1、南開大學(xué)學(xué)位論文原創(chuàng)性聲明004834l本人鄭重聲明：所呈交的學(xué)位論文，是本人在導(dǎo)師指導(dǎo)下，進(jìn)行研究工作所取得的成果。除文中已經(jīng)注明引用的內(nèi)容外，本學(xué)位論文的研究成果不包含任何他人創(chuàng)作的、己公開發(fā)表或者沒有公開發(fā)表的作品的內(nèi)容。對(duì)本論文所涉及的研究工作做出貢獻(xiàn)的其他個(gè)人和集體，均已在文中以明確方式標(biāo)明。本學(xué)位論文原創(chuàng)性聲明的法律責(zé)任由本人承擔(dān)。學(xué)位論文作者簽名：吲年AbstractAbstractPropertyvarietybased

2、onpropertyinteractionbetweenprivateeconomyandstateownedeconomyisseenastheimportantresolutiontosolvethedilemmaofstateownedenterprisesofourcountryHoweverowingtoneglecttheprotectionofsmall—middleshareholdersdecreaseofstateo

3、wnedsharesfailedinJune2001Itwasrejectedbythecapitalmarketandthenbadwayforourcountry’Scapitalmarketlastedfor6yearswhichinfluencedsharerightrevolutionofourcountryCSRCannouncedthattherevolutionofreformationofdispersionofsha

4、reandfightshadbeenreadyonApril12th，2005ItsucceededbypayingfortheconsiderationInthispaperthecashdividendpoliciesofthelistcompanieswhicharedividedintothreedifferentresearchgroups，namelyCentral—OwnedEnterprises，LocalOwnedEn

5、terprisesandPrivateEnterprisesbeforeandaftertheNonTradableSharesReformarehavingbeenanalyzedbyempiricalresearchFirstempiricaltoolisMNRmethodtoexaminethedifferencebetweenthepre‘NTSRandpostNTSRyear，whichisfollowedbythemulti

6、plelinearregressionanalysisonthefactorsofthechangeofcashdividendThethirdpartisalsothemultiplelinearregressionanalysisbutonthefactorsofthechangeofcashdividendofdifferentyearstofindoutthechangeofthefactorsThefinalpartislog

7、isticregressionanalysistolookfortherelationshipbetweentheabnormalcashdividendandconsiderationaswellasownershipstructureInthestudiesa11thesamplesaredividedintosixcategoriesonthebasisofthreedifferentcontrollingshareholders

8、andtwodifferentreformyearsItfindsoutthatallsamplesofthecompany’ScashdividendsinthepostNTSRyearsignificantlydecline，with05COEsaswellasall06samplegroupsarethemostsignificantcompaniesAccordingtotheclassificationofdifferents

9、amplesoftheimpactofthecashdividendpolicyofthemultipleregressionanalysiscanbefoundthatthereisshareholderscollusioninalltheCOEsAlltheownershipvariablesoftheCOEsin05Grouparenotsignificantandinstitutionholdingproportioncanbe