現金股利與股權結構之實證研究-以中國上市公司為例

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：33

、訪客IP：18.119.159.109

姓名

徐永桂(Yuan-Kuei Hsu) 查詢紙本館藏

畢業系所

企業管理學系在職專班

論文名稱

現金股利與股權結構之實證研究-以中國上市公司為例
(The Relationship between Ownership Structure and Cash Dividends -Evidence from Chinese Listed Companies)

相關論文

★ 股權分置對中國上市公司現金股利發放之影響	★ 所有權結構與政治連結對股利政策之影響—以中國國有企業為例
★ 董監事最低持股成數規定之研究	★ 合格境外機構投資人制度對投資/現金流量敏感度之影響
★ 從股票價格區間探討股票買回活動之資訊內涵	★ 跨境上市對於企業負債比率的影響：以中國跨港上市公司為例
★ 家族集團之盈餘管理行為	★ 股權結構與投資效率:中國上市公司之多重大股東實證研究
★ 股權分置改革對中國上市公司現金持有的影響	★ 手機按鍵生命週期探討企業轉型之路
★ 制度改革對於關係人交易的影響	★ 伊斯蘭教義、公司治理與營運資金管理對公司價值影響之研究—以印尼上市公司為例
★ 股利宣告對股價超常報酬的影響-以台灣集團與非集團上市公司為例	★ 公司規模、股價、益本比、淨值市價比與股票超常報酬關係之實證研究
★ 台灣股票上市公司營運資金管理相關議題之實證研究	★ 我國財務危機上市公司股權結構之探討

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

[檢視]

[下載]

本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

本研究探討中國上市公司的股權結構與現金股利發放的相關性。從短期負債比率、國家持股比率、內部人持股比率、外國機構持股比率與現金股利進行分析。從中國證監會在2001年頒布的<上市公司新股發行管理辦法>到2008年再次修正法令，明訂公司必須公布現金股利政策與利潤分配政策，藉此捍衛少數股東的權益。這些連續性的政策都是希望中國上市企業能將利潤與股東分享，但是中國上市企業的股權結構與西方國家不同，股利政策還是被政府所控制，因此造成許多代理問題與代理成本。
本研究採中國上海及深圳的上市公司2002年到2008年的樣本，做為現金股利與股權結構的研究，本研究發現現金股利殖利率與短期負債比率具有顯著的負相關，在國家持股比率、外國機構持股比率則與現金股利殖利率具有顯著的正相關，內部人持股比率則為正相關但不顯著。

摘要(英)

This paper aims to examine the relationship between ownership structure and cash dividends. The China Securities Regulatory Commission (CSRC) declared “Measures for the Administration of the Listed Company Issuing New Shares” in 2001, which regulated that firms must achieve a specified minimum ROE before issuing new equities, and the regulations were revised for the cash dividend policy in 2008 to protect minority stockholders’ interests and to share benefits with shareholders. We use the Chinese listed firms ranging from 2002 to 2008 as the sample. We find that state ownership and foreign institutional ownership have significantly positive relationship with cash dividend yield; short-term debt ratio is significantly and negatively associated with cash dividend yield, managerial ownership is positive relationship with cash dividend yield but not significantly.

關鍵字(中)

★ 現金股利殖利率
★ 股權結構
★ 中國上市企業
★ 短期負債比率

關鍵字(英)

★ Cash dividend yield
★ Ownership structure

論文目次

中文摘要 ……………………………………………………… iii
英文摘要 ……………………………………………………… iv
目錄 …………………………………………………… iii
表目錄 ……………………………………………………… vii
壹、緒論 ……………………………………………………… 1
貳、文獻探討與假說建立 ………………………………… 3
2-1 代理問題 ………………………………… 3
2-2 負債比率 ………………………………… 5
2-3 國家持股比率 ………………………………… 6
2-4 內部人持股比率 ………………………………… 8
2-5 外部機構持股比率 ………………………………… 9
參、研究設計與方法 …………………………………………… 10
3-1 資料來源 …………………………………………… 10
3-2 變數定義 …………………………………………… 11
3-3 實證模式 …………………………………………… 14
肆、實證結果與分析 …………………………………………… 15
4-1 敘述統計分析 …………………………………………… 15
4-2 迴歸分析 …………………………………………… 16
4-3 穩健性檢定 …………………………………………… 19
伍、結論 ……………………………………………… 21
5-1 研究結論 ……………………………………………… 21
5-2 相關建議 ……………………………………………… 22
5-3 研究限制及研究建議 …………………………………… 22
參考文獻 ……………………………………………… 23

