本文選題：現(xiàn)金股利　切入點(diǎn)：中小股東利益保護(hù)　出處：《山東財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：中小股東投資于證券市場獲取收益的方式主要有兩種：一是股票買賣差價(jià)所形成的資本利得，二是上市公司派發(fā)的股利。我國證券市場在法律監(jiān)管制度執(zhí)行上存在疏漏，使得我國上市公司現(xiàn)金股利分配具有分配水平低、現(xiàn)金分紅收益率低、不分紅現(xiàn)象普遍等特點(diǎn)，大多數(shù)的中小股東只能通過在二級(jí)市場上買賣股票來獲得差價(jià)收益。又由于證券投資市場的不確定和風(fēng)險(xiǎn)性，股價(jià)波動(dòng)劇烈，中小股東獲利較難。除此之外，市場上還存在如大股東侵占上市公司資金、進(jìn)行關(guān)聯(lián)交易、提供虛假的財(cái)務(wù)報(bào)表等侵害中小股東利益的行為，這些都極大地?fù)p害了中小股東的利益。在上市公司籌資總額和股市市值大幅提升的今天，廣大的中小投資者并未切實(shí)地分享到上市公司成長與發(fā)展的成果，研究中小股東利益保護(hù)問題具有非凡的現(xiàn)實(shí)意義。 投資者利益保護(hù)是一個(gè)復(fù)合的概念，包含眾多方面。國外學(xué)者大多采用LLSV方法，從法律的制定和執(zhí)行效率來進(jìn)行跨國比較或跨階段研究，不適用于在單一國家上市的不同公司的中小股東利益保護(hù)研究。本文考慮是否能從微觀層面來研究同一制度下不同上市公司的中小股東利益保護(hù)。 依照上述思路，本文在梳理了國內(nèi)外相關(guān)文獻(xiàn)的基礎(chǔ)上，首先分析了我國現(xiàn)金股利分配的現(xiàn)狀和中小股東利益受侵害的表現(xiàn)。其次，從微觀公司組織這一角度出發(fā)，兼顧制度執(zhí)行層面對中小股東利益保護(hù)進(jìn)行重新定義，，選擇知情權(quán)、控股股東行為、公司經(jīng)營質(zhì)量、投資回報(bào)、公司誠信五個(gè)方面9個(gè)指標(biāo)來構(gòu)建中小投資者利益保護(hù)指數(shù)。選取滬深兩市2008年至2010年全流通A股上市公司為樣本，采用統(tǒng)計(jì)描述、對比分析和回歸分析等研究方法研究上市公司現(xiàn)金股利支付對中小股東利益保護(hù)指數(shù)的影響，并得出如下結(jié)論：（1）分紅上市公司的中小股東利益保護(hù)顯著高于不分紅的上市公司，分配現(xiàn)金股利有利于中小股東利益保護(hù)，但惡性派現(xiàn)和微分紅的行為不利于中小股東利益保護(hù)。（2）以融資為目的而進(jìn)行的現(xiàn)金分紅削弱了分紅帶來的正向保護(hù)效應(yīng)沒有得到檢驗(yàn)。但驗(yàn)證了再融資是上市公司進(jìn)行過度分紅的主要?jiǎng)訖C(jī)。（3）股權(quán)分散的上市公司，現(xiàn)金股利支付率與中小股東利益保護(hù)在5%的水平上顯著正相關(guān)，且正向作用效果明顯強(qiáng)于全樣本公司，說明股權(quán)分散上市公司現(xiàn)金股利分配對中小股東利益保護(hù)正向作用更強(qiáng)。（4）現(xiàn)金股利支付率與中小股東利益保護(hù)指數(shù)呈倒“U”型關(guān)系，即在現(xiàn)金股利支付水平較低時(shí)，現(xiàn)金股利支付率與中小股東利益保護(hù)指數(shù)正相關(guān)。但隨著股利支付率的提高，上市公司分紅超過一定“度”時(shí)，可能存在以現(xiàn)金股利分配為手段的掏空行為。 本文的主要?jiǎng)?chuàng)新在于：（1）選擇知情權(quán)、控股股東行為、公司經(jīng)營質(zhì)量、投資回報(bào)、公司誠信五個(gè)方面9個(gè)指標(biāo)來構(gòu)建中小投資者利益保護(hù)的綜合指標(biāo)，并采用專家調(diào)查打分的方法，確定中小股東利益保護(hù)指數(shù)中的各指標(biāo)內(nèi)容的權(quán)重，繼而計(jì)算出上市公司的中小股東利益保護(hù)指數(shù)。（2）不同于以往學(xué)者基于股權(quán)結(jié)構(gòu)研究或宏觀制度層面的中小股東權(quán)益保護(hù)和法律保護(hù)程度的研究，本文從現(xiàn)金股利支付的視角研究同一國家不同上市公司的中小股東利益保護(hù)程度。（3）本文把進(jìn)行現(xiàn)金分紅的上市公司按分紅力度劃分為微分紅上市公司樣本和過度分紅上市公司樣本兩組，通過分類研究和對比研究來分析我國不同現(xiàn)金分紅力度的上市公司中小股東利益保護(hù)水平。
[Abstract]:There are two main types of small and medium-sized shareholders to invest in the stock market gains way: one is the formation of the stock sale price is two of the capital gains, dividends distributed by listed companies. The securities market of our country there are omissions in the legal supervision of the implementation of the system, which makes our profit distribution of cash shares of listed companies has a low level of cash dividends distribution. The low rate of dividend, common features, most small and medium-sized shareholders only through the market in two on the sale of shares to obtain profit. Because the stock market uncertainty and risk, stock price volatility, small shareholders profit difficult. In addition, the market still exist such as the expropriation of large shareholder of listed companies the funds and related transactions, providing false financial statements and other behavior against the interests of minority shareholders, which has greatly damaged the interests of small shareholders in listed companies financing amount. Today, a large number of small and medium-sized investors haven't practically shared the achievements of the growth and development of the listed companies. Therefore, it is of great practical significance to study the protection of the interests of minority shareholders.
The protection of investors' interests is a compound concept which includes many aspects. Most foreign scholars using the LLSV method, from the legislation and execution efficiency of transnational comparison or cross stage research, research on the protection of small shareholders is not applicable to different listed companies in a single country. This paper to make a research on the protection of small shareholders different companies under the same regime from the micro level.
