我国上市公司公司治理和股利政策关系研究

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1、西南交通大学硕士学位论文我国上市公司公司治理和股利政策关系研究姓名：陈玲玲申请学位级别：硕士专业：会计学指导教师：邓幼强20081101西南交通大学硕士研究生学位论文第1I页AbstractCorporatedividendpolicyisoneofthethreecorecontentsofmodemcorporatefinancemanagement，whilecorporategovemanceisalsoamostimportantconstituentofthemodementerpr

2、isetheory，thispaperintegratesthetwoacommonsystem，researchestherelationshipbetweenthemin-depth．Usingfactoranalysisandmultivariateregressionanalysismethods，andusingthedatefrom2004to2006ofourlistedcompany，thispaperempiricallyanalyzestherelationshipbetwe

3、endividendpayoutratioandcorporategovernancebasesontheircharacteristicofourcountry．Finally，thepapergivesseveralsuggestionsforourcountry’Sstockmarket．AfterstudiesIdiscoverthatthecorporategovernanceplaysanimportantroleinthedividendpayout．Firstly,thereis

4、asignificantlypositiverelationshipbetweenownershipconcentrationdegreeanddividendpayoutratio，whichindicatesthatthemajorstockholderprefercashdividend．Secondly，thereisasignificantlypositiverelationshipbetweenstate—ownedsharesanddividendpayoutratio，while

5、thereisasignificantlynegativerelationshipbetweenliquidshareanddividendpayoutratio，whichindicatethatthemajorstockholdershiftcashbytunnelingbehavior，andtheliquidstockholdercanprotecttheirbenefitbyvoting．Thirdly，thereisasignificantlypositiverelationship

6、betweentheminoritymajorstockholderallianceanddividendpayoutratio，whichIndicatesthattheminoritymajorstockholderhasthemotiveandabilityprotectsownbenefit．Fourthly，therelationshipbetweenmanagerownershipratioanddividendpayoutratiodon’tagreewiththehypothes

7、is，whichindicatesthatmanagerownershipratioisnotaneffectivecorporategovernancemechanism．Fifthly，thereisa西南交通大学硕士研究生学位论文第1lI页significantlypositiverelationshipbetweenthesizeoftheboardofdirectorsanddividendpayoutratiowhileasignificantlynegativerelationsh

8、ipbetweentheproportionofindependentdirectors，whichindicatesthattheboardofdirectorsisaneffectivecorporategovernancemechanism．ButthecorporateCan’tenhancethecorporategovemancelevelbyincreasetheactivityoftheboardofdirectors．Keywords：dividendpayoutratio；s