| 低现金股利政策、股东财富与控股股东决策 |
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| 引用本文： | 许辉,祝立宏. 低现金股利政策、股东财富与控股股东决策[J]. 商业经济与管理, 2010, 0(6) |
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| 作者姓名： | 许辉 祝立宏 |
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| 作者单位： | 浙江工商大学,财务与会计学院,浙江,杭州,310018 |
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| 摘 要： | 根据Jensen的自有现金流量假说,在不考虑股票回购条件下,将公司支付的现金股利数量低于自由现金流量定义为低现金股利政策.研究显示,低现金股利政策不利于股东财富最大化,在低现金股利政策范围内,提高现金股利会提高股东财富.但从控股股东财富最大化出发,实施低现金股利政策有助于实现其获取控制权私有收益以本身的财富最大化.
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| 关 键 词： | 自由现金流量 低现金股利政策 股东财富 控股股东 |
Low Cash Dividend Policy,Stockholders' Wealth and Controlling Shareholders' Decision |
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| XU Hui,ZHU Li-hong. Low Cash Dividend Policy,Stockholders' Wealth and Controlling Shareholders' Decision[J]. Business Economics and Administration, 2010, 0(6) |
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| Authors: | XU Hui ZHU Li-hong |
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| Affiliation: | XU Hui,ZHU Li-hong(School of Finance , Accounting,Zhejiang Gongshang University,Hangzhou 310018,China) |
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| Abstract: | According to Jensen's theory of free cash flow,considering no stock repurchase,the low cash dividend policy is defined as the situation in which cash dividends are less than free cash flow.Our results show that low cash dividend policy is not good to the maximization of stockholders' wealth,and within low cash dividend,increasing cash dividend will improve stockholders' wealth.But from the perspective of maximizing controlling stockholders' own wealth,the controlling stockholders favor low cash dividend pol... |
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| Keywords: | free cash flow low cash dividend policy stockholders' wealth controlling shareholders |
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