摘要:自上世纪 70 年代以来,国际证券市场开始进入高速发展阶段,公司开始进行股票交易,股利发放作为收益分配的重点内容正式登上公司财务决策的舞台,成为公司制度的重要组成,对公司的发展有重要意义。
本文首先回顾了国内外学者对公司治理和股利政策的相关研究以及其相关理论,随后本文选取2010-2014 年我国52家通讯类上市公司作为研究对象,通过建立回归模型对所选取数据进行实证方面的分析,在通讯类上市公司公司治理与股利政策之间影响关系的研究基础上,得出了一些较有意义的结论。52831
本文得出的主要结论: 股利支付率与第一大持股比例之间是存在明显的正相关关系的,其在分配现金股利方面比较热衷;社会公众股股数占比与股利支付率之间存在明显的负相关关系,社会公众股股东由于持股少,不希望公司发放过多现金股利;股利支付率和独立董事比率、国有股股数占比之间不存在相关性。并根据研究结果提出建议。
毕业论文关键词:股利政策;公司治理;通讯类企业
Companies in communication’s pidend policy and corporate governance of listed companies empirical research
ABSTRACT:Since the 1970 s, the international securities market began to enter the stage of development.More and more companies began to trading stocks in the securities market pidend payments has play a more and more important role in the income distribution and company’s financial decision-making,.what’s more,it is vital to a company's survival and development .
This article ,in the first, look back to researches and related theories of the corporate governance and pidend policy which make by scholars both at home and abroad. And then, this article selects 52 in china in 2010-2014 as the research object. By using the model to analyze the influencing relationship between pidend policy and corporate governance structure of communication companies.Last but not least, it draws some meaningful conclusions.
In this article, the main conclusions are follows:Dividend payment rate is positively related to the first majority shareholder. The first big shareholder prefer to transferring company funds by cash pidend ; Dividend payment rate makes a negative correlation with the shares outstanding.The circulating stock shareholders have the preference in the low level of cash pidend and fight against the company's large cash pidend; There is no correlation between pidend payment rate and company board size , the ratio of independent directors. And Suggestions are proposed according to the results of the study.
Key Words: Dividend policy; Corporate governance; Communications companies
目 录
摘要 1
ABSTRACT II
目 录 III
一、引言 1
(一)选题背景和研究意义 1
(二)文献综述 1
(三)研究思路和研究方法 3
(四)本文的创新之处 4
二、 股利政策与公司治理结构相关概念 5
(一)股利政策 5
(二)公司治理 6
三、 我国通讯类上市公司的股利政策与公司治理结构研究 8
(一)研究假设 8
(二)模型建立 9
(三)样本的选取和数据来源