股權分置改革前后上市公司現(xiàn)金股利行為研究.pdf

1、南開大學學位論文原創(chuàng)性聲明004834l本人鄭重聲明：所呈交的學位論文，是本人在導師指導下，進行研究工作所取得的成果。除文中已經(jīng)注明引用的內容外，本學位論文的研究成果不包含任何他人創(chuàng)作的、己公開發(fā)表或者沒有公開發(fā)表的作品的內容。對本論文所涉及的研究工作做出貢獻的其他個人和集體，均已在文中以明確方式標明。本學位論文原創(chuàng)性聲明的法律責任由本人承擔。學位論文作者簽名：吲年AbstractAbstractPropertyvarietybased

2、onpropertyinteractionbetweenprivateeconomyandstateownedeconomyisseenastheimportantresolutiontosolvethedilemmaofstateownedenterprisesofourcountryHoweverowingtoneglecttheprotectionofsmall—middleshareholdersdecreaseofstateo

3、wnedsharesfailedinJune2001Itwasrejectedbythecapitalmarketandthenbadwayforourcountry’Scapitalmarketlastedfor6yearswhichinfluencedsharerightrevolutionofourcountryCSRCannouncedthattherevolutionofreformationofdispersionofsha

4、reandfightshadbeenreadyonApril12th，2005ItsucceededbypayingfortheconsiderationInthispaperthecashdividendpoliciesofthelistcompanieswhicharedividedintothreedifferentresearchgroups，namelyCentral—OwnedEnterprises，LocalOwnedEn

5、terprisesandPrivateEnterprisesbeforeandaftertheNonTradableSharesReformarehavingbeenanalyzedbyempiricalresearchFirstempiricaltoolisMNRmethodtoexaminethedifferencebetweenthepre‘NTSRandpostNTSRyear，whichisfollowedbythemulti

6、plelinearregressionanalysisonthefactorsofthechangeofcashdividendThethirdpartisalsothemultiplelinearregressionanalysisbutonthefactorsofthechangeofcashdividendofdifferentyearstofindoutthechangeofthefactorsThefinalpartislog

7、isticregressionanalysistolookfortherelationshipbetweentheabnormalcashdividendandconsiderationaswellasownershipstructureInthestudiesa11thesamplesaredividedintosixcategoriesonthebasisofthreedifferentcontrollingshareholders

8、andtwodifferentreformyearsItfindsoutthatallsamplesofthecompany’ScashdividendsinthepostNTSRyearsignificantlydecline，with05COEsaswellasall06samplegroupsarethemostsignificantcompaniesAccordingtotheclassificationofdifferents

9、amplesoftheimpactofthecashdividendpolicyofthemultipleregressionanalysiscanbefoundthatthereisshareholderscollusioninalltheCOEsAlltheownershipvariablesoftheCOEsin05Grouparenotsignificantandinstitutionholdingproportioncanbe