摘要 现金股利政策是企业重要的财务政策之一，随着经济的发展，市场的发达，现 金股利将会扮演愈发重要的角色，发挥更为关键的作用。股利分红的优势显而易见， 因此我国政府鼓励甚至是强制企业进行分红。而在相关领域的研究方面，学者们对 现金股利驱动因素的研究仍大多停留在内部因素上，相关法律法规的指导作用也更 多的体现在实务层面，因此现金股利政策的影响因素以及影响路径的研究亟待进一 步深入探究。 自2004年以来的十几年里，中国证监会对上市企业的股利分红提出了诸多要 求与规定，旨在推动我国上市企业积极分红，促进资本市场的良性发展，为我国企 业的发展打造良好的资本环境，但就目前情况来看，推动企业分红的目标任重而道 远。本文在此背景下，以2008年至2016年沪深A股主板上市公司数据为研究样本， 提出相关假设并构建相应模型，采用多元回归的方法进行实证研究。首先探讨企业 所处地治理环境对现金股利的影响，然后再研究股权结构对治理环境与现金股利二 者关系的影响以及不同政治关联情形下影响的差异。最后进一步检验治理环境对现 金股利的影响路径以及异质机构投资者对治理环境与现金股利二者关系影响的差异。 本文以治理环境对企业现金股利的影响为研究核心，以《中国分省份市场化指 数报告（2018）》中的市场化总指数测度企业所处地治理环境，用股权结构的五个方 面，股权集中度、股权制衡度、股权性质、机构投资者持股比例和管理层持股比例 来测度企业股权结构，用股利支付率测度现金企业股利的支付水平，探讨企业所处 地治理环境、企业股权结构与现金股利的联系，主要得出以下结论：首先，不同地 区治理环境存在较大差异，治理环境的改善能够显著提高企业现金股利支付水平。 其次，股权集中度的提升减弱了治理环境对现金股利的促进作用，股权制衡度的提 升并不能对治理环境与现金股利的关系起显著影响。相比于国有企业，治理环境对 现金股利的促进作用在非国有企业中更明显。机构投资者持股比例的提升减弱了治 理环境对现金股利的促进作用，管理层持股比例的提升减弱了治理环境对现金股利 的促进作用。最后，股权制衡度与管理层持股比例对治理环境与现金股二者关系的 影响在有无政治关联的上市公司中表现不同。进一步研究发现，治理环境对现金股 I 广东工业大学硕士学位论文 利的促进作用能够通过缓解融资约束与降低代理成本的方式实现；异质机构投资者 对地区治理环境与企业现金股利政策二者之间关系的影响存在明显差异。 文章在最后进行了本研究的总结与归纳，并对研究结论提出了相关建议，然后 具体阐述本文的相关研究结论，与此同时，指出本文研究的不足与缺陷以及未来有 研究意义的方向。 关键词：治理环境；股权结构；现金股利 II Abstract Abstract Cash dividend policy is one of the important financial policies of enterprises. With the development of the economy and the development of the market, cash dividends will also play a more important role and play a more critical role for enterprises. The advantages of dividends are obvious, so the Chinese government encourages or even forces companies to pay dividends, but most of the research on the driving factors of cash dividends still stays on internal factors, and the guiding role of relevant laws and regulations is also reflected in practice. Research on the influencing factors and influencing paths of cash dividend policy has also attracted more and more attention from scholars. In the more than ten years since 2004, the China Securities Regulatory Commission has put forward many requirements and regulations on the dividend distribution of listed companies, aiming to promote the active dividend distribution of listed companies in China, promote the sound development of the capital market, and create a good The capital environment, but for now, there is a long way to go to promote corporate dividends. In this context, the data of Shanghai-Shenzhen A-share main board listed companies from 2008 to 2016 are used as research samples, relevant hypotheses are proposed and corresponding models are constructed, and the multiple regression method is used for empirical research. First discuss the impact of the corporate governance environment on cash dividends, and then study the impact of the ownership structure on the contact between the external surroundings and cash dividends and the differences in the impact of different political linkages. Finally, we further examine the influence path of the governance environment on cash dividends and the difference in the impact of institutional investor heterogeneity on the contact between the external surroundings and cash dividends. This article takes the impact of governance environment on corporate cash dividends as the core of the study, measures the governance environment in which enterprises are located in the marketization index in China's Marketization Index Report (2018), and uses the five aspects of equity structure to concentrate equity , Equity III 广东工业大学硕士学位论文 balance, nature of equity, institutional investors ’ shareholding ratio and management ’s shareholding ratio to measure the equity structure of company, using the dividend payment rate to measure the payment level of cash companies’ dividends, and discussing the governance environment, corporate equity structure and the link to cash dividends, and the following conclusions are mainly drawn. First of all, the external surroundings in different regions is very different, and the improvement of the external surroundings can obviously increase the level of corporate cash dividend payment. Secondly, the increase in the concentration of equity weakens the promotion of the governance environment on cash dividends, and equity checks and balances the improvement of the degree cannot significantly influence the contact between the external surroundings and cash dividends. Compared with state-owned enterprises, the promotion of cash dividends by the governance environment is more obvious in non-state-owned enterprises. The increase in the shareholding ratio of institutional investors has weakened the promotion effect of the governance environment on cash dividends, and the increase in the management shareholding ratio has weakened the promotion effect of the governance environment on cash dividends. Thirdly, the impact of the contact between the external surroundings and cash stocks differs among listed companies with or without political connections. Then, the promotion of the governance environment for cash dividends can be achieved by easing financing constraints and reducing agency costs. At last, institutions Investor heterogeneity has different effects on the governance environment and cash dividend relationship. This article concludes and concludes this study, and puts forward relevant suggestions for the research conclusion. At the same time, it points out the deficiencies and shortcomings of this study and the direction of future research significance. Keywords: governance environment; shareholding structure; cash dividends IV 目录 目录 摘要 ............... I Abstract .......III 目录 ..............V Contents ... VIII 第一章 绪论 .............................. 1 1.1 研究背景与意义 ........ 1 1.1.1 研究背景.......... 1 1.1.2 研究意义.......... 2 1.2 研究问题与内容......... 3 1.2.1 研究问题.......... 3 1.2.2 研究内容.......... 3 1.3 研究方法与思路......... 4 1.3.1 研究方法.......... 4 1.3.2 研究思路.......... 5 1.4 研究创新..................... 7 第二章 文献综述与理论基础 . 8 2.1 文献综述 ..................... 8 2.1.1 治理环境与现金股利的综述 ....... 8 2.1.2 股权结构与现金股利的综述 ....... 9 2.1.3 政治关联与现金股利的综述 ..... 12 2.1.3 文献述评........ 13 2.2 相关理论基础........... 14 2.2.1 委托代理理论 .............................. 14 2.2.2 信息不对称理论 .......................... 15 2.2.3 自由现金流理论 .......................... 15 2.3 本章小结 ................... 16 第三章 概念界定与研究假设 .............................. 17 V 广东工业大学硕士学位论文 3.1 相关概念的界定....... 17 3.1.1 治理环境........ 17 3.1.2 股权结构........ 17 3.1.3 现金股利........ 18 3.2 研究假设的提出....... 19 3.2.1 治理环境与现金股利的假设 ..... 19 3.2.2 治理环境、股权结构与现金股利的假设................ 20 3.2.3 政治关联视角下治理环境、股权结构与现金股利的假设.................. 23 3.3 本章小结 ................... 24 第四章 研究设计 .................... 25 4.1 样本选取 ................... 25 4.2 变量设计 ................... 25 4.2.1 治理环境的衡量 .................