㈠ 我国上市公司的股权激励 英文文献请列出一些。。。
Could CEO stock-based incentive compensation enhance firm
earnings? A quantile regression approach
Ming-Yuan Leon Li
and
Shang-En Shine Yu
Department of Accountancy and Graate Institute of Finance and Banking
㈡ 关于上市公司股利政策的书籍和参考文献,越多越好,越详越好,谢谢!
这种东西 没有书籍可以参考
希望能帮助到您 望采纳
㈢ 上市公司股利政策的英文文献 要中英文对照的
影响上市公司股利政策的因素
1、法律法规限制。
我国的法律法规对公司股利政策的影响有如下三种情况:
第一,《公司法》规定。《公司法》第130条规定股份的发行必须同股同权,同股同利。第177条规定了股利分配的顺序,即公司分配当年税后利润时,应当先提取法定公积金、法定公益金(提取法定公积金和法定公益金之前应当先利用当年利润弥补亏损),然后才可按股东持有的股份比例分配。第179条规定股份有限公司经股东大会决议将法定公积金转为资本时,所留存的该项公积金不得少于注册资本的百分之二十五。
第二,《个人所得税法》的规定。按照《个人所得税法》和国家税务总局《关于征收个人所得税若干问题的通知》,个人拥有的股权取得的股息、红利和股票股利应征收20%的所得税。
第三,《关于规范上市公司若干问题的通知》的规定。
(1)上市公司确实必须进行中期分红派息的,其分配方案必须在中期财务报告经过具有从事证券业务资格的会计师事务所审计后制定;公布中期分配方案的日期不得先于上市公司中期报告的公布日期;中期分配方案经股东大会批准后,公司董事会应当在股东大会召开两个月内完成股利(或股份)的派发事项。
(2)制定公平的分配方案,不得向一部分股东派发现金股利,而向其他股东派发股票股利;
(3)上市公司制定配股方案同时制定分红方案的,不得以配股作为分红的先决条件。
(4)上市公司的送股方案必须将以利润送红股和以公积金转为股本明确区分,并在股东大会上分别作出决议,分项披露,不得将二者均表述为送红股。
2、国家宏观经济环境。
一国经济的发展具有周期性。当一国经济处在不同的发展周期时,对该国企业股利政策的制定也有不同的影响。相应地,我国上市公司在制定股利政策时同样受到宏观经济环境的影响。当前,在形式上表现为由前几年的大比例送配股,到近年来现金股利的逐年增加。
3、通货膨胀。
当发生通货膨胀时,折旧储备的资金往往不能满足重置资产的需要。公司为了维持其原有生产能力,需要从留存利润中予以补足,这时管理当局可能调整其股利政策,导致股利支付水平下降。
4、企业的融资环境。当客观上存在一个较为宽松的融资环境时,企业可以发放债务融资性的股利和权益融资性的股利,亦即公司借新债或发新股来为股利融资。一般说来,企业规模越大,实力越雄厚,其在资本市场融资的能力就越强,财务灵活性也越大,当然其支付股利的能力也就越强。对于许多小公司或新成立的公司而言,难以采取融资性的股利政策。
5、市场的成熟程度。
衡量市场的成熟程度,通常可划分为三种形式:弱式有效市场、半强式有效市场和强式有效市场。市场越有效,其成熟度也就越高。实证研究结果显示,在比较成熟的资本市场(半强式有效市场)中,现金股利是最重要的一种股利形式,股票股利则呈下降趋势。我国因尚系新兴的资本市场,和成熟的市场相比,在中国,股票股利仍属一种重要的股利形式。
6、企业所在的行业。
股利政策具有明显的行业特征。一般说来,成熟产业的股利支付率高于新兴产业,公用事业公司的股利支付率高于其他行业公司。经验证据表明,行业的平均股利支付率同该行业的投资机会呈负相关关系。
7、企业资产的流动性。
所谓资产的流动性是指企业资产转化为现金的难易程度。企业的现金流量与资产整体流动性越好,其支付现金股利的能力就强。而成长中的、盈利性较好的企业,如其大部分资金投在固定资产和永久性营运资金上,则他们通常不愿意支付现金股利而危及企业的安全。
8、企业的生命周期。
通常把企业的生命周期划分为成长阶段、发展阶段和成熟阶段。在不同的阶段,企业的股利政策会受到不同的影响。在成长阶段,企业亟需资金投入,一般来讲,股利支付率相对较低;在发展阶段,公司开始能以较大的股利支付比率把收益转移给股东;至成熟阶段,由于投入产出相对稳定,股利支付率和股票收益率都将几乎保持不变。
9、企业的投资机会。
股利政策在很大程度上受投资机会所左右。如果公司有较多的有利可图的投资机会,往往采用低股利、高留存利润的政策;反之,如果投资机会较少,就可能采用高股利政策。当然,在采用低股利政策时,公司管理层必须向股东充分披露以留存利润投资于盈利高的项目,以取得股东的信任和支持。
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1, limit laws and regulations.
