我國(guó)上市公司股利分配行為研究--基于深交所

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摘 要
隨著經(jīng)濟(jì)的全球化和信息技術(shù)的飛速發(fā)展，經(jīng)濟(jì)模式所帶來(lái)的變化強(qiáng)烈沖擊著社會(huì)活動(dòng)的方方面面。這些巨大的變化促使管理者不得不重新審視企業(yè)的利潤(rùn)分配，制定適合企業(yè)發(fā)展的股利分配政策，采取對(duì)企業(yè)有利的股利分配行為。股利分配是企業(yè)利潤(rùn)分配的一部分，其包括股利支付程序中各日期的確定、股利支付比率的確定、支付現(xiàn)金股利所需資金的籌集方式的確定等。股利分配政策是上市公司在綜合考慮各利益相關(guān)者的利益的基礎(chǔ)上對(duì)盈利進(jìn)行處理的決策問(wèn)題，它對(duì)公司的長(zhǎng)遠(yuǎn)發(fā)展起著至關(guān)重要的作用。合理的股利分配政策一方面可以為企業(yè)規(guī)模擴(kuò)張?zhí)峁┵Y金來(lái)源，另一方面可以為企業(yè)樹(shù)立良好形象，吸引潛在的投資者和債權(quán)人，實(shí)現(xiàn)公司價(jià)值最大化。
然而現(xiàn)實(shí)中由于種種因素的制約，企業(yè)最終的股利分配行為并未能完全發(fā)揮股利分配政策應(yīng)有的作用。本文在吸納前人研究成果的基礎(chǔ)上，以深交所主板上市公司2006年至2013年8年的數(shù)據(jù)為樣本研究探討了股利分配行為的特征及原因，并對(duì)癥下藥，提出了幾點(diǎn)參考建議。

關(guān)鍵詞：股利分配政策 股利分配行為 原因 對(duì)策


ABSTRACT
With the globalization of the economy and the rapid development of information technology, the impact caused by economic model change has strong influences on every aspect of social life. All those changes force manager to reassume the profit distribution of their enterprise, work out dividend distribution policies that suitable for enterprise development, and do the deed that favorable for the enterprises. Dividend distribution is just a part of profit distribution. It includes the determination of the dates that the dividend distribution procedure involves, what should the dividend payment ratio be, and how to raise the capital to meet the demands of the cash dividend and so on. Dividend distribution policy is a kind of decision-making problem about how to deal with surplus which should take the interests of all stakeholders into consider. It has a deep influence on the long-term development of one enterprise. Reasonable dividend distribution policy can providing funding for the expansion of enterprise scale on the one hand, on the other hand, can establish a good image for the enterprise, to attract potential investors and creditors to maximize the value of the company.

Due to various factors in reality, however, the enterprises’ final dividend distribution behavior always fail to fully play the role that dividend distribution policy should be. In this paper, we absorb predecessors' research results, take the Shenzhen Stock Exchange main board listed companies as sample, study their dividend distribution policy during the span of 2006 to 2013, probe into the characteristics of dividend distribution behavior and the reasons, and suit the remedy to the case, and put forward some Suggestions for reference.

Key words: dividend distribution policy dividend distribution behavior reasons countermeasures

目錄
前 言 - 1 -
1相關(guān)理論概述 - 2 -
1.1股利分配理論 - 2 -
1.1.1股利無(wú)關(guān)論 - 2 -
1.1.2股利相關(guān)論 - 2 -
1.2股利分配政策 - 3 -
1.3上市公司股利支付方式 - 4 -
2我國(guó)上市公司股利分配行為分析 - 4 -
2.1樣本簡(jiǎn)介 - 4 -
2.2上市公司股利分配行為特征 - 5 -
2.2.1趨向于不分配 - 5 -
2.2.2分配政策不連續(xù) - 6 -
2.2.3選擇現(xiàn)金股利公司增多 - 8 -
2.2.4上市公司過(guò)度留存利潤(rùn) - 8 -
3上市公司股利分配行為成因分析 - 9 -
3.1宏觀經(jīng)濟(jì)政策對(duì)股利分配政策的影響 - 9 -
3.1.1法律限制 - 9 -
3.1.2市場(chǎng)因素的影響 - 10 -
3.2股東因素的影響 - 10 -
3.3公司自身經(jīng)營(yíng)狀況的影響 - 11 -
3.3.1資產(chǎn)的流動(dòng)性 - 11 -
3.3.2投資機(jī)會(huì) - 11 -
3.2.3資本結(jié)構(gòu) - 11 -
3.2.4企業(yè)所處生命周期 - 12 -
3.4公司治理結(jié)構(gòu)的影響 - 12 -
3.5債務(wù)約束 - 13 -
4規(guī)范我國(guó)上市公司股利分配行為的建議 - 13 -
4.1完善監(jiān)督機(jī)制 - 13 -
4.1.1加強(qiáng)立法監(jiān)督 - 13 -
4.1.2完善市場(chǎng)機(jī)制 - 14 -
4.2提高上市公司質(zhì)量 - 14 -
4.3規(guī)范股東和管理層行為，引導(dǎo)中小股東行使權(quán)利 - 14 -
4.4改善公司治理結(jié)構(gòu) - 15 -
結(jié) 束 語(yǔ) - 15 -
參考文獻(xiàn) - 17 -