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华中科技大学硕士学位论文中国上市公司现金股利收益率研究姓名：董育军申请学位级别：硕士专业：企业管理指导教师：王宗军20060428I,,,,19982002IIAbstractTherearelotsofquitedifferentphenomenonbetweenChineselistedcompaniesandthoseofwesterncountries.Thispaperfirstanalyzedthereasonanddrawaconclusionthatthespecialshareholder,the70%stockcannotcirculateandtherestcan,isthesystemicandbasicreason.ThisarticlethenanalysesthedividendearningratioofweightedaverageofshareholdersofcirculatingstocksinChinatakingalllistedcompaniesissuingA-sharefrom1998to2002assample,drawstheconclusionthatthedividendearningratioofweightedaverageofshareholdersofcirculatingstocksinChinaislowcomparingwithwesternindustrializedcountriesandthenewdevelopingmarketcountries,andthenanalysesthereasonsfromthefouraspectsofstockrightisolating,cashsendingconsciousness,highcostinvestmentofshareholdersofcirculatingstocksandprofitability.Andcirculatedividendofshareholderhaveapartialityfor,thestockfinancingofthelistedcompany,dividenddistributioncurrentsituation,instabilityofdividenddistribution,thecirculatingstockshareholder'sprofitmode,theconnectionofthesystematicriskofthestockmarketandstock-marketbubble.Finallywedrawaconclusionthatitisnecessarytomakethestockscirculate.Keywords:dividendearningratio,shareholdersofcirculatingstocks,listedcompany,dividend,paymentrateofdividend_____111.119292002200418.1%15.5%1.2Miller,Midigliani[1]1961MM,(MM)BlackScholes(1974)Miller(1986)[2,3]()()(JohnLinter,1956),Bhattacharya(1970)JohnWilliams(1985)MillerRock(1985)[4,5,6,7]Easterbrook(1984),Jensen(1986),AllenBernardoWelch(2000)2[8,9,10]11999[11]Gul1999[12]22000[13]31(2)Su2000,2002[14,15]Lee20022003[16,17]2003[18]2001[19]2002[20]1.33(25),1986-1994,30%-40%,199366%1994,1.9%2.3%Glen1995[21]939856.861-1,1-2839843.27639839.61%93982.62%83982.95%63981.56%Fama,E.;French,K2001[22]1-183-9863-6768-7273-7778-8283-8788-9293-9863-9843.2745.2450.7147.2933.9534.6840.7356.8639.3144.7847.2251.6948.9133.0535.6341.4858.0242.71:,,.Fama,E.;French,K.,Disappearingdividends:changingfirmcharacteristicsorlowerpropensitytopay?JournalofFinancialEconomics2001pp.3-4341-283-9863-6768-7273-7778-8283-8788-9293-982.952.372.912.663.684.393.092.623.222.782.992.823.844.663.473,1-1.1-12000989971.769.420000.10.059820000.05132001200219.428.530.198200232.336.143.356.962.220012002,,,,5,,,,2003[23]2005[24]20041994-2002[25]1.4612722.11,,,25,,,3,,,,()4,,,,5,1.07,7%,17.51%82-12-1,2.22.2.1919971998199820002001[2630](2000),,[31],,,,20032.707“”2-220033%,,,,2003[32]2004[33]102-2199819992000200120022003200422.5%24.1%24.3%59.3%49.2%41.5%43.8%0.58%0.54%0.38%0.92%0.98%1.11%1.28%19932003111%20024,78.6,11.72.2.22003,,,11[34]2003[35],,30%,,72%“”2000200065819992832.2.3,;,2-3,44324241259162002[36]199920002000[37],,:,;;;,,122-319921993199419951996199719981999200032237293101716329624241625202716132612559161016121367651071683774971426848701994661610156..2004071998[38]65”IPO6131433.119982002A20032004ABHCCERTM∑∑iiiii*∑∑iiiii**1998200422.524.0724.2959.2649.1841.4643.770.580.540.380.920.981.111.283-13-1199819992000200120022003200422.5%24.1%24.3%59.3%49.2%41.5%43.8%0.58%0.54%0.38%0.92%0.98%1.11%1.28%153.2199442.946.449.352.652.968.9401998200020012002199425LaPorta,R.2000[39]1998200020012002LaPorta,R.27.6633.2730.02LaPorta,R.2000[39]199820002001200219942000321989199138382118322002[40]2001200219821986504030401992[41]1998200020012002163.33-23-21998200228385311098225.75248.0748.589291.31111.95(0.2)82.4109.62212.89134.0797.972004200020023-2199819992000200120027238119431008106545502.83.85.3119.83222.57524.80748.58929.13111.195136.288.2410.96221.28913.4079.7963.69530.81535.76969.87842.53820.99230.815-28.015-31.969-64.578-31.538-11.192-28.01520040.317,,,,,198019966.768.0919.13198019943.195.859.68198019915.587.4213.375014020852000[42]2000671252.25%3.7%2.3%98%2001681608.8%5.2%20026569815%8%2004[43]199820021.8667%1.9000%1.1522%1.3415%1.4412%1.3913%1.983-33-43-23-33-3183-43-31998199920002001200218922727065062119571.9%1.9%1.15%1.34%1.44%1.39%4.77%2.25%2.25%2.25%1.98%3-41998199920002001200212816020250349914921.90%2.08%1.27%1.40%1.49%1.56%4.77%2.25%2.25%2.25%1.98%.5.685.865.918.685.211.8319197319993211.91.72000[44]1988200219731999197319993-51.30.41.2212.61.41.71.41.12.70.91.92.92.13.42.43.431.71999..197319992000200012002000113211.511.231.2720000.382003[45]3-620020001.72.641.511.231.271.121.12.083.041.150.171.773.633.572.831.6.....200320Wren2002103.7,203.113143.63.530402.21.43934311.51.82(Wren,2002)[46]1998200212144.1,,,,(),,,,19982003251(2004)[47]IPO,,,28.22%,,33.06%,72.20%2003199820022.022.42.33.63.03223.94.46.03.93.1(,2005)[48]4-12004[49]33.53.55.03.63.03.651.39(,2005)3.43.24.63.42.83.142(,2005)4-1199819992000200120027238119431008106545502.29%2.41%2.26%3.62%3.03%2.80%0.58%0.54%0.38%0.91%0.98%0.66%3.94.46.03.93.14.24.24.2.119981992200222067199820002371.769.441.4,4-2:4-2199819992000200120027238119431008106573.90%72.00%71.40%35.50%41.70%4.2.22000199620002042141761301571996199713712629.418.53199820002420044.2.32000,,,,,4-3199819992000200120021892272706506210.059.00%11.90%12.60%19.40%28.50%0.132.30%36.10%43.30%56.90%62.20%0.276.70