China's laws and regulations of the company's dividend policy has the following three conditions:
First, the "Company Law" requirements. "Company Law" Article 130 provides that the issuance of shares to be shares with the same rights, with the shares with Lee. The provisions of section 177 of the order of the dividend distribution, that is, when the distribution of after-tax profit of the company should first extract the statutory fund, statutory public welfare fund (statutory provident fund and statutory extract before the first use of the Community Chest of the year to make up for loss of profits), and then only by shareholders holding Some pro-rata allocation of shares. Co., Ltd. article 179 of the statutory fund shareholders' general meeting resolution to capital, retained by the fund shall not be less than 25 percent of the registered capital.
Second, the "Personal Income Tax Act". In accordance with the "Personal Income Tax Law" and the State Administration of Taxation, "on a number of issues of personal income tax levy," which indivials have access to the equity dividend, dividends and stock dividends to 20% of the income tax levy.
Third, the "norms of listed companies on notice a number of issues" requirement.
(1) a listed company must conct an interim dividend does pay a dividend, the distribution must be in the interim financial report has been qualified to engage in securities business, drawn up after the accounting firm audit; announced the allocation of medium-term programs may not be before the date of the interim report of listed companies publication date; the medium-term shareholders' general meeting approved the allocation of the program, the Company's Board of Directors held a general meeting of shareholders should be completed within two months of the dividend (or shares) of the distribution of matter.
(2) the development of equitable distribution of the program may not be distributed to shareholders as part of cash dividends, and other shareholders to distribute stock dividends;
(3) placement of shares of listed companies to develop programs to develop bonus programs at the same time, a placement of shares as a dividend shall not be a prerequisite.
(4) of listed companies will be profit bonus program must give Bonus shares and a clear distinction between provident fund to equity and the shareholders of the General Assembly resolution, respectively, the disclosure of sub-items may not be expressed as give Bonus shares both.
2, the national macro-economic environment.
The development of a country's economy has a cyclical character. When a country's economy at different development cycle, the country's corporate dividend policies have different effects. Correspondingly, China's listed companies in the formulation of dividend policy by the same macro-economic environment. At present, the performance of the grounds in the form of a few years ago to send a large proportion of the allotment, cash dividends in recent years has increased year by year.
3, inflation.
When inflation, the depreciation reserve funds are often unable to meet the needs of asset replacement. Companies in order to maintain its original capacity, need to be filled in retained earnings, when management may adjust its dividend policy, leading to rection in the level of dividend payments.
4, the financing environment for enterprises. When there is an objective of the financing for a more flexible environment, corporate debt financing can be paid the dividend and rights of the financing of the dividend, which is the company through new debt or new shares to finance the dividend. In general, larger enterprises, the more abundant strength, its ability to finance the capital market will be strong, and greater financial flexibility, of course, their ability to pay dividends stronger. For many smaller companies or new companies formed, it is difficult to take the financing of the dividend policy.
5, the maturity of the market.
Maturity of the market, usually can be divided into three forms: weak-form efficient market, semi-strong efficient markets and effective market strong. Market more effective, the higher its maturity. Empirical studies have shown that in more mature capital market (semi-strong efficient market), the cash dividend is the most important form of a dividend, stock dividends decreased. Department of China is still emerging from the capital markets, and mature markets, in China, the stock dividend is still an important form of dividends.
6, where the instry enterprises.
Dividend policy has obvious characteristics of the instry. In general, a mature instry, the rate of dividend payout is higher than in emerging instries, public utility companies to pay dividends is higher than companies in other instries. Empirical evidence shows that the instry average dividend payout rate of investment opportunities in the instry was a negative correlation between.
7, the mobility of corporate assets.
The so-called liquid assets means assets into cash difficulties. Corporate cash flow and assets, the better the overall liquidity, its ability to pay cash dividends on strong. And growing, profitable enterprises better, as most of the money invested in fixed assets and working capital on a permanent, they are usually not willing to pay cash dividends and jeopardize the enterprise security.
8, the life cycle of enterprises.
Usually the business life cycle is divided into the growth stage, development stage and mature stage. At various stages, corporate dividend policy will be subject to different effects. In the growth stage, enterprises need capital investment, in general, relatively low rate of dividend payment; in the development stage, the company began to pay a larger percentage of the dividend proceeds to the shareholders; to a mature stage, e to the relative input-output stable, dividend payout rates and stock returns will be almost unchanged.
9, business investment opportunities.
Dividend policy to a large extent influenced by the investment opportunities. If the company more profitable investment opportunities, often using low-dividend, high profit retention policies; the contrary, if the investment is less likely to adopt high-dividend policy. Of course, in the use of low-dividend policy, the company's management must be fully disclosed to shareholders in order to retain profits to invest in high-profit projects, in order to obtain the trust and support of shareholders.