參考文獻

吳宗輔，「台灣上市公司股權結構、董事會組成特性對公司經營績效及股利政策影響之研究」，國立中正大學，碩士論文，民國95年
易顏新，股利分配的理論模型和實證研究，經濟科學出版社，北京，2008
陸正飛、高強（2003），”中國上市公司融資行為研究—基於問卷調查的分析”，會計研究，10期，P16~P24，2003
陳隆麒(2004)，當代財務管理，二版，華泰書局，台北市，民國93年。
顏慈容，「股權結構與股利政策之相關研究以兩岸上市公司為例」，國立成功大學，碩士論文，民國93年
Agrawal, A. and Mandelker, G.N. 1987, “Managerial incentives and corporate investment and financing decisions”, Journal of Finance, XLII.4,
Almazan. A., Jay C. Hartzell, and Laura T. Starks, 2005, “Active Institutional Shareholders and Costs of Monitoring: Evidence from Executive Compensation”, Financial Management,” 2005 34, 5-34.
Almazan, A. and J. Suarez, 2003, “Managerial Compensation and the market reaction to Bank loans,” Review of Financial Studies 16, 237-261.
Black,B,1992,”Agents Watching Agents: The promise of institutional Investor Voice,” UCLA Law review 39, 811-893.
Brandt, L. and H. Li, 2003, “Bank discrimination in transition economies: Ideology, information or incentives? ” Journal of Comparative Economics, 17, 387-392.
Bradford, William, Chao Chen and Song Zhu, 2007, “Ownership Structure, Control Chains, and Cash Dividend Policy,” Journal of Economic Literature, G35, 3-8.
Bradford William, Chao Chen and Song Zhu, 2009, “Cash Dividend Policy, Corporate Pyramids, and Ownership Structure: Evidence from China,” working paper, 2-8.
Chen, Donghua, Ming Jianand and Ming Xu, 2006, “The Role of Dividends in a Regulated Economy: the Case of China,” Working Paper.
Chen, Donghua, Ming Jian and Ming Xu, 2008, “Dividends for Tunneling in a regulated economy: The case of China,” Pacific-Basin Finance Journal, 17, 209-213.
Chen Xinyuan, Chen Donghua, and Shi Xu, 2003, “Company management and cash dividends: A study based on the case of Foshan Illumination company, Management World 8,118-126
Cremers, K., Martijn.J and V.Nair,2005, “Governance Mechanisms and Equity prices,” Journal of Finance 60, 2859-2894.
DeAngelo, Harry, Linda DeAngelo and Rene M. Stulz, 2004, “Dividend Policy, Agency Costs, and Earned Equity,” Working Paper Series , Ohio State University, Charles A. Dice Center for Research in Financial Economics, 1-4.
Del Guerio, D. and J.Hawkins, 1998, “The Motivation and Impact of Pension Fund Activism,” Journal Of Financial Economics 52, 293-340
Easterbrook, Frank H,1984,“Two agency-cost explanations of dividends,” The American Economic Review 74, 650-659.
Fama, E. and M.C. Jensen, 1983a, “Separation of Ownership and Control,” Journal of Law & Economics 26, 301-325.
Fama, E. and M.C. Jensen, 1983b, “Agency Problems and Residual Claims,” Journal of Law & Economics 26, 327-349.
Gallagher, D.R. and Smith, G.S, Swan, P.L, 2006, “Do institutional investors really monitor executive compensation?” Working paper series,School of Banking and Finance, the University of New South Wales.
Gillan,S. and L. Starks, 2000, “Corporate Governance Proposals and Shareholder Activism: the Role of Institutional Investors,” Journal of Financial Economics 57, 275-305.
Gul, F.A., 1999, “Government share ownership, investment opportunity set and corporate policy choice in China,” Pacific-Basin Finance Journal 7, 157-162.
Hartzell, J.C. and L.T. Starks, 2003, “Institutional investors and Executive Compensation,” Journal of Finance 58, 2351-2374.
Jensen, Michael and William Meckling, 1976, ”Theory of the firm: Managerial behavior, agency costs, and ownership structure,” Journal of Financial Economics 3, 305–360.
K. John and A. Kalay,1982, "Costly Contracting and Optimal Payout Constraints." Journal of Finance 37, 457-70.
Kahn,C. and A.Winton,1998, “Ownership Structure, Speculation,and shareholder Intervention, ”Journal of Finance 53,99-129.
