我国银行类上市公司股利现金分红政策(硕士)(论文25000字)
摘 要
中国的证卷市场在经济体制转轨过程中形成了流通股和非流通股之间股权分置的特有现象。这种现象导致中国的股利现金分红政策实施起步较晚，造成股东的持股成本、享有权利、承担义务、以及承担风险不平等，从而产生银行类上市公司的大股东对股价的涨跌和小投资者的利益漠不关心等问题，制约了我国证券市场的发展，扰乱了证券市场的价格机制，扭曲了银行类上市公司股权交易达到资产优化配置，也造就了中国股票市场的高投机性。中国银行类上市公司分红不合理、不分红等现象近几年随着证券市场的发展渐渐引起了投资者及管理层的重视。由于缺少科学合理的股利现金分红政策，金融市场的投资回报机制没有很好地建立起来，其对证券市场的积极作用没能得到很好地发挥。
我国银行类上市公司类的股利现金分红政策一直存在争议，这无论是在学术界还是在银行类上市公司的长期发展中都是现实存在的问题，以此为契机，本文以银行类上市公司的股利现金分红政策与公司绩效之间的关系为入手点，通过以我国多家银行类上市公司作为研究对象，重点以银行类上市公司股利现金分红政策与银行类上市公司绩效的相关性为研究内容，针对市场没有良好发挥其晴雨表作用的现状，对多家银行股利现金分红政策的十年数据进行调研和分析，通过数据比较方法进行案例分析，同时建立完整、准确的数据库，再运用模型分析的科学方式，进行相关性的研究，得出结论并提出具有针对性、规范性的建议，进而促进我国证券市场及银行类上市公司的长期稳定发展。
本文研究的数据来源是银行类上市公司资讯网、中国数据统计网以及工商银行、招商银行、建设银行、中国银行等16家银行类上市公司的财务报表等，从数据中分析出有关本篇论文的一些论据。通过查阅大量相关的文献，运用案例分析、调查比较和对比分析等方法，提取精准的数据，建立数据模型。本文建立了包括股利现金分红和公司绩效的联立方程模型组，为了控制变量间的内生性，运用三阶段最小二乘法对其进行了估计。提取了（2005～2014）10年我国沪深两市的16家银行类上市公司股利现金分红与绩效的数据，在控制变量的条件下运用联立方程模型的三阶段最小二乘法估计量法得出我国银行类上市公司股利现金分红与绩效呈现正相关性，说明随着股利现金分红比例的提高，绩效也起着积极的作用，股利现金分红比例的提高，银行类上市公司的经营利润提高，对投资者来说是具有一定的刺激作用的。通过对研究结论进行进一步的比较总结分析，提出具有针对性、规范性的建议。本研究对整个银行类上市公司股利现金分红政策和公司绩效的长期发展都具有深远影响，对制定符合我国国情的银行类上市公司股利现金分红政策和其在银行类上市公司绩效相关性基础之上的优惠政策给予一定的参考建议。
关键词：银行类上市公司、股利现金分红政策、公司绩效、相关性
ABSTRACT
China's securities market, in the process of economic transition, has seen the unique phenomenon of the splitting formation of tradable shares and non-tradable shares. This phenomenon caused the late start of China’s cash dividend policy and the inequalities in stock holding costs, rights, obligations and risks .Which has caused ignorance of big shareholders over the changes of stock prices and the interests of small investors. These issues have hindered the development of the China’s securities market, interfered with the price mechanism of the securities market and the capital optimization process of listed banks. All of these contribute to the high speculation of the market. The unreasonable stock dividend policies of publicly listed banks have drawn the attention of both investors and the administrators. Due to the lack of the sound stock dividend policy, a healthy investment return mechanism has not been established.
