本文選題：股利政策 + 應計盈余管理�。� 參考：《華僑大學》2014年碩士論文

【摘要】：上市公司的股利政策和盈余管理均是企業(yè)管理的重要組成部分，一直以來備受社會各界的關注。我國的證券市場發(fā)展短暫，而且有著特殊的股權結構和流通特征，使得我國股利分配呈現(xiàn)出中國特點，“鐵公雞”、微派現(xiàn)和超額派現(xiàn)嚴重，這些分配異象很可能是公司盈余管理所導致的。盈余管理在中國資本市場是一種普遍現(xiàn)象，包括應計盈余管理和真實盈余管理兩類。盈余管理動機和手段多種多樣，而現(xiàn)金股利是其中動機和手段之一。 可見，股利政策與盈余管理之間存在密切關系。雖然國內(nèi)外學者單獨對其一的研究數(shù)不勝數(shù)，但是把兩者結合起來研究的文獻還相對較少。兩者的連接點主要表現(xiàn)在：一方面，盈余管理的后果之一是對股利政策的影響，另一方面則表現(xiàn)在基于利益輸送的現(xiàn)金股利可能是盈余管理的動機之一。 因此，本文將從上述兩方面對股利政策和盈余管理的關系進行探索和研究�；谟喙芾淼暮蠊瑫r從應計盈余管理和真實盈余管理兩個維度出發(fā)，，來研究并比較兩種不同盈余管理方式對股利政策的影響。另外，基于盈余管理動機，從利益輸送的三大手段之一——現(xiàn)金股利出發(fā)，實證檢驗：基于利益輸送的現(xiàn)金股利，即預謀現(xiàn)金股利，是否會誘發(fā)公司的盈余管理行為。以期為全流通時代下我國上市公司股利分配的規(guī)范和公司盈余管理的識別提供參考意見。 本文采用2009-2012年數(shù)據(jù)，通過T檢驗和多元回歸方法進行實證研究，主要研究結論為：（1）應計盈余管理與股利分配傾向、分配金額顯著正相關，包括現(xiàn)金股利和股票股利，表明中國上市公司為其操縱性應計利潤支付了股利，以此來掩飾其應計盈余管理行為、迎合投資者預期抑或達到利益輸送目的。（2）根據(jù)應計盈余管理度量模型，對盈余進行分拆，發(fā)現(xiàn)現(xiàn)金股利分配更多地來自于非操縱性盈余，而股票股利則正好相反，主要來自于操縱性盈余。（3）真實盈余管理與現(xiàn)金股利分配傾向及分配金額顯著負相關，與股票股利并沒有顯著關系。主要是因為真實盈余管理損害大，且手段較隱蔽，所以公司沒有能力或必要對這部分盈余支付股利。（4）基于利益輸送的現(xiàn)金股利與應計盈余管理顯著正相關，但是與真實盈余管理并沒有顯著的關系，從而說明了控股股東為了利用現(xiàn)金股利進行利益輸送，越可能進行損害相對較小的應計盈余管理，但是并不會采取對公司長期業(yè)績損害較大的真實盈余管理。
[Abstract]:The dividend policy and earnings management of listed companies are important components of enterprise management, and have been concerned by all walks of life.The development of China's securities market is short, and it has special equity structure and circulation characteristics, which makes the distribution of dividend in our country show the characteristics of China, "Iron Rooster", "micro-cash" and "excess cash".These distributive anomalies are probably the result of earnings management.Earnings management is a common phenomenon in Chinese capital market, including accrual earnings management and real earnings management.There are a variety of motives and means of earnings management, and cash dividend is one of the motivations and means.Visible, dividend policy and earnings management are closely related.Although scholars at home and abroad have made numerous researches on it alone, the literature on combining the two is relatively few.On the one hand, one of the consequences of earnings management is the impact on dividend policy, on the other hand, cash dividend based on the transmission of interests may be one of the motives of earnings management.Therefore, this paper will explore and study the relationship between dividend policy and earnings management from the above two aspects.Based on the consequences of earnings management and the two dimensions of accrual earnings management and real earnings management, this paper studies and compares the impact of two different earnings management methods on dividend policy.In addition, based on the motive of earnings management, starting from the cash dividend, one of the three means of profit transmission, the empirical test is as follows: whether the cash dividend based on interest transmission, that is, premeditated cash dividend, will induce the earnings management behavior of the company.In order to provide reference for the regulation of dividend distribution and the identification of earnings management in China's listed companies in the era of full circulation.This paper uses 2009-2012 data, through T test and multivariate regression method to carry on the empirical research, the main conclusion is: 1) the accrual earnings management and the dividend distribution tendency, the allotment amount is significant positive correlation, including the cash dividend and the stock dividend,It shows that Chinese listed companies pay dividends for their manipulative accrual profits in order to cover up their accrual management behavior and cater to investors' expectations or achieve the purpose of delivering profits. 2) according to the accrual earnings management metric model, the earnings are split up.It is found that the distribution of cash dividend is mainly from non-manipulative earnings, while the stock dividend is just the opposite, mainly from the manipulation earnings. 3) the true earnings management is negatively correlated with the tendency of cash dividend distribution and the amount of distribution.There is no significant relationship with stock dividends.The main reason is that the real earnings management is harmful and the means are more subtle, so the company has no ability or necessity to pay dividends on this part of earnings. (4) the cash dividend based on the transmission of benefits is significantly positively related to the accrual earnings management.However, there is no significant relationship with real earnings management, which indicates that controlling shareholders are more likely to carry out accrual earnings management with relatively little damage in order to use cash dividends for profit transmission.But will not adopt to the company long-term performance damage bigger real earnings management.
【學位授予單位】：華僑大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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