Kalay, A.,1982, "The Ex-Dividend Day Behavior of Stock Prices: A Re-Examination of the Clientele Effect." Journal of Finance 37, 1059-1070.
Kaplan ,S. and B.Minton,1994, “Appointments of Outsiders to Japanese Boards: Determinants and Implications for Managers,” Journal Of Financial Economics 36, 225-258.
Karathanassis G.A, and E.C., Chrysanthopoulou 2006, “.The relationship between Ownership structure and Corporate Dividend Policy –Evidence from Athens Stock Exchange”, SSRN working paper.
Lee, C.J. and X. Xiao, 2003, “Cash dividend and large shareholder expropriation in China,” European Financial Management Association 2003 Annual Meeting, Helsinki, Finland, 2003 June.
Li,K.,Yue,H and Zhao,L.2007, “Ownership,Institutions, and Capital Structure:Evidence from China,”,Working paper.
Lihui Tian ,2000,「state shareholding and the Value of China’s firm」, EFA 2001 Barcelona Meetings ,10-40, Barcelona ,Spain,2001 March
Li Li、Qi Yin-feng、Liu Song、Wang Man-shu, 2006, “Who Makes the Dividend Policy Decision and Their Motives for Doing So: An analysis based on a questionnaire survey of non-state-owned listed companies in China ”, 2006 China International Conference in Finance, Xi'an，July 17-20.
Li, Qiang and Guoliang Huang, 2004,「Influence of Institutional Ownership on Cash Dividend Policy of China」,The Sixth Wuhan International Conference on E-Business－International Finance Track, 1876-1877.
Liu, Shulian., Hu, Yanhong, 2005, “Empirical analysis on cash dividend in Chinese listed Company”, Nature and Science .3, 65-70..
Lv, C., K. Wang, 1999, “Empirical Analysis on the Dividend Policy of Listed Companies in China,” Economic Research Journal 12, 31-39.
Noe,T., 2002, “Investor Activism and Financial Market Structure,” Review of Financial Studies 15, 289-319
Pound, John and Richard J, Zeckhauser, 1990, "Clearly Heard on the Street: The Effect of Takeover Rumors on Stock Prices," Journal of Business, University of Chicago Press, 63, 291-308.
Rozeff, Michael S., 1982, “Growth, beta and agency costs as determinants of dividend payout ratios,”, The Journal of Financial Research 5, 249-259.
Short, Helen, Hao Zhang, and Kevin Keasey, 2002, “The link between Dividend policy and institutional ownership,” Journal of corporate Finance 8:2,105-122.
Su, Dongwei, 2000, “ Corporate Finance and State Enterprise Reform in China,” China Economic Review Volume 16, 2005, 118-148.
Wahal,S.,1996, “Pension Fund Activism and Firm Performance,” Journal of Financial and Quantitative Analysis 31, 1-23.
Wang Xin,2002, “The cash dividends behavior of listed companies from agency policy”, Journal of Financial research 9, 44-52.
Wei, Gang, Weiguo Zhang, Jason Ze and Zhong Xiao, 2003, “Dividends Policy and Ownership Structure in China,” Journal of Economic Literature, G35, 3-5.
Woidtke,T.2002, “Agents Watching Agents? Evidence from Pension Fund Ownership and Firm Value”, Journal OF Financial Economics 63, 99-131.
Xia,L.Y.Fang, 2005,Government control, institutional environment and firm value: Evidence from the Chinese securities market, Economic Research Journal 5, 40-51.
Xu, Xiaonian and Yan Wang, 1999, “Ownership structure and corporate governance in Chinese stock companies,” China Economic Review, 10, 75-78.
Xue,J.F,2001,「Ownership Structure, Corporate Governance, and Corporate performance」, Dissertation of ShangHai University of Finance and Economics, PH.D,2001.
Zhang, Haiwan, 2008, “Corporate governance and dividend policy: A comparison of Chinese firms listed in Hong Kong and in the Mainland,” China Economic Review,19, 437-439.

指導教授

洪榮華(Jung-Hua Hung)

審核日期

2010-11-30

推文