中國公司治理、股權結構與股利政策在IPO制度變動下之實證研究

An Empirical Study on Corporate Governance, Ownership Structure and Dividend Policy in China under the Change of IPO System

林玫君(Mei-Chun Lin)

指導教授 ： 陳怡珮

中原大學/商學院/財務金融研究所/碩士(2017年)

https://doi.org/10.6840/cycu201700415

摘要

對於企業來說，公司治理內容、股權結構、股利策略以及IPO政策制度無疑是影響企業穩定發展的重要因素。本研究透過文獻探討中國特有之股權結構與股權偏離情形對公司股利政策的影響，再進一步將中國的政治以及經濟環境列入考量，分析2008年IPO政策之重大變動前後，法規變革對於企業股利政策之衝擊。本文實証研究發現：中國國有與非國有公司股利政策存在者顯著差異，且會受股權偏離程度之影響而產生U型非線性關係，意即當公司存在極端低(無偏離時尤為明顯)或極端高的股權偏離程度時，其股利發放水準之減緩程度將趨向平緩；然若偏離介於10%至30%區間時，則國有企業較非國有企業而言，更偏好將盈餘保留於公司內部，以創造更多營利機會。此外，中國企業之股利政策除了會受股權偏離程度以及專業經理人身份等內部因素影響外，還會因外部政策法規(如：中國首次公開發行條例)之變更而產生差別。為此，本研究利用2008年5月間，中國政府針對企業首次公開發行條文之修改事件作為樣本分類依據，探討出中國企業之股利政策確實會受到IPO政策變動之因素影響而產生差異性結果。且對於像中國這樣的新興市場而言，其法規制度和政策宣導確實具有相當程度之影 響力，可有效保護大眾投資人權益，遏止控制股東之代理問題，為公司提供良好的控制環境以利其生存發展。

關鍵字

公司治理 ； 股權結構 ； 股利政策 ； 國有企業 ； 首次公開發行(IPO)

並列摘要

Based on the literature, our paper explores the impact of China's unique ownership structure as well as control-ownership deviation on the dividend policy of corporations. Also, we take China's political and economic environment change, the IPO policy change in 2008, as a factor to analyze the influence of government. In this paper, we found that the dividend policy of Chinese state-owned and non-state-owned firms are significantly different, and it will be affected by the degree of control-ownership deviation, producing a U-shaped nonlinear relationship, which means when corporations’ control-ownership deviation is extremely low (no deviation is particularly obvious) or extreme high, the degree of dividend payment will be stable. On the other side, if the deviation is between 10% and 30%, the state-owned enterprises are more preferred than the non-state-owned enterprises to reduce the dividend payment, keeping the retained earning inside the corporations in order to create more profit opportunities. In addition, our research also found the dividend policy of Chinese enterprises would not only be affected by internal factors such as the degree of control-ownership deviation and the identity of professional managers, but also the external policies and regulations change (such as China's initial public offering regulations). To this end, we take the revise of IPO regulation in May, 2008 as a sample classification event to explore that the difference of IPO policy indeed affect the dividend policy of firms. Finally, our research conclude that, for the emerging markets such as China, its regulatory system and policy advocacy do have a considerable degree of influence, can effectively protect the interests of public investors, curb the control of the shareholders of the agency problem and provide a good control environment to facilitate.

並列關鍵字

corporate governance ； ownership structure ； dividend policy ； state-owned enterprises ； initial public offering (IPO)

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