㈣ 跪求关于上市公司股权激励的外文文献
两篇直接下载,自己选择吧。
Managerial ownership, incentive contracting, and the use of zero-cost collars and equity swaps by corporate insiders
]JC Bettis, JM Bizjak - Journal of Financial and , 2001
http://www.buec.udel.e/coughenj/Der_BizjakLemmon.pdf
Why do public firms go private in the UK? The impact of private equity investors, incentive realignment and undervaluation
L Renneboog, T Simons - Journal of Corporate Finance, 2007
http://www.ti(删除)lburgunive(此处)rsity.e/resear(中文)ch/institutes-and-research-groups/tilec/ev(下载)ents/seminars/renneboog.pdf
㈤ 上市公司的股权结构论文2000-3000字
如果太忙没空写作需要原创代笔时可以找我 希望可以帮到你,
论文要想写的特别好,拿到高分,最重要的是要把认真两字要记牢,认真收集资料,列好大纲,根据学
校格式写,关于法学专业案例论文是我们特长,服务特点:支持支付宝交易,保证你的资金安全。3种服
务方式,文章多重审核,保证文章质量。附送抄袭检测报告,让你用得放心。修改不限次数,再刁难的
老师也能过。
1、论文题目:要求准确、简练、醒目、新颖。
2、目录:目录是论文中主要段落的简表。(短篇论文不必列目录)
3、提要:是文章主要内容的摘录,要求短、精、完整。字数少可几十字,多不超过三百字为宜。
4、关键词或主题词:关键词是从论文的题名、提要和正文中选取出来的,是对表述论文的中心内容
有实质意义的词汇。关键词是用作机系统标引论文内容特征的词语,便于信息系统汇集,以供读者检索
。 每篇论文一般选取3-8个词汇作为关键词,另起一行,排在“提要”的左下方。 主题词是经过规范
化的词,在确定主题词时,要对论文进行主题,依照标引和组配规则转换成主题词
表中的规范词语。
5、论文正文:
(1)引言:引言又称前言、序言和导言,用在论文的开头。 引言一般要概括地写出作者意图,说明
选题的目的和意义, 并指出论文写作的范围。引言要短小精悍、紧扣主题。 〈2)论文正文:正文是论
文的主体,正文应包括论点、论据、 论证过程和结论。主体部分包括以下
内容:
a.提出-论点;
b.分析问题-论据和论证;
c.解决问题-论证与步骤;
d.结论。
6、一篇论文的参考文献是将论文在和写作中可参考或引证的主要文献资料,列于论文的末尾。参考
文献应另起一页,标注方式按《GB7714-87文后参考文献著录规则》进行。
中文:标题--作者--出版物信息(版地、版者、版期):作者--标题--出版物信息
所列参考文献的要求是:
(1)所列参考文献应是正式出版物,以便读者考证。
T ---a-- o,b--a---o两钻信誉,诚-----信----保-----过,需要----看--用---户---名详谈
㈥ 上市公司财务文献相关文献 有哪些 跪求网址什么都可以
有很多的
㈦ 求“上市公司股票价格波动与业绩绩效之间的相关性分析”的文献综述!!!
求“上市公司股票价格波动与业绩绩效之间的相关性分...,发行股票的公司被视为上市公司,因为一般人口有机会投资这些业务。相比之下,私营公司不会发行公共交易所可用的股票,这是一个可以进行证券交易和其他金融工具交易的受监管市场。对我温柔的样子也记得。那都是爱的所爱,
㈧ 关于中小企业板上市公司股权激励的外文文献
我处禁止上传文件,相关PDF外文文献有,翻译没有,翻译得靠你自己,希望能满足你的需要,能帮到你,多多给点悬赏分吧,急用的话请多选赏点分吧,这样更多的知友才会及时帮到你,我找到也是很花时间的,如果需要请直接网络 私信 或者 Hi 中留言贴出你在 网络知道的问题链接地址 及 邮箱地址
相关外文文献已发送,翻译没有,翻译得靠你自己了,希望能满足你的需要,能帮到你,多多给点悬赏分吧,急用的话请多选赏点分吧,这样更多的知友才会及时帮到你,我找到也是很花时间的
㈨ 求上市公司股利分配政策问题的研究的参考文献
[1]李婧.我国上市公司股利政策研究[D].西南大学,2012.
[2]Fischer Black. The Dividend Puzzle [M]. Journal of Portfolio Management, 1976.
[3]魏刚.中国上市公司股利分配的实证研究[J].经济研究,1998(6).
[4]孙超.我国上市公司股利政策影响因素研究[D].山东财经大学,2013.
[5]潘玉军.我国上市公司股利政策研究——基于利益主体博弈视角[D].山东财经大学,2012.
[6]吕长江,王克敏.上市公司股利政策的实证分析[J].经济研究,1999(12).
[7]陈小悦.我国上市公司首次鼓励信号传递效应的实证研究[J].经济研究,1998.
[8]刘星,李豫湘,杨秀苔.影响我国股份公司鼓股利策的影响因素[J].管理工程学报,1997(3).
[9]王信.从代理理论看上市公司的派现行为[J].金融研究,2002(9).
[10]赵春光,张雪丽,叶龙.股利政策:选择动因-来自我国证券市场的实证证据[J].财经研究,2001(2).
[11]刘淑莲,胡燕鸿.中国上市公司现金分红实证研究[J].会计研究,2003(4).
[12]伍丽娜,高强,彭燕.中国上市公司“异常高派现”影响因素研究[J].经济科学,2003(1).