我国上市公司股权结构对现金股利政策的影响——基于股权分置改革前后的实证研究

本文基于中国股权分置改革的特殊制度背景,以中国上市公司为样本,就股权结构对现金股利政策的影响进行了实证分析。实证结果发现,绝对控股结构的公司在股权分置改革前后一直存在现金股利的隧道效应;而在股权制衡结构的公司中,大股东之间的相互监督和制衡有效限制了控股股东对中小股东的利益侵占行为;股权分置改革前后,不同股权结构上市公司的股利支付水平和稳定性也存在差异。因此,上市公司股权结构的合理化调整应成为保护中小投资者利益的重要手段。     

投权分置改革究竟解决什么问题？

自股权分置改革的办法出台以来，第一批试点的四家公司已经公布了解决方案，其中清华同方的方案是用公积金向流通股股东转增10股；三一重工一开始出台的方案是非流通股股东向流通股股东每10股送三股派8元现金，尔后又对方案进行了修正，改为对流通股股东每10股送3．5股派8元现金；紫江企业的方案是非流通股股东向流通股股东每10股支付3股；     

十佳董事会

华立控（000607）：作为国内电能表制造业的巨头，却将巨资投向医药行业．华立控股董事会在如此大跨度的行业战略转型过程中表现了极强的战略眼光、智慧和自信心。这种自信也充分地反映在刚刚完成的股权分置改革中。华立控股的股改方案创新采取了”两头让价”的模式，充分兼顾了流通股股东和非流通股股东的利益。     

二元股权结构与资本结构决策:一个基于博弈论的分析框架

二元股权结构和对于中小投资者的弱保护是中国证券市场的痼疾,一直受到众多学者的诟病,他同时被认为是中国股市众多现象--如上市公司过度融资、变更募资投向、财务保守行为等制度方面的原因.本文基于中国证券市场割裂设置的二元股权结构,运用博弈理论构建模型,证明:由于流通股和非流通股股东对于公司的不同控制权以及公司股权融资对于他们权益的再分配效应,使得上市公司的非流通股股东偏好通过配股或者增发褫夺流通股股东的利益.本文的理论研究表明,解决上述问题必须提高以流通股股东为代表的中小股东对于上市公司投资融资行为事前的评价能力和事后的行动能力.从中长期看具体的措施可以通过提高司法执行的效率、建立完善的经理人市场和发展机构投资者等方法来解决.     

股权分置改革中各方利益平衡初探

股权分置是我国资本市场最大的国情,也是影响我国上市公司行为与证券市场长远发展的制度性缺陷。解决股权分置问题,实质是利益的再一次分配,这次再分配涉及国家、非流通股股东、流通股股东等多方利益。本文就股权分置改革中如何平衡各方利益作了一些初步的探讨。     

立法先行—实现非流通股的全流通—以非流通股向流通股股东配售的方式实现上市公司股份全流通

近段时期，由于“国有股减持”问题造成国内股市的震荡，投资者的信心和国内证券市场的健康发展受到了一定影响，中国证监会及时作出暂停执行原定的“国有股减持方案”的决定，并广泛向社会征求意见。为此，本文提出以非流通股向流通股股东配售的方式，实现非流通股全流通的方案，供探讨。     

埃克森美孚石油公司股利政策研究

公司的股利政策已从原始的利润分配活动,上升为以维持和促进公司市场价值为目标、充分协调股东利益和公司发展的重要手段.考察分析埃克森美孚石油公司1994～2004年的股利分配政策可以发现：该公司保持每股现金股利稳定增长,而不是维持稳定的股利支付率;其现金股利变动与利润变劝存在相关性,但前者的变动程度较后者平缓得多;公司从不削减每股现金股利,但会根据利润变化调整股利增长率;公司不曾发放股票股利,而是通过股票分割达到相同目的;在稳定的现金股利政策下,公司充分利用股票回购方式达到向股东返还现金的目的;将股权自由现金流的较大比例返还给股东,同时保持一定的财务弹性.文章用顾客效应理论、信号效应理论以及代理成本理论三个股利理论对以上股利政策进行了理论解释,并指出,中国的石油公司在股利政策的制定方面,迫切需要以科学、系统和实用的理论及实践经验作指导.     

