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1、图内图书分类号：F275.4国际图书分类号：658.155管理学硕士学位论文我国上市公司股权结构对股利政策影响的实证研究硕 士 研 究 生： 周光珍导师： 韩东平教授申请学位级别： 管理学硕士学 科 、 专 业： 会计学所 在 单 位： 管理学院会计系答 辩 日 期： 2006 年 6 月授予学位单位： 哈尔滨工业大学Classified Index：F275.4U.D.C.: 658.155Dissertation for the Master Degree in ManagementEmpirical Research on How the OwnershipStructure Affec
2、ts the Dividend Policy of theListed Companies in ChinaCandidate：Supervisor：Academic Degree Applied for：Specialty：Affiliation:Date of desense：University：Zhou GuangzhenProf. Han DongpingMaster of ManagementAccountingSchool of ManagementJune,2006Harbin Institute of Technology哈尔滨工业大学管理学硕士学位论文摘要在股利政策影响因素
3、的研究中，都显示股权结构对股利政策有影响，但却很少有人专门研究这方面的课题。股利政策在公司运营中起到特殊的作用，一方面它是公司筹资、投资活动的逻辑延续，公司理财行为的必然结果；另一方面恰当的股利政策不仅可以树立良好的公司形象，而且能激发广大投资者对公司持续投资的热情，从而使公司获得长期稳定的发展条件和机会。所以股利政策既是企业经营业绩及价值体现的果，又是反过来可以影响企业未来业绩和价值形成的因。而我国特殊的国情形成了我国特殊的股权结构，研究我国特殊股权结构下对股利政策的影响将有助于我国证券市场的完善和股权结构的优化。本文对股权结构的定义包含股权属性和股权集中度两个方面，股权属性指股东的构成，由
4、流通股比例、非流通股比例、国有股比例和法人股比例等指标表示，股权集中度由第一大股东持股比例和 H 指数等指标表示。股利政策的定义包括现金股利和股票股利，阐述了转股、配股、增发股等都不在股利分配范畴内。全文在此定义前提下先在股利分配代理成本理论和股利顾客效应理论的基础上对股权结构对股利政策的影响分别从股权属性和股权集中度方面进行了理论分析，为实证研究打下理论基础。对万德资讯金融数据库 2002 年到 2004 年三年的所有上证、深证上市公司进行了样本筛选，最后选出了三年始终符合筛选条件的 230 家上市公司作为研究样本，运用逐步回归法对变量间的相关性进行检验，最后选取与因变量显著相关的自变量进行
5、多元线性回归分析。结果发现，上市公司的现金股利与非流通股比例、国有股比例和股权集中度有着十分密切的关系，而股票股利由于股利分配市场不够完善的客观原因，未能够验证出与股权结构的相关性，研究结果表明我国的股权结构对股利政策的影响是通过公司控股股东和管理层利益的协调作用的，这说明了目前我国上市公司股权结构和股利分配政策还不够完善。文章最后根据研究的结果，从优化股权结构、加强中小投资者利益保护和提高流通股东素质等方面给出了建议。关键词股权结构；股利政策；股权属性；股权集中度-I-哈尔滨工业大学管理学硕士学位论文AbstractIt shows that the ownership structure
6、can affect the dividend policy by therelated study before; however, there are few people who specially study this subject.The dividend policy has special effect in the operation of companies. On the onehand, it is the logic continuing after companies financing and investment activity,also the certai
7、n result. On the other hand, the suitable dividend policy can not onlymake good image of companies but also stimulate the investors to keep theirinvestment to the company, so that the company can get more opportunities and goodcondition for long-term and steady development. That is to say, the divid
8、end policy isnot only the result followed by companies operation and value, but also the reasonwhich can affect the companies achievement and value in the future. While theownership structure is so special formed by the special situation of our country, itwill be useful to perfect the security marke
9、t and optimize the ownership structure tostudy how the special ownership affect the dividend policy.The definition for the “ownership structure” in the dissertation includes twoaspects, the shareholder property and the ownership collecting. The former aspectmeans the compose of the stock owners，expr
10、essed by the proportion of currentstocks, incurrent stocks, nation owned stocks, corporation owned stocks, etc. Theownership collecting can be expressed by the proportion of the largest shareholder, Hindex, etc. The definition of the dividend policy means that it includes cash dividendand stock divi
11、dend. And it is discussed that the share transfers, re-issuing new sharesand add-issuing new shares are all excluded in dividend distribution. According tothe definition, at first the dissertation make a theory analysis on how the stockownership affects the dividend policy on the basis of the divide
12、nd-customer effecttheory and the dividend distribution surrogate theory, which makes a preparation forthe empirical research later.230 listed companies are chosen as the model for study among all the listedcompanies collected by the Wind information finance data base which satisfy theterms all the t
13、ime from the year 2002 to 2004.Then after the relation-test between thevariables by the progressive regression, the independent variables which has obviousrelationship with the dependent variables are chosen to process the multiple linear- II -哈尔滨工业大学管理学硕士学位论文regression. And the result shows that th
14、e cash dividend in listed companies has closerelationship with the proportion of incurrent stocks 、nation-owned stocks andshareholder collecting. While because of the distempered dividend market, therelationship between the stock dividend and the ownership structure isnt close. Thestudy result shows that in our country the ownership affects the dividend policy bythe correspondences between the main shareholder and the manager, and this showsthat the ownership and dividend policy are not perfect in listed companies in ourcountry.At last, according to the stud
