股利管制、现金股利与企业过度投资——来自中国a股上市公司的经验证据

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1、重庆大学硕士学位论文英文摘要2003-2011ShanghaiandShenzhenA-sharestockmarketlistedcompaniesassamples,Richardsonmodelisusedtomeasurethelevelofcompanies’overinvestment.Inthismodelthreedifferentlevelsofdividendsregulatoryaredistinguishedfordifferentlistedcompaniesregulatorysampledata,andmeanwhileanEmpiricalStudysh

2、owstheeffectsofcashdividendsonthecompanies'overinvestmentunderthedifferentlevelsofdividendsregulatory.Finally,thismodelverifiedthepracticaleffectofcashdividendsonlistedcompanies’overinvestmentbehavior.Theresultsofthisstudyshowsthatalthoughdividendsregulatoryprovidesregulatoryenvironmentforcashdi

3、videndsreducingagencycostsandrestrainsexcessiveinvestment,theimprovementofregulatoryenvironmentcannotsimplyrelyonahigherproportionofcashdividenddistribution.Theconnectionbetweencashdividendsandinvestmentbehaviorreliesoncompanyrationalbehaviorsratherthansomeexternalfactorssuchastheexcessiveinterf

4、erenceofgovernment.Keywords:Semi-mandatoryDividendPolicy,DividendsRegulatory,CashDividends,OwnershipSeparation,OverinvestmentIII重庆大学硕士学位论文目录目录中文摘要..........................................................................................................................................I英文摘要.......

5、.................................................................................................................................II1绪论......................................................................................................................................11.1选题背景与研究意义...............

6、.................................................................................................11.2研究目的与研究内容................................................................................................................21.3研究分析框架................................................................

7、...........................................................31.4相关概念界定...........................................................................................................................41.4.1半强制分红.....................