会计理论论文股权结构与现金股利的关系研究.doc
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1、股权结构与现金股利的关系研究 股权结构与现金股利的关系研究 The Impact of Ownership Structure on Dividend Policy 【中文摘要】 家族上市公司已经成为上市公司的重要组成部分,家族上市公司能否健康发展,关系到我国资本市场的健康发展。股权结构是公司治理的基础,股利政策是公司治理的一项重要决策,与投资决策、融资决策一同构成企业理财活动的三大核心内容,因此,研究家族上市公司股权结构与公司股利政策的关系对于保障家族上市公司的顺利发展有着十分重要的意义。本文试图用代理理论和当家理论的观点分析和解释我国家族上市公司股权结构与现金股利政策的关系。根据代理理论和
2、当家理论的应用边界,将代理理论运用于代理关系占主导的非创始家族公司,将当家理论运用于当家关系占主导的创始家族公司。基于对两种理论的分析,发现创始家族与非创始家族的股权结构对公司股利政策将产生重要的影响。首先,通过对创始家族和非创始家族的股权集中度进行比较,发现在当家理论的影响下,创始家族的股权集中度高于非创始家族。其次,发现创始家族倾向于将利润留存于未来发展,为外部投资者谋求更为长远的利益,而减少现金股利的发放;而非创始家族公司将现金股利分配政策视为控股股东掏空上市公司资源的重要手段之一,因此创始家族上市公司的现金股利支付率低于非创始家族上市公司。最后,发现创始家族持股比例越高,将会更加注重公
3、司长远的发展,派发的现金股利越少;而非创始家族持股比例越高,越有能力决定公司的股利政策,越能通过发放更多的现金股利从中获益。【英文摘要】 Family listed companies have become an important component of the listed companies. Family listed companies in the healthy development have important significance to the healthy development of capital markets. Ownership structure i
4、s foundation of the corporate governance. Dividend policy of the listed company is one of the three core problems in modern companys financial activities. Therefore, the study of family ownership structure of listed companies and corporate dividend policy for the protection of the family relationshi
5、p is very important.This paper tries to explain present dividend policy of Chinese private listed companies using agency theory and stewardship theory. According to the application border of agency theory and stewardship theory, the agency theory will be applied to the non-founding family companies;
6、 the stewardship theory will be applied to the founding family companies. Based on the analysis of two theories, we found the family ownership structure of founding family and non-founding corporate will have an important impact to dividend policy.First of all, by the comparative analysis of the dif
7、ferent ownership collecting between the founding family and the non-founding family, found that the founding family ownerships concentration is higher than non-founding family. Secondly, the founding family tend to retained profits in the future development to seek more long-term benefits for extern
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- 会计 理论 论文 股权结构 现金 股利 关系 研究
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