chapter two: This chapter briefly discusses basics of dividend policy theory and reform of non-tradable shares in China. Firstly, this chapter introduces dividend payout theory, various dividend payout methods and factors affecting dividend payout policy. This knowledge of dividend policy is theoretical basis of this paper. Secondly, this chapter briefly introduces process of the reform, the research background of this paper.
Dividend policy was introduced and analyzed from two aspects: traditional dividend theory and modern dividend theory. Traditional dividend theory discusses relationship between dividend payout policy and stock price; main arguments are the“bird in the hand”analogy, Miller and Modigliani theory and tax aversion to dividends. Modern dividend policy explores how dividend payout policy affects stock price; main factors are Clientele Effect, Signaling Effect and Flotation Cost etc. These theories are guidance of setting rational dividend payout policies in China. Then this chapter summarizes dividend payout methods, our current dividend payout methods include cash dividend, stock dividend and a combination of both. This Chapter also summarizes internal and external factors affecting dividend payment policies, and then points out that during the reform, internal factors and corporate management has changed. These changes will place important impacts on corporate dividend policies. In the brief introduction of reform of non-tradable shares, this chapter discusses historical reason, importance of this reform, also states negative impacts of this reform.
Chapter 3: This chapter analyzes corporate dividend payout policies before the reform. Firstly, this chapter explores characters of dividend payout policies before the reform and its reasons. By collecting massive data, this chapter analyzes and summarizes basic characters of dividend payout policies before the reform: dividend payout policies are unsustainable and unstable; the number of companies which pay out cash dividend is increasing, whereas many corporations still select zero dividend; dividend policy is restricted by refinancing policy; unusual dividend payout is common among listed companies and dividend payout is irregular etc. Secondly this chapter points out the special characters of dividend policy are closely related to capital structure resulted from the existence of non-tradable shares, different interests of shareholders and the irrational capital market.
Chapter 4: This chapter is the key part of this paper, it mainly explores change of equity structure, change of corporate governance and change of shareholders’investment ideas resulted from reform of non-tradable shares, and their impacts on dividend payout policies. This chapter includes both theoretical analysis and empirical analysis.
Change and decentralization of equity structure resulted from the reform will have impacts on dividend payout policy of listed firms. The reform improved equity structure of listed firms. Equity structure as the basis of corporate governance plays a leading role in corporate governance policy. Hence change of corporate governance resulted from the form has impact on dividend payout policy. After the reform, shareholders can have the same interest, so they can all focus on company’s development and will build up concept of long term investment.
On the basis of theoretical analysis, this chapter also uses multiple linear regression in exploring the impact on dividend policy resulted from the reform.
Chapter 5: Conclusion and suggestions. Based on theoretical and empirical analysis, this chapter concludes research result and makes proposals and suggestions to promote sound development of dividend policy: Strengthen governance and supervision on large shareholders, preventing them from acting against interest of small and medium investors; Improve small investors’understanding of capital market, ability of rational risk assessment; encourage development of institutional investors and control excessive speculation in stock market; strengthen supervision on company executives, increase corporate governance efficiency; strengthen supervision on information disclosure and guarantee transparency of stock market; Strengthen the construction of capital market and reduce cost cap among different financing methods.
This paper has the following contribution:
1. This paper analyzes and interprets dividend policy from a new perspective. Reform of non-tradable shares has direct impact on capital structure and capital structure will in turn affect corporate internal and external governance, whereas corporate governance is related to dividend policy. This paper analyzes our corporate dividend policy under the background of reform of non-tradable shares.
2. This paper uses both normative and empirical methods. Firstly, it uses comparative Analysis discussing characters of Chinese dividend policy before and after the reform, then it explores the impact on dividend policy caused by the reform, Secondly, Regression is used in empirical study to analyze the impact on dividend policy caused by the reform.
3. This paper uses the most updated data after the reform for empirical study. The data for empirical study is collected from the most updated data source on related database and websites, thus the research result is more accurate and objective.
4. Based on theoretical and empirical analysis, this paper makes suggestion to promote sound development of dividend policy after the reform.
引文
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2、Jensen & Meckling, Theory if the Firm: Managerial Behavior, Agency Costs, and Ownership Structure, Journal of Financial Economic,1976:305-360
3、Rozeff M. Growth, beta and agency costs as determinants of dividend payout ratios [J], Journal of Financial Research, 1982: 249-259.
4、Easterbrook,F.H., Two agency-Cost Explanation of Dividends, American Economics Review,1984.9:650-659 Jensen M J, Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers[J], American Economic Review,1986.76:323-329.
5、Dewenter, Kathryn L , Warther Vincent A, Dividends, asymetric information, and agency conflicts: Evidence from a comparison of the dividend policies of Japanese and U.S. Firms[J], Journal of Finance,1998.53:879-904.
6、La Porta R, Lopez-De-Silanes, F Shleifer A, et al, Agency problems and dividend policies around the world [J], Journal of finance ,2000.55:1-33.
7、Faccio M, Lang L H P, Young L, Dividends and expropriation [J], American Economic Review, 2001.91:54-78.
8、Mancinelli Luciana, Ozkan Aydin, Ownership structure and dividend policy:evidence from Italian firms [J], European Journal of Finance,2006.12:265-282.
