再融资跟中国上市公司现金股利分配的动机.doc

2008首届“德勤杯”论文大赛参赛作品 PAGE PAGE 1 再融资与中国上市公司现金股利分配 的动机 ——基于再融资监管制度化背景下的实证分析 【摘要】针对中国上市公司发放现金股利的动机，国内学者立足于中国的特殊背景提出了控股股东、二元股权结构、关联方交易等影响因素，并有研究认为大股东控制上市公司在再融资前后通过派现实现圈钱套利。本文以再融资制度化为背景，以98—04年我国上市公司为样本范围，以制度化前后以及第一大股东持股比例分组，建立多元回归模型对中国上市公司的现金股利的动机进行深入分析。研究结果表明，再融资特别是在制度化之后与现金股利正相关，而且在第一大股东绝对控股时显著相关。本文得出结论，上市公司尤其是绝对控制的公司为满足再融资的要求而发放现金股利，并在再融资前后通过派现进行圈钱套利。结论表明在中国特殊的背景下，监管制度化并没有有效地规范再融资行为，目前仍然存在着监管效力不足的担忧。 【关键词】：现金股利 再融资 监管 制度化 Abstract In view of the motivation of Chinese corporations on the stock market to pay cash dividends , the Chinese scholars have come up with several affecting factors such as controlling shareholders, dual stockholders rights structure, connection side transaction and so on based on the special rules background. And there are studies showing that controlling shareholders will arbitrage through the way of paying cash dividends before or after seasoned equity offerings .This article makes a deep research into the motivation of Chinese firms’ paying cash dividends based on the institutionalization of seasoned equity offerings and take the corporations outstanding shares between 1998 and 2004 as the sample ,grouping by the percentage of the major shareholder before and after the institutionalization, setting up the model of multi-dimensional linear regression. The study shows that seasoned equity offerings is being related neatly with paying cash dividends especially when the major shareholder controlling absolutely .Finally comes the conclusion that corporations going onto the stock market especially when the major shareholders controlling absolutely will provide cash dividends to meet the requests of seasoned equity offerings and will arbitrage after seasoned equity offerings. The study shows that on the special background of Chinese, the supervision’s institutionalization hasn’t standardized the actions of seasoned equity offerings so there are still worries about the efficiency of supervision nowadays. Keywords: cash dividend