我國房地產(chǎn)上市公司股權(quán)結(jié)構(gòu)與股利政策關(guān)系研究
發(fā)布時間：2018-11-06 07:45
【摘要】：自從關(guān)于現(xiàn)代公司股權(quán)結(jié)構(gòu)的理論出現(xiàn)后,股權(quán)結(jié)構(gòu)與公司股利政策之間的關(guān)系就成為國內(nèi)外學(xué)者們研究的熱點問題。公司股利政策的形成是公司內(nèi)部不同利益主體相互博弈的結(jié)果，體現(xiàn)了利益主體的訴求。在一定程度上可以說股利政策的本質(zhì)是公司治理問題，而股權(quán)結(jié)構(gòu)恰是公司治理的核心，所以股權(quán)結(jié)構(gòu)在股利政策的制定中發(fā)揮著重要的作用。現(xiàn)代企業(yè)是各種利益主體契約的結(jié)合，不同利益主體之間的力量對比決定著企業(yè)內(nèi)部的利益關(guān)系，股權(quán)結(jié)構(gòu)就是這種利益主體的基石。股權(quán)結(jié)構(gòu)決定著公司控制權(quán)的分布，決定著所有者與經(jīng)營者之間委托—代理關(guān)系的性質(zhì)，進而可能影響上市公司的股利政策的決定與選擇，因而將兩者結(jié)合起來進行研究是很有必要的。 我國證券市場自上世紀(jì)90年代初到目前剛剛走過二十年的發(fā)展歷程，與歐美發(fā)達(dá)國家上百年的資本市場發(fā)展史相比，我國證券市場發(fā)展仍存在較多問題。由于我國證券市場和企業(yè)股份制改革起步比較晚，國內(nèi)專家學(xué)者對我國公司股權(quán)結(jié)構(gòu)與股利政策關(guān)系的研究時通常以整體為研究對象，很少就具體行業(yè)展開更細(xì)致的研究，，這樣就會忽視行業(yè)特殊性對股利政策產(chǎn)生的影響。本文以房地產(chǎn)行業(yè)為樣本分析對我國公司股權(quán)結(jié)構(gòu)與股利政策關(guān)系，選擇房地產(chǎn)行業(yè)是因為房地產(chǎn)業(yè)在我國國民經(jīng)濟體系中占據(jù)重要的地位，是國民經(jīng)濟的支柱產(chǎn)業(yè)。本文分析房地產(chǎn)上市公司的股權(quán)結(jié)構(gòu)和股利分配的特點，并運用實證研究方法探討兩者之間的關(guān)系，并根據(jù)結(jié)果提出政策建議。 本文主要分為六個章節(jié)：引言部分闡述了選題的背景、研究意義，界定了主要概念，并介紹了研究的方法、研究思路及主要內(nèi)容。第二章為理論基礎(chǔ)和文獻(xiàn)回顧部分，闡述了作為本文理論基礎(chǔ)的股利政策理論，并對相關(guān)的文獻(xiàn)研究進行了回顧與述評。第三章對股權(quán)結(jié)構(gòu)對股利政策的影響進行理論分析，分為兩個方面，股權(quán)集中度對股利政策的影響和股權(quán)屬性對股利政策的影響。第四章介紹了房地產(chǎn)行業(yè)的特征及現(xiàn)狀，歸納總結(jié)了房地產(chǎn)行業(yè)股權(quán)結(jié)構(gòu)和股利政策的特征。第五章，以2008-2011年房地產(chǎn)上市公司的數(shù)據(jù)，從股權(quán)集中度和股權(quán)屬性方面進行回歸分析研究。第六章是總結(jié)，歸納研究結(jié)論，并提出政策建議，同時指出本文的研究局限和不足。
[Abstract]:Since the emergence of the theory of modern corporate equity structure, the relationship between ownership structure and dividend policy has become a hot issue for scholars at home and abroad. The formation of the company dividend policy is the result of the game between the different stakeholders in the company, which embodies the demand of the interest subject. To a certain extent, it can be said that the essence of dividend policy is corporate governance, and equity structure is the core of corporate governance, so equity structure plays an important role in the formulation of dividend policy. Modern enterprises are the combination of various kinds of interest subject contracts. The power contrast between different interest subjects determines the interest relationship within the enterprise. The ownership structure is the cornerstone of this kind of interest main body. The ownership structure determines the distribution of corporate control rights and the nature of the principal-agent relationship between the owner and the operator, which may affect the decision and choice of dividend policy of listed companies. Therefore, it is necessary to combine the two. Since the beginning of 1990s, China's securities market has just gone through 20 years of development. Compared with the history of capital market development of developed countries in Europe and the United States, there are still many problems in the development of China's securities market. Because the stock market and the stock system reform of our country started relatively late, the domestic experts and scholars usually take the whole as the research object when studying the relationship between the stock ownership structure and the dividend policy of our country, and seldom carry out more detailed research on the specific industry. In this way, the impact of industry particularity on dividend policy will be ignored. This paper takes the real estate industry as the sample to analyze the relationship between the stock ownership structure and the dividend policy of the company in our country. The reason for choosing the real estate industry is that the real estate industry occupies an important position in the national economic system and is the pillar industry of the national economy. This paper analyzes the characteristics of equity structure and dividend distribution of real estate listed companies, and discusses the relationship between them by using the empirical research method, and puts forward some policy suggestions based on the results. This paper is divided into six chapters: the introduction describes the background of the topic, the significance of the study, defines the main concepts, and introduces the research methods, research ideas and main content. The second chapter is the theoretical basis and literature review part, elaborated as the theoretical basis of dividend policy theory, and related literature review and review. The third chapter analyzes the impact of ownership structure on dividend policy, which is divided into two aspects: the impact of ownership concentration on dividend policy and the impact of ownership attributes on dividend policy. The fourth chapter introduces the characteristics and current situation of real estate industry, summarizes the ownership structure and dividend policy characteristics of real estate industry. In chapter 5, the regression analysis of ownership concentration and ownership attributes is carried out based on the data of real estate listed companies from 2008 to 2011. The sixth chapter is a summary, induces the research conclusion, and puts forward the policy suggestion, at the same time points out the research limitation and the insufficiency of this paper.