9、唐跃军、谢仍明:大股东制衡机制与现金股利的隧道效应——来自1999一2003年中国上市公司的证据,南开经济研究,2006.1
10、吕长江、周县华:公司治理结构与股利分配动机——基于代理成本和利益侵占的分析,南开管理评论,2005.8
11、申丽静、陈良华、洪梅:公司治理视角下上市公司股利政策的实证分析,金融经济,2007.8
12、余明桂、夏新平、吴少凡:公司治理研究新趋势——控股股东与小股东之间的代理问题,外国经济与管理,2004.2
13、蓝发钦:中国上市公司股利政策特征的现代经济学诊释,管理世界,2001.3
14、胡庆平:股利政策之影响因素分析,中原工学院学报,2002.6
15、应展宇:股权分裂、激励问题与股利政策——中国股利之谜及其成因分析,管理世界,2004.7
16、陈建梁和叶护华:股权分置对上市公司股利分配影响的差异性研究,南方金融,2004.9
17、杜伟岸、魏建国、范亚莉:股权分置改革对股利政策的影响预估,武汉理工大学学报(交通科学与工程版),2005.4
18、肖珉:自由现金流量利益输送与现金股利,经济科学,2005.2
19、赵霞:股权分置改革前后我国上市公司股利政策的变化,北方经济,2007.4
20、白玉坤、陈晓明:股权分置改革与股利分配政策的相关性研究——来自能源行业上市公司的证据,北方经济,2007.7
21、阎大颖、苏玮:流通股东偏好对上市公司股利政策影响的实证初探,会计之友,2005.7
22、吕长江、王克敏:上市公司股利政策的实证分析,经济研究,1999.12
23、唐国琼、邹虹:上市公司现金股利政策影响因素的实证研究,财经科学,2005.2
24、徐国祥、苏月中:中国股市现金股利悖论研究,财经研究,2005.6
25、伍利娜、高强、彭燕:中国上市公司“异常高派现”影响因素研究,经济科学,2003.1
26、原红旗:中国上市公司股利政策分析,财经研究,2001.3
27、陈洪涛、黄国良:中国上市公司股权结构与现金股利政策的实证研究,统计与决策,2005.20
28、陈淑菁:我国股权制衡研究文献综述,合作经济与科技,2007.6
29、吴明礼、李世涛:我国上市公司现金股利政策与股权结构、股权制衡关系,产业经济研究,2007.3
30、徐雪芬、纪建悦:公司治理与上市公司股利政策,新金融,2005.1
31、高霞:股权分置改革下的公司治理,山东省农业管理干部学院学报,2007.3
32、唐继虹:股权分置改革与公司治理,经济理论研究,2006.3
33、肖瑞婷、张荣刚:股权分置改革与公司治理优化,经济管理,2006.5
34、马曙光、黄志忠、薛云奎:股权分置、资金侵占与上市公司现金股利政策,会计研究,2005.9
35、张传明、徐植:不同股权结构对股利政策影响的实证研究——来自中国上市公司的证据,经济与管理研究,2006.12
36、满意、张炳才:我国上市公司股权结构对股利政策影响因素的实证分析,华南理工大学学报(社会科学版),2006.8
37、毕研勤:上市公司股利分配方式的分析及建议,甘肃省经济管理干部学院学报,2006.3
38、阳嘉瑛、李江:股权分置改革给我国证券市场带来什么,财经科学,2005.4
39、黄丽:浅析股权分置改革后的变化与发展方向,市场周刊(理论研究),2006.7
40、谢朝斌:上市公司股利分配行为的特征及解释,财贸经济,2004.5
41、叶永良:对我国现行股权分置改革若干问题的思考,商场现代化,2005. 14
42、徐云霞:股权分置、股权集中度对现金股利政策的影响研究,南京财经大学硕士学位论文,2006
43、陈勉:股权分置改革对股权结构、公司治理影响研究,东华大学硕士学位论文,2007
44、余苗荣:我国股权分置改革对上市公司财务绩效影响的研究,河海大学硕士学位论文,2007
45、李志茹:基于股权分置改革股利政策问题研究,天津财经大学硕士学位论文,2007
46、陈丽洁:我国上市公司高派现行为研究,武汉科技大学硕士学位论文,2005
47、华琦:上市公司的公司治理与现金股利政策,上海社会科学院硕士学位论文,2006
48、宋霞:基于股权分置改革的上市公司股利政策研究,西南财经大学硕士学位论文,2007
49、马明光:我国上市公司现金股利政策研究,西南财经大学硕士论文,2006
50、财政部会计资格评价中心:中级会计资格财务管理,中国财政经济出版社,2007
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1财政部会计资格评价中心中级会计资格财务管理中国财政经济出版社2007.11
1叶永良对我国现行股权分置改革若干问题的思考商场现代化2005. 14
1李振明股权分置与上市公司投资行为经济科学出版社2005
1陈丽洁我国上市公司高派现行为研究武汉科技大学硕士学位论文2005
2谢朝斌上市公司股利分配行为的特征及解释财贸经济2004.5
1蓝发钦中国上市公司股利政策特征的现代经济学诊释管理世界2001.3
1华琦上市公司的公司治理与现金股利政策上海社会科学院研究生学位论文2006.5
1马明光我国上市公司现金股利政策研究西南财经大学硕士论文2006
1华琦上市公司的公司治理与现金股利政策上海社会科学院研究生学位论文2006
1肖珉自由现金流量利益输送与现金股利经济科学2005.2