文档介绍：首都经济贸易大学硕士学位论文我国上市公司超能力派现问题研究姓名:李小群申请学位级别:硕士专业:会计学指导教师:张淑焕 20090301 首都经济贸易大学硕士学位论文《我国上市公司超能力派现问题研究》 I 摘要在西方较成熟的资本市场中, 现金股利政策是上市公司经营管理过程中一项重要的决策行为。但是值得注意的是,与西方普遍实行稳定的现金股利政策不同,我国在 2000 年以前分派现金股利的上市公司所占比例偏低,这使得投资者丧失信心,影响证券市场的健康发展, 为此我国监管部门推出一系列的强制性政策措施促使上市公司派发现金股利。由于我国资本市场的发展历史比较短暂,加之我国的多数上市公司都是从国有企业改制而来,在强制性政策措施下我国现金股利分配具有许多异常现象。其中超能力派现就是一种异常的现金分红形式。从表面上看超能力派现是对投资者的极大回报,但究其本质,超能力派现是控股股东或大股东利用其控股权的地位转移现金流,侵占中小股东利益的一种手段。基于此,本文在阐述股利政策理论和公司治理理论的基础上,站在公司内部治理的角度对超能力派现进行分析。同时,运用 2005 年—— 2007 年数据对样本进行描述性统计分析,运用因子分析法和 Logistic 回归分析法相结合对超能力派现的影响因素进行实证研究,研究有关公司治理的变量与超能派现的关系。最后,从完善我国上市公司股权结构、法律机制以及健全控制权市场入手,提出治理我国上市公司超能力派现行为的对策与建议, 为我国监管部门采取有效的措施提供依据,促进我国证券市场健康发展。关键词: 超能力派现股利政策公司治理首都经济贸易大学硕士学位论文《我国上市公司超能力派现问题研究》 II Abstract In mature capital markets in the west ,the cash dividends payout is a important decision-making behavior pany manageme nt processes. But it is worth noting that unlike the implementation of the west generally stable cash dividend policy, the proportion of panies of cash dividend payout is low in China before 2000, which makes investors lose confidence, and affects the hea lthy development in the securities market. So the regulatory departments launch a series of mandatory policies to promote listed companies to pay out cash dividends. Because China's capital market development history is short, coupled with the majority of China's panies are from the restructured of state-owned enterprises, cash dividends payout under China's mandatory policies has many anomalies ultra-ability dividends payout which is an abnormal form of cash dividends. On the surface ultra-ability divide nds payout are the great return s to investors, but the study found its essence: ultra-ability dividends payout is a method that controlling shareholders or major shareholders who use the position of controlling ri ght transfer cash flow of companies, invade the interests of small shareholders. Based on this, the thesis talked about dividend policy theory and corp