股权分置改革与股票需求价格弹性——基于供给需求的理论框架和经验证据

股票需求的完全价格弹性这一假设是许多金融理论的基础。然而,真实市场上的股票并非是相互替代的,股价与市场供给有关。本文在中国股权分置改革的背景下,建立股票供给和需求的理论模型,分析在需求和供给变动两个冲击下,流通股股东的累积超额收益。我们进而利用市场模型和市场调整模型,计算流通股股东在股改复牌前后的累积超额收益,并分析检验其截面影响因素。实证检验发现,累积超额收益和远期股票供给量成负相关关系。在控制流通股供给冲击效应之后,我们还发现公司盈利能力和非流通股集中度与股改价格效应负相关。进一步考虑市场时机和内生性问题后,结论仍然稳健。本文创造性地度量了股权分置改革经济价值的市场预期,并提供了需求曲线斜率为负的经验证据。     

我国煤炭上市公司股利分配政策特点及影响因素分析

以27家煤炭上市公司为对象，分析煤炭上市公司股利分配政策的特点，并对其影响因素进行实证分析，研究表明：煤炭上市公司股利支付倾向于采用现金分红的方式，并趋于多元化；股利支付率5年来维持在20％左右；股利政策的连续性和稳定性相对较好；存在高额派现的情形。股利分配政策与企业的每股收益、非流通股比例和上年现金股利支付额有很大关系，而与企业规模、资本结构、每股经营现金净流量的相关性不大。     

创新资本市场机制

<正>关于央企整体上市的讨论,早在2004年TCL集团通过“换股+公募”的方式整体上市时便备受关注,当时的中国股票市场还处于股权分置的状态,非流通股和流通股股东之间存在巨大的持股成本价格落差,流通股股东在制度上被搁置到高价格、高风险的市场结构之下,他们除了投机性炒作外,几乎没有其他盈利模式。记得当时宝钢股份公布增发方案后,股价应声大跌。市场之所以对这一举动反应如此激烈,     

The private benefits of control in Chinese listed firms: Do cash flow rights always reduce controlling shareholders’ tunneling?

This study measures the size of private benefits of control (PBC) and explores the impact of ownership structure and board independence on controlling shareholders?? tunneling. Using data of Chinese listed companies between 2003 and 2006, we find that the average size of PBC, as measured by the price premium of block share transactions, is approximately 10.66% in Chinese listed companies. Also, firms with more independent directors on the board and firms with multiple large shareholders have a smaller size of PBC. Therefore, they experience a lower level of expropriation of minority investors by controlling shareholders. We particularly find evidence of a nonlinear U-shaped relationship between controlling shareholders?? PBC and their cash flow rights. On the left half of the nonlinear U-shaped curve, consistent with the interest-alignment effect of increased ownership concentration, increased cash flow rights appear to be effective in reducing controlling shareholders?? tunneling. However, on the right half, increased cash flow rights would exacerbate controlling shareholders?? expropriation of minority investors, which is the entrenchment effect of increased ownership concentration.     

股权分置改革后上市公司股利政策研究

2006年我国股权分置改革基本完成，这种制度变革是否对上市公司2006年的股利政策产生了影响。通过对2006年上市公司股利政策进行统计分析，结果显示2006年上市公司的股利政策具有股利分配形式以现金股利为主、整体分红水平提高不多、异常派现行为减少等特征。在对这些特征进行分析的基础上，提出了应加强现金流量管理和大力发展机构投资者。     

Elective Stock Dividends and REITs: Evidence from the Financial Crisis

In response to the recent financial crisis, the U.S. Government introduced new rules which allow Real Estate Investment Trusts (REITs) to issue elective stock dividends (ESDs), i.e., noncash dividends, to satisfy their distribution requirements. The purported goal of these rules was to provide temporary relief to REITs facing cash flow problems. We investigate how the introduction of these rules affects dividend policy of REITs. Surprisingly, we document that only 17 REITs chose to issue elective stock dividends. We examine the characteristics of these REITs and find that their cash flows are similar to REITs that do not select these dividends. This suggests that cash flow problems are unlikely to be the primary determinant of the ESD issuance decision. Instead, our findings indicate the decision to pay ESDs is related to the level of loans that are close to maturity, REIT size, growth prospects and poor performance during the financial crisis. Furthermore, we find that the same factors determine the ratio, amount and frequency of stock dividends issued by these REITs. We also examine the response of shareholders to ESDs announcements and find positive abnormal returns surrounding these dividend announcements.     

