上市公司股权结构对股利政策的影响分析毕业论文.doc

毕业论文 （2010届） 上市公司股权结构对股利政策的影响分析 摘 要 股利政策是现代公司理财活动的三大核心内容之一，因此股权结构与股利政策的关系一直是我国财务研究者和上市公司关注的重点之一，而股权结构是我国上市公司治理的基础，不同的股权结构对管理者的股利分配政策有着不同的影响。我国上市公司股权结构的特殊性对股利政策产生了深远的影响。随着2005年股权分置改革的全面展开，我国上市公司的股权结构得到了一定的改善，流通股与非流通股之间的差异逐渐减小，股市基本上实现了全流通。股改后股权结构对股利政策有怎样的影响值得我们进一步研究和探讨。本文从股权改革之后股权结构和现金股利分配政策的关系入手，以我国机械、设备、仪表行业的上市公司为研究样本，对我国机械、设备、仪表行业的上市公司股权结构对现金股利政策的影响进行实证分析。实证研究结果表明：法人股比例与现金股利支付率呈负相关关系；流通股比例与现金股利支付率呈负相关关系；关键词：上市公司；股权结构；现金股利Abstract Dividend policy is the modern company financial activity of the three core content one, therefore equity structure and dividend policy relationship has been listed companies and our financial researchers focused on one, while equity structure is the governance of listed company based in China, different ownership structure will influence the dividend policy decision-making behavior managers. Equity structure of listed companies has a far-reaching influence for dividend policy. With the 2005 the all-round development of reform of non-tradable shares, our country to be listed ownership structure has been some improvement, with non-tradable shares the difference between decreases gradually, and stock market basically realized the full circulation. After changing the shareholding structure of dividend policy what effects worth us to further research and discussion. This article from the ownership reform equity structure and cash after the relationship of dividend distribution policy, in Chinas machinery, equipment, instrument industry to the listed companies as research samples, to our country machinery, equipment, instrument industry to the listed companies the shareholding structure of cash dividend policy based on analysis. The empirical results show that Legal person share proportion and cash dividend payment rate is inversely related；Shares with cash dividends paid rate ratio is inversely related；Share ratio of the largest shareholder and the cash dividend policy are positively related. Keywords: Listed Companies; Equity Structure; Cas