There have been controversies in China’s cash dividend policy for listed companies. These controversies regard cash dividend policies of publicly traded banks caused long term development problem of these banks and thus received heated discussions in the academic field. This paper explores the correlation between the cash dividend policies and the overall performance of multiple publicly traded banks by analyzing the cash dividend policies of multiple publicly traded banks in the past ten years. Based on the results of data analysis, a complete database will be established and suggestions will be provided in regards to the long term development of publicly traded banks and the steady development of Chinese securities as a whole.
The sources of this study is from the bank listed companies information network, Chinese statistics Network and Industrial and Commercial Bank of China, China Merchants Bank, China Construction Bank, Bank of China and other sixteen banks listed companies’ financial statements, and arguments of this paper are most from the analysis of the data related to this paper. This paper established a set of simultaneous equations model, including cash dividends and corporate performance, in order to control the endogenous variables, the use of its three-stage least squares estimation. Between the years 2005 to 2014, sixteen banks in Shanghai and Shenzhen listed companies’ cash dividends and performance data extracted, through under controlled conditions under a three-stage variable simultaneous equations model method of least squares estimator, Chinese banks listed out cash dividends and dividend performances show a positive correlation, indicating that as the portion of cash dividends increased, performance also plays an active role. The dividend increase in the proportion of cash dividends and the improvement of bank listed company's operating profit, having a stimulating effect on investors . Through the further comparison and analyzing for the conclusions of the study, this study aims to put forward more targeted and normative recommendations. This study has far-reaching impact on the entire banking listed company’s dividend cash dividend policy and the company's long-term growth performance. It also gives some reference suggestions for the bank listed companies cash dividend policy and banking Incentives related with the basis of performance of listed companies.
Keywords: Bank Listing Corporation，Cash dividend policy dividend，The performance of the company，Relevance
目录
学位论文原创性声明 1
学位论文版权使用授权书 1
摘 要 1
ABSTRACT 3
第1章 引言 1
1.1 研究背景、目的和意义 1
1.1.1 研究背景 1
1.1.2 研究目的 2
1.1.3 研究意义 2
1.2 文献综述 2
第2章 我国银行类上市公司分红问题 6
2.1 不分配现象依然存在 6
2.2 股利现金分红比例低 6
2.3 不分红和股利现金分红比例低的原因 9
第3章 我国银行类上市公司的绩效问题 12
3.1 银行绩效概论 12
3.1.1 银行绩效的定义 12
3.1.2 银行绩效考核的目的 13
3.1.3 银行绩效考核体系现状 14
3.1.4 银行绩效考核的意义 15
3.2 16家银行类上市公司股利现金分红与绩效数据的关系 16
3.2.1 16家银行的绩效指标 16
3.2.2 16家银行类上市公司股利现金分红与公司绩效理论的关系 17
3.2.3 16家银行类上市公司股利现金分红与公司绩效数据的关系 17
第4章 案例分析并建立模型 19
4.1 银行类上市公司建模的类型 19
4.2 银行类上市公司建模的概述 20
4.2.1 联立方程组模型的定义 20
4.2.2 联立方程组模型中存在的偏倚性 21
4.2.3 联立方程组模型概念的说明 23
4.2.4 三阶段最小二乘法（3SLS） 24
4.3 银行类上市公司模型建立 26
4.3.1 研究假设 26
4.3.2 样本选取及数据来源 27
4.3.3 银行类上市公司建模过程 28
第5章 研究结论及建议 32
5.1 研究结论 32
5.1.1 图形基本分析 32
5.1.2 公式基本分析 32
5.1.3 相关性分析 32
5.1.4 结论 33
5.2 研究建议 33
5.2.1 优化股权结构 33
5.2.2 完善法律制度 34
5.2.3 加强信息披露 35
5.2.4 发挥好经济的杠杆作用 36
5.2.5管理层分红集中 36
5.2.6 股利现金分红和债券利息 37
5.3 研究局限 37
5.3.1 数据局限性 37
5.3.2 因素局限性 38
参考文献 39 |