市场化进程 控股股东与现金股利政策研究综述

首先梳理了国外有关现金股利政策的一些最新研究文献,并结合当前我国经济和社会发展的地区间的不平衡,探讨了市场化进程与控股股东对现金股利政策的影响,并提出了今后研究的一些方向。     

Corporate governance in Taiwan: The nonmonotonic relationship between family ownership and dividend policy

This study considers an important aspect of corporate governance: the relationship between cash flow rights and dividend payout policy of listed family firms in Taiwan, an economy characterized by a predominance of family-controlled firms. Dividend payout levels are important because they are crucial to governing the firm and managing its investments. The empirical results show that at a low level of controlling families’ cash flow rights, the threat to lose control at any time makes controlling families claim more in dividends. This yields a positive relationship between dividend payout and the cash flow rights of controlling families at this level. Meanwhile, at a moderate level of controlling families’ cash flow rights, the entrenchment effect becomes more robust and creates a negative relationship with dividend payout. Finally, at the very highest level of controlling families’ cash flow rights, excessive firm-specific risk again helps to again create a positive relationship. This nonmonotonic relationship between controlling family cash flow rights and dividend payout also holds for financially mature firms that have a high earned to contributed capital mix.     

The Information Content of Method of Payment in Mergers: Evidence from Real Estate Investment Trusts (REITs)

We provide evidence on the information content of the method of payment in mergers by examining shareholder returns in a sample of REIT mergers over the period 1994–1998. When the target firm is publicly held, we find that transactions are always stock-financed, and that acquiring firm shareholders sustain small negative returns around the announcement date. When the target is privately held, cash financing, mixed (stock and cash) financing, and placement of blocks of acquirer stock with target owners are more prevalent. Acquirer returns are positive in stock-financed mergers when the target is private, which is consistent with both the information signaling and monitoring by blockholders hypotheses. Further analysis supports the information signaling hypothesis as the dominant explanation. The effects of other explanatory variables are similar whether the target is public or private. Most significantly, acquiring shareholder returns are negatively related to the acquirer's size, but positively related to the acquirer's use of the UPREIT organizational structure. The positive wealth effects of the UPREIT structure are not fully explained as the capitalization of tax benefits.     

融资约束视角下终极控股股东对企业风险承担的影响

本文利用我国2006～2014年沪深A股非金融类上市企业数据,研究终极控股股东对企业风险承 担的影响以及融资约束在该影响中的作用。结果表明,控股股东现金流权对企业风险承担的 影响呈U型结构,随现金流权的增大,现金流权对企业风险承担的影响由正转负。就我国市 场而言,控制权与现金流权的分离度对企业风险承担具有负向影响,这种负向影响程度随融 资约束的提高而减弱。     

关联担保、隧道效应与公司价值

本文以1998—2004年765家对外提供关联担保的上市公司为样本,考察了关联担保程度与企业价值的关系。同时截取2004年的225个样本公司,采用Logistic回归,检验了非正常关联担保发生概率与股权结构、自由现金流以及上市公司所在地区信贷分配市场化程度的关系。最后,根据关联担保对象,以1998—2004年仅发生一种类型关联担保的390家公司为样本,研究了不同类型关联担保对企业价值的影响差异。我们发现,①关联担保程度与企业价值显著负相关,关联担保程度越大,对企业的价值侵害程度越高。②企业财务杠杆和自由现金流量水平越高,发生非正常关联担保的相对概率越大,而最终股东持股比例越高,上市公司所在地区信贷分配的市场化指数越大,发生非正常关联担保的相对概率则越小。③不同类型的关联担保对企业价值的影响程度是有差异的,上市公司向控股股东提供关联担保对企业价值的损害程度最大。     

投资者法律保护 超额现金与现金股利政策

从宏观和微观角度分析了投资者法律保护、超额现金与现金股利政策的关系。得出了投资者法律保护与现金股利支付率负相关,在分组样本中,投资者法律保护并没有差异;现金比例与现金股利支付率负相关,并且在超额现金样本组与非超额现金样本组中有显著性差异。实证表明我国股利政策支持替代假说。