公司产权属性、投资效率与股利分配-会计学专业论文.docx

II II The Study of Property Attribute,Investment Efficiency and Dividend Distribution ABSTRACT Investment is the most important decision in enterprise financial management, and the efficiency of investment fundamentally determines the quality of enterprise value. Property attribute affect the agency costs of an enterprise and its internal decisions, while dividend distribution is a kind of reward for residual claims under the domination of ownership , which has an incentive effect on owners to a certain degree. In the paper property attribute, investment efficiency and dividend distribution were discussed by employing normative analysis, empirical research analysis, etc. The study was based on data from A-share listed companies of Shanghai Stock Exchange from 2008 to 2012.It found that agency cost and non-efficiency investment are in significant correlation, and the non-efficiency investment presented underinvestment in all samples. When property attribute was taken into consideration it found that the non-efficiency investment of private enterprises outweighs that of III III state-owned ones. Specifically, the overinvestment of state-owned enterprises outweighs that of private ones, and the underinvestment of private enterprises outweighs that of state-owned ones. In the whole sample analysis, investment efficiency and dividend distribution are significantly and positively correlated. There is a certain relationship between investment efficiency and strength of dividend distribution, which is characterized by negative correlation between strength of dividend distribution and overinvestment and underinvestment .When property classification was taken into consideration, it found that the strength of dividend distribution of private enterprises outweighs that of state-owned ones. KEYWORDS：property attributes；dividend distribution； under-investment;；overinvestment PAGE PAGE IV 目 录 摘 要 I HYPERLINK \l _bookmark0 ABSTRACT II HYPERLINK \l _