基于代理成本视角的上市公司股利政策研究

安徽大学硕士学位论文基于代理成本视角的上市公司股利政策研究姓名：李嘉琦申请学位级别：硕士专业：会计学指导教师：王素玲2010-04I200552009II2006IIIAbstractEquityDivisionistheuniquephenomenononChinesestockmarketunderthespecialhistoricalbackground.Notonlythedevelopmentofsecuritiesmarketsishindered,butalsotheinterestsofminorityshareholdersandotherrelevantpeopleisalsoharmed,leadinguptoincreasinglyprominentagencyproblemsbetweenshareholders.TheequitydivisionreformbeganinMay2005,aiminguptooptimizethedividendpolicy,improvecapitalmarketefficiencyandreduceagencycosts.Bytheendof2009,equitydivisionreformwasnearlyfinished,buttheargueofwhethertheinitialgoalhadbeencompletedandwhethertheaimofreducingagencycosts,optimizingthecapitalmarketandwithsharesofthesamerightswasreachedisstillstudiedbydomesticscholarsinmanyaspects,butissueoftheinfluenceofvariationofagencyproblemsduringtheEquityDivisionreformondividendpolicyisoftenneglected.Therefore,dataofthereformeffectondividendpolicyisprovidedanddividendpolicytheoryisenrichedbythispaperstudyingintheperspectiveofagencycostonthebackgroundofEquityDivisionreform.Thispaperisdividedintofivechapters.Chapteroneproposesstudyideasandmethods,basedondomesticandabroadachievementsandthenputforwardinnovationanddeficienciesofthispaper.ThetheoryofwesterndividendpolicyissummarizedfortheresearchofChinesedividendpolicy.Factorsofaffectingdividendpolicyaresummarizedinthethirdchapter,whiletheapplicabilityofthetheoryofwesterndividendpolicyinChinaisdiscussed,andthencombinedwiththecharacteristicsofourmarket,themechanismofEquityDivisionreformondividendpolicyisanalyzedindepthandthecharacteristicsofdividendpolicyinChinaaresummarizedatlast.TheinformationofthesamelistedcompaniesforthreeContinuousyearsisselectedforthedescriptivestatisticsandregressionanalysisofinfluenceondividendpolicyduringthereforminChapterFour.Notonlysupportingdataareprovidedfortheanalysisofchangesofinfluencingfactorsondividendpolicy,thevariationofdividendisalsoexplainedunderthebackgroundofEquityDivisionreform.FollowingbasicconclusionsaredrawnbasedontheoreticalandempiricalIVresearchinChapterfive:thetheoryofdividendpolicyintroducedfromwestdoesnotfullyapplytotheChinesemarket.ThecontrastivepowerofeffectfactorofdividendpolicyischangebyEquityDivisionreform,thereforethedividendpolicyisregulatedandtheagencyproblemisalsoalleviatedtosomeextent,buttheconflictbetweentheagentandprincipalisstillserious.Finally,reasonableproposalsareputforwardforthefurtherdevelopmentofChinesestockmarketsonthispaper.Domesticstudyondividendpolicytheoryhasfocusedonfactorsofinternalgovernance,themarketenvironmentetc.,whileignoringseriousagencyproblemofChineselistedcompanies,nottomentiontheempiricalresearchondividendpolicyintheagencycostperspectiveunderthebackgroundoftheEquityDivisionreform.Whetherthesharereformtotheagencyproblemissolvedandthedividendpolicyisoptimizedaretestedintheoreticalandempiricalwayfromthisnewperspectiveonthispaper.Pastresearchondividendpolicyfromtheperspectiveoftheagencycostdidn’ttakeintoaccounttheaffectofsharereformortheimportantfactorofreformprocess.Continuousdatafromthesamecompanyofthreeyearsareselectedandthetimeofreformendingofselectedsamplesareallin2006forthesakeofincreasinglongitudinalcomparabilityofstatisticsandmoreaccurateanalysisofinfluenceofreformondividendpolicy.Keywords:Dividendpolicy;Agencycosts;Equitydivisionreform;Ownershipstructure1MillerModigliani1961MM,1990102009198524.41999922220016121020042220054292005951212312050JohnLintner1956[1]Lintner22060MillerModigliani1961[2]Gordon(1963)[3]FamaFisherJensenandRoll1969[4]37014Brennan(1970)[5]Miller1977)[6]2EltonGruber1970[7]Pettit(1977)[8]Bhattacharya1979)[9]3Rozeff1982[10]RozeffKalay[11],,Frank.H.Easterbrook1984[12]5Jensen1986[13]42090DeAngelo1990[14]80ShleiferVishny(1997)[15],,LaPorta(2000)[16]334000Lie2000[17]GuglerYurtoglu2001[18]6AllenMichaeli2003[19](1998)[20](2001)[21]1999[22]2002[23]19971999231(2001)[24](2003)[25]7(2004)[26](2004)[27](2005)[28](2005)[29]2006[30]76320032006[31]2008[32]2008[33]82009[34]20042007A20072005-2007A9A20052007122006121031120MM1961Mi1lerModiglianiJournalofBusinessMM12345123MMMM12MM11938WilliamsLintneWaltGordon1963Gordon21970BrennanNationalTaxJournalTaxes,MarketvaluationandCorporateFinancialPolicyCAPMMM1.132.LitzenbergerRamswamy31961Mi11erModigliani1970EltonGruberReviewofEconomicsandStatisticsMM1977Pettit196419709141441956Lintner1969FameFisherJensenRoll1979BhattacharyaMM151RozeffHowCompaniesSetTheirDividend-PayoutRatios1982RozeffRozeff16Rozeff2Frank.H.Easterbrook1984Easterbrook17EasterbrookEasterbrookEasterbrook3JensenAgencyCostsofFreeCashFlow,CorporateFinanceandTakeover198618JensenShieifervishny1986ShieifervishnyPortalPortalGuglerYurtogluCBenjaminMauryAnetePajuste19KalayStockholder-BondholderConflictandDividendConstraints19822011232121211221/522342356244253-112623440650.2%200740.2%2720050.4220070.3128121H12294-1/DPH1H11OC1OC2~5/ERR()/Totassrat/ASSOCC/(+)IntH1U30H2H3H4H5H6312005-200712006050506STPT20062STPT3AABHA420062007550632406SPSSDaterEditor4-22005MinimumMaximumMeanStd.DeviationDP0.00003.63640.28820.4160H10.00380.95600.22240.1