股利管制、现金股利与企业过度投资——来自中国A股上市公司的经验证据-会计学专业论文.docxVIP

重庆大学 重庆大学硕士学位论文 英文摘要 PAGE PAGE IV 2003-2011 Shanghai and Shenzhen A-share stock market listed companies as samples, Richardson model is used to measure the level of companies’ overinvestment. In this model three different levels of dividends regulatory are distinguished for different listed companies regulatory sample data, and meanwhile an Empirical Study shows the effects of cash dividends on the companies overinvestment under the different levels of dividends regulatory. Finally, this model verified the practical effect of cash dividends on listed companies’ overinvestment behavior. The results of this study shows that although dividends regulatory provides regulatory environment for cash dividends reducing agency costs and restrains excessive investment, the improvement of regulatory environment cannot simply rely on a higher proportion of cash dividend distribution. The connection between cash dividends and investment behavior relies on company rational behaviors rather than some external factors such as the excessive interference of government. Keywords: Semi-mandatory Dividend Policy, Dividends Regulatory, Cash Dividends, Ownership Separation, Overinvestment 重庆大学硕 重庆大学硕士学位论文 目 录 目 录 中文摘要I 英文摘要 II HYPERLINK \l _bookmark0 1 绪 论 1 HYPERLINK \l _bookmark1 1.1 选题背景与研究意义 1 HYPERLINK \l _bookmark2 1.2 研究目的与研究内容 2 HYPERLINK \l _bookmark3 1.3 研究分析框架 3 HYPERLINK \l _bookmark4 1.4 相关概念界定 4 HYPERLINK \l _bookmark5 1.4.1 半强制分红 4 HYPERLINK \l _bookmark6 1.4.2 现金股利 5 HYPERLINK \l _bookmark7 1.4.3 过度投资 5 HYPERLINK \l _bookmark8 1.4.4 两权分离 6 HYPERLINK \l _bookmark9 1.5 研究创新 7 HYPERLINK \l _bookmark10 2 文献综述 8 HYPERLINK \l _bookmark11 2.1 现金股利与过度投资相关关系 8 HYPERLINK \l _bookmark12 2.1.1 国外文献综述 8 HYPERLINK \l _bookmark13 2.1.2 国内文献综述 8 HYPERLINK \l _bookmark14 2.2 两权分离与过度投资相关关系 9 HYPERLINK \l _bookmark15 2.2.1 国外文献综述 9 HYPERLINK \l _bookmark16 2.2.2 国内文献综述 9 HYPERLINK \l _bookmark17 2.3 现金股利、两权分离与过度投资相关关系 10 HYPERLINK \l _bookmark18 2.3.1 国外文献综述 10