【學(xué)位授予單位】：首都經(jīng)濟貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F299.233.4
本文編號：2313601
[Abstract]:Since the emergence of the theory of modern corporate equity structure, the relationship between ownership structure and dividend policy has become a hot issue for scholars at home and abroad. The formation of the company dividend policy is the result of the game between the different stakeholders in the company, which embodies the demand of the interest subject. To a certain extent, it can be said that the essence of dividend policy is corporate governance, and equity structure is the core of corporate governance, so equity structure plays an important role in the formulation of dividend policy. Modern enterprises are the combination of various kinds of interest subject contracts. The power contrast between different interest subjects determines the interest relationship within the enterprise. The ownership structure is the cornerstone of this kind of interest main body. The ownership structure determines the distribution of corporate control rights and the nature of the principal-agent relationship between the owner and the operator, which may affect the decision and choice of dividend policy of listed companies. Therefore, it is necessary to combine the two. Since the beginning of 1990s, China's securities market has just gone through 20 years of development. Compared with the history of capital market development of developed countries in Europe and the United States, there are still many problems in the development of China's securities market. Because the stock market and the stock system reform of our country started relatively late, the domestic experts and scholars usually take the whole as the research object when studying the relationship between the stock ownership structure and the dividend policy of our country, and seldom carry out more detailed research on the specific industry. In this way, the impact of industry particularity on dividend policy will be ignored. This paper takes the real estate industry as the sample to analyze the relationship between the stock ownership structure and the dividend policy of the company in our country. The reason for choosing the real estate industry is that the real estate industry occupies an important position in the national economic system and is the pillar industry of the national economy. This paper analyzes the characteristics of equity structure and dividend distribution of real estate listed companies, and discusses the relationship between them by using the empirical research method, and puts forward some policy suggestions based on the results. This paper is divided into six chapters: the introduction describes the background of the topic, the significance of the study, defines the main concepts, and introduces the research methods, research ideas and main content. The second chapter is the theoretical basis and literature review part, elaborated as the theoretical basis of dividend policy theory, and related literature review and review. The third chapter analyzes the impact of ownership structure on dividend policy, which is divided into two aspects: the impact of ownership concentration on dividend policy and the impact of ownership attributes on dividend policy. The fourth chapter introduces the characteristics and current situation of real estate industry, summarizes the ownership structure and dividend policy characteristics of real estate industry. In chapter 5, the regression analysis of ownership concentration and ownership attributes is carried out based on the data of real estate listed companies from 2008 to 2011. The sixth chapter is a summary, induces the research conclusion, and puts forward the policy suggestion, at the same time points out the research limitation and the insufficiency of this paper.
【學(xué)位授予單位】：首都經(jīng)濟貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F299.233.4
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