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MBA畢業論文_現金分紅與公司治理相關性的實證研究(63頁).rar

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支持系統:Win9X/XP/Vista/7/8/10
解壓密碼:m448
更新時間:2018-8-28

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摘 要
學術界對公司股利政策的研究已延續多年,但無論是股利相關論還
是股利無關論,代理理論抑或是信號傳遞理論,都無法完美的解釋公司
的股利政策。公司治理水平作為股份公司的重要特征之一,對公司股利
政策制定的影響不容忽視。我國的證券市場成立時間有限,上市公司的
股利政策隨意性也較大,而適當的股利政策能夠為投資者提供保障。本
文從公司治理的角度解釋公司的股利政策,并試圖為規范我國上市公司
的分紅制度,更好的保護廣大投資者尋找適合的方法。
文章分別以每股現金股利和股息支付率作為被解釋變量,并選取公
司治理中股權結構的相關因素進行實證分析,得到股權集中度、第二大
股東持股比例、機構投資者持股比例以及流通股比例與公司股利政策的
相關性。并引入固定效應和隨機效應模型,對結論進行檢驗。
關鍵詞:現金分紅,股利政策,股權結構,公司治理

ABSTRACT
The study of dividend policy lasts for years, but neither the relevance of
dividend policy nor the irrelevance of dividend policy, neither the agency
theory nor the signaling theory can explain the dividend policy perfectly. The
corporate governance issue being one of the most important characters of
incorporated companies has a significant effect on the dividend policy. The
stock market of China has a short history and the dividend policies of listed
companies are not consistent. However, the investors could be protected by
suitable dividend policies. This article will explain the dividend policy with
corporate governance issue, and try to find a way to improve the
dividend-sending system of publicly traded companies and to protect
common investors.
This article sets cash dividend per share and the payout ratio as
dependent variables, and chooses independent variables from the ownership
structure of corporate governance. As a result, I find the relationship between
the ownership concentrations, ownership ratio of the second largest
stockholder, institutional ownership ratio, outstanding stock ratio and the
dividend policy. I also use fixed-effect model and random-effect model to
demonstrate the result.
KEY WORDS: cash dividend, dividend policy, ownership structure,
corporate governance
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