股權分置對中國上市公司現金股利發放之影響

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姓名

鐘巧玲(Chiao-ling Chung) 查詢紙本館藏

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企業管理學系在職專班

論文名稱

股權分置對中國上市公司現金股利發放之影響
(The Impacts of Split-share Structure Reform On Cash Dividends:Evidence from Chinese Listed Companies)

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摘要(中)

現金股利為檢視企業績效重要衡量指標之一，而企業績效又與公司治理及股權結構密不可分。一般研究僅針對中國大陸迥異於其它國家的股權結構，或由政府主導企業的控制權所造成的代理問題，然而2005年實施「股權分置」改革後，降低了非流通股與政府持股比例，對現金股利所帶來的影響，卻乏人研究。本研究旨在探討股權分置改革對中國上市公司現金股利發放是否產生影響，並輔以有關公司治理因素之董事會規模、外部董事比例、董事長是否兼任總經理，以及有關股權結構因素之國家持股比例、法人持股比例等方面，來做更進一步探討。本研究以2001年至2010年中國在上海與深圳交易所上市之公司，共選取2322間上市公司為研究樣本，經由Mean-Whitney U差異檢定，與Panel Least Squares迴歸模型分析後，研究結果如下：1. 股權分置改革後現金股利殖利率下降，顯示企業保留現金意願提高。 2. 董事會規模與現金股利殖利率具有顯著正相關。 3. 沒有証據顯示外部董事與現金股利殖利率具有顯著正相關。 4. 當董事長兼任總經理時，與現金股利殖利率呈顯著負相關。 5. 流通股股數的增加，使市場處於多頭的情況，無法顯示出股東對現金股利的偏好，故沒有証據顯示政府持股比例與現金股利殖利率具有顯著正相關。 6. 沒有証據顯示法人持股比例與現金股利殖利率具有顯著正相關。

摘要(英)

Cash dividend is an important index in evaluating corporate performance. Moreover, corporate performance is strongly related to corporate governance and ownership structure. Generally, most of the studies focus on the agency problems arising from the specific type of Chinese firms’ ownership structure which is dominated by the state. However, the split-share structure reform in 2005 decreased the ratio of nontradable shares and state ownership but the research about how this reform affects the firms’ dividend policy is rare. The purpose of this study is to discuss whether the spilt-share structure reform has impacts on cash dividends of a Chinese listed corporation. We also take the elements of corporate governance including board size, percentage of outside directors, CEO duality, and elements of ownership structure including the percentage of government and legal shareholdings into our study. The sample consists of 2,322 listed companies which were listed in Shanghai and Shenzhen stock markets during 2001 to 2010. We use Mean-Whitney U Test and Panel Least Squares Regression to analyze the data. The results show that: 1. the cash dividend yield has been decreased after the split-share structure reform implying that corporations are prone to retain earnings; 2. board size has positive impacts on cash dividend yield; 3. there is no evidence to support that outside directors have positive impacts on cash dividend yield; 4. CEO duality has negative impacts on cash dividend yield; 5. there is no evidence to support that the state ownership has positive impacts on cash dividend yield; 6. There is no evidence to support that the percentage of legal person ownership has positive impacts to cash dividend yield.

關鍵字(中)

★ 公司治理
★ 股權結構
★ 股權分置
★ 現金股利

關鍵字(英)

★ Ownership Structure
★ Cash Dividend
★ Spilt-share Structure Reform
★ Corporate Governance

論文目次

摘要 v
Abstract vi
誌謝辭 vii
目錄 viii
表目錄 ix
一、緒論 1
1-1 研究動機與目的 1
1-2 研究架構 3
二、文獻探討與研究假說 4
2-1 股利政策相關文獻 4
2-1-1 代理問題 5
2-2 董事會特徵與現金股利 6
2-2-1 董事會規模 7
2-2-2 外部董事 8
2-2-3 董事長兼任總經理 10
2-3 大股東與現金股利 10
2-3-1 國家持股 11
2-3-2 法人持股 13
2-4 中國特殊之股權結構與股權分置改革 16
2-4-1 私有化國營企業 17
三、研究設計與方法 18
3-1 樣本篩選與資料來源 18
3-2 主要變數之衡量 18
3-2-1 現金股利變數 19
3-2-2 自變數 19
3-3 其它控制變數 21
3-4 迴歸分析 22
四、實證結果與分析 24
4-1 敘述性統計與相關係數分析 24
4-1-1 敘述性統計分析 25
4-1-2 相關係數矩陣 27
4-2 實證迴歸分析 29
4-2-1 現金股利變數 29
4-2-2 公司治理變數 29
4-2-3 股權結構變數 30
4-2-4 其它控制變數 31
4-3 穩健性測試 34
五、結論與建議 35
5-1 結論 35
5-2 建議 37
參考文獻 38

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指導教授

洪榮華(Jung-Hua Hung)

審核日期

2012-1-17

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