摘要：现金股利政策是股利政策的重要组成部分，公司治理是一个关于管制公司的系统结构，国内外学者研究发现公司治理对现金股利政策有着举足轻重的影响。然而，我国学者对这方面的研究大多数是关于公司治理的股权结构方面。此外，我国上市公司治理结构与公司派现状况还存在着许多问题。因此，从整体上多方面对公司治理如何影响现金股利政策的探讨显得尤为重要。本文运用规范研究和实证研究相结合的方法，以中西方研究成果为理论基础，引入代理理论解释公司制定股利政策的目的，并采用2012-2014年我国A股上市公司最新数据进行实证分析，结果表明股权集中与制衡程度、管理层激励程度、董事会规模大小与现金股利政策呈正相关关系，董事长与总经理两职合一情况并未产生显著影响。在研究结果的基础上，针对性地为公司治理结构的构建提出建议，使现金股利政策合理完善。72099

毕业论文关键词：公司治理；现金股利；代理问题；派现水平

Analysis of the Impact of Corporate Governance on Cash Dividend Distribution Policy

Abstract：Cash pidend policy is an important part of the pidend policy and corporate governance is the system structure of controlling the company, the scholars at home and abroad found that corporate governance on the cash pidend policy has a significant impact。 However, most of the research on this aspect is about the ownership structure of corporate governance。 In addition, there are still many problems in the management structure and corporate governance of the listing Corporation in our country。 Therefore, it is particularly important to explore how corporate governance affects the cash pidend policy on the whole。 Using method of combining the normative research and empirical research, according to the research results of Chinese and Western as the theoretical basis, by introducing the theory of agency theory to explain the aim of the company formulates the pidend policy and carries on the empirical analysis by the latest data of 2012-2014 A-share listed companies in China , shows that the degree of ownership concentration and balance, management level,and the size of the board of directors have positive correlation with the cash pidend policy are , but the chairman and general manager of the two positions doesn’t not have a significant impact。 On the basis of the research results, it puts forward suggestions for the construction of the corporate governance structure, and makes the cash pidend policy reasonable and perfect。

Key Words：corporate governance；cash pidends；agency problem；cash allocation level

目    录

摘要 I

Abstract II

目录 III

一、导论 1

（一）选题背景 1

（二）研究思路 1

（三）研究意义 2

二、文献综述 3

（一）国内外研究现状 3

（二）研究现状述评 3

三、公司治理与现金股利政策的相关理论 5

（一）公司治理相关理论 5

（二）股利政策相关理论 5

四、公司治理与现金股利政策存在的问题 7

（一）我国上市公司治理存在的问题 7

（二）现金股利政策存在的问题