According to the above ideas, this paper based on the summary of the related literature at home and abroad, firstly analyzes the present situation of infringement of cash dividend distribution in China and the interests of minority shareholders. Secondly, from the micro organization of the perspective of both the implementation of the system in the protection of the interests of minority shareholders are redefined, choose the right holding the behavior of shareholders, the company quality, return on investment, the five aspects of corporate integrity 9 indicators to build the protection of the interests of small investors. The Shanghai and Shenzhen two index from 2008 to 2010, the full circulation of A shares of listed companies as sample, using descriptive statistics, cash dividend research method of comparative analysis and regression analysis of listed companies pay influence on the index of protection the interests of minority shareholders, and draws the following conclusion: (1) to protect the interests of small shareholders dividends of listed companies was significantly higher than that of the distribution of dividends of listed companies The cash dividend is conducive to the protection of the interests of minority shareholders, but to send the current red and malignant differential behavior is not conducive to the protection of the interests of minority shareholders. (2) the purpose of financing and cash dividend weakened the positive protection effect brought by the dividend is not to be tested. It proves that the refinancing of listed companies is the main motivation of excessive dividends. (3) the dispersed ownership of listed companies, the cash dividend payment rate and protect the interests of small shareholders in the 5% level of significant positive correlation, and the positive effect is stronger than the whole Sample Firms, that dispersed ownership of listed company's cash dividend distribution on the protection of small shareholders is stronger. (4) the cash dividend payment rate was down "U relationship with index of protection of small shareholders, the cash dividend payment level is low, the cash dividend payment rate correlated with the protection of the interests of small shareholders. But with dividend payment When the dividend of the listed company exceeds a certain "degree", there may be a hollowing act with the means of cash dividend distribution.
The main innovation of this paper lies in: (1) choose the right to know the behavior of controlling shareholders, business quality, investment returns, comprehensive index of five aspects of corporate integrity 9 indexes to construct the protection of the interests of small investors, and using the method of expert survey scoring, the weight of each index is determined the content of minority shareholders to protect the interests of the index then, calculate the index of listed companies to protect the interests of small shareholders. (2) different from the previous scholars study based on equity structure or the system of macro level to protect the interests of minority shareholders and the degree of legal protection research, this paper studies the cash dividend payment from the perspective of the same country the different extent of the listed company to protect the interests of small shareholders (3). The cash dividends of listed companies according to the dividends divided into differential red samples of listed companies and excessive dividends of listed companies to sample two groups, through the classification and comparison The study analyzes the interests protection level of small and medium shareholders of Listed Companies in China with different cash dividends.

【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

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