公司现金股利政策的影响的实证研究

沈阳理工大学硕士学位论文控股股东对上市公司现金股利政策的影响的实证研究姓名：孙禹申请学位级别：硕士专业：管理学会计学专业指导教师：陈岩2011-03A2007-2009265215538LogisticSPSS17.0AbstractThedividendpolicyoflistedcompanyisalwaysafocusedresearchtopic.Atpresent,inChina'slistedcompanies,problemsoflowdividendpay-rateandunstabledividendpolicyarecommonlyexisted.Thecontrollingshareholders,astherealmainbodyoffinancialdecision-making,playingacrucialroleinmakingdividendpolicy.Fromthenatureofcontrollingshareholders,thispaperstudiestheinfluenceofcontrollingshareholdersonthedividendpolicyoflistedcompany.Onthebasisofexistingreferences,firstly,thispaperintroducesthemeaningandmajormethodsofdividendpolicyandthenreviewstherelatedtheoriesofdividendpolicy,afterdefiningthecontrollingshareholder,bycollectingthestatisticaldataofA-sharestockmarketsofShanghaiandShenzhen,analysingthecharacteristicsofdividendpolicyandequitystructure,andthenbasedonthepreviousresearch,analysingthethreecharacteristicsofcontrollingshareholder,finally,empiricallyanalysingtheinfluenceofcontrollingshareholdersondividendpolicy.Inthepartofempiricalanalysis,thispapersets2652and1553dataof2007-2009assamples,fromthecontrollingshareholders’economicnature,tworightsseparationpropertiesandgroupcontrolproperties,addingbyeightcontrolledvariables,usingLogisticregressionandmultivariatelinearregressionmethod,withthehelpofSPSS17.0statisticalsoftware,empiricallystudyingtheinfluenceofcontrollingshareholdersoncashdividenddistributiontendenciesanddistributionstrengthoflistedcompanies.Throughresearchingtheinfluenceofcontrollingshareholdersondividendpolicy,thispaperaimsatprovidingthebasisforoursecuritiesregulatoryauthoritiestotakemeasurestoregulatethedividenddistributionbehavior,therebyhelpingtothehealthydevelopmentofthestockmarket.Keywords:Controllingshareholder;Dividendpolicy;Empiricalstudy:1-1-11.11.1.119901126-2-20001.1.21.21.2.1Rozeff1982[1]LaPortaLopez-de-SilanesShleiferVishny20001-3-334000[2]FaccioLangYoung2001[3]GuglerYurtoglu2003[4]RenneboogTrojanowski20051992-1998985[5]Khan2006[6]1.2.21999[7]LeeXiao2002[8]2002[9]2003[10]2004-4-[11]2004[12]2004[13]2004[14]2004[15]2005[16]2006[17]2006[18]2006[19]20071-5-[20]2008[21]20092004-200830422019[22]1.31.3.1A-6-1.3.21.11.41.4.1A1-7-265215531.4.212-8-22.12.1.12.1.2122-9-32-542.1.31956JohnLintnerMertonMillerFrancoModiglianiMM2.1.3.11MM-10-1961MertonMillerFrankModiglianiMM[23]MMMMMM2WilliamsLintnerWalterGordon2-11-MM3MMMM50%20%Brennan[24]2.1.3.21BhattacharyaJohnandWilliamsMillerandRockMM[26]-12-MillerandModiglianiMillerandRock2070Bhattacharya[27]Bhattacharya22-13-MM100%KalayEasterbrookEasterbrook[28]Kalay-14-320%42-15-2.250%50%217-16-3-17-3A3.1903.1.1-18-3.11993-20091993173158.67%1994277279.75%19953066019.61%199646614230.47%199768033549.26%199877543355.87%199986951659.38%2000100535134.93%2001109544240.37%2002121956146.02%2003125962349.48%2004134860144.58%2005135069451.41%2006142768648.07%2007151766243.64%2008151657437.86%2009161069643.23%1993-20072008-2009CSMar3.11993-2009A59.38%199630%3.13.13-19-0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%199319941995199619971998199920002001200220032004200520062007200820093.13.1199319948.67%9.75%90%1995-1999199960%200020004302001225-20-200020012002-2004200020011995-19992004127200420053.1.219923.23.21993-200919961650%20003-21-90%200497%3.21993-20091993582325547913484.81%15819941074718732320080.00%2501995996626657117169.51%24619969272312310831313842.59%324199714452282314711319456.23%345199817332201115652622565.79%342199923119261414331627577.90%3532000509612264065563096.33%6542001534910293852862996.32%6532002548414164362763496.35%6582003460822306993859793.87%6362004596415179032272597.05%7472005494926257532461894.21%6562006561824338542670595.14%74120075812294466863873385.73%8552008509181046014969681486.41%942200965613424411843785593.54%914CSMar2000-22-3.1.33.32000-20082000200120022003200420052006200720080.1500.1370.1450.1430.1520.1640.1760.1780.1840.3190.2860.3000.3280.3560.3600.4210.5500.47147.02%47.90%48.33%43.60%42.70%45.56%41.81%32.36%39.07%CSMar3.32000-20080.10.220012000200850%2000200020052006200516.94%20057.32%2007200630.64%20061.14%3.1.43-23-2001-20093.43.53.42001-200920012002200320042005200620072008200910951219125913481350142715171516161062963459772561870573381485525195154765145885595936683391398413423482453492431634136738241240652782923183293646252274281307721424025381892319172CSMar-24-3.52001-200920012002200320042005200620072008200910951219125913481350142715171516161057.44%52.01%47.42%53.78%45.78%49.40%48.32%53.69%53.11%247.40%42.25%37.81%38.13%43.56%39.17%39.09%44.06%335.71%32.65%32.80%31.38%35.70%31.74%32.43%428.86%27.97%29.15%28.34%30.52%28.45%525.39%23.95%25.26%24.41%26.96%623.01%22.48%22.32%22.77%719.54%19.69%20.10%817.26%18.95%915.71%CSMar2001-2009200350%9172200115.71%3-25-3.23.2.13.663.13%200312.18%200943.01%3.62003-2009%200374.440.888.600.961.1112.181.83100.00200469.301.062.630.681.2022.422.71100.00200568.701.032.350.661.1023.682.48100.00200664.021.112.300.770.9727.283.55100.00200758.481.112.410.800.5632.883.76100.00200856.310.761.820.940.5936.413.1710