控股股东控制与公司现金股利政策

上市公司的股利政策是公司价值最大化中的关键一环,目前我国上市公司的股利政策的确定因素尚不明确,不规则的股利政策不仅损害中小投资者的利益,而且有损股东价值最大化的财务管理理念。本文以现金股利为切入点,选用2005-2009年深沪上市公司为样本,主要针对我国特有的国情,从控股股东的性质和两权分离程度两个维度,并结合公司的成长性分析其与现金股利的影响,实证研究发现,控股股东性质及两权分离情况均对我国上市公司股利政策有重要影响。控股股东通过其拥有的控制权获取更多的收益,从而影响了其他利益相关者的利益,特别是中小股东的利益。

Controlling Shareholder and Cash Dividend Policy

The cash dividend policy of listed company has been always the key element in the company to maximize the value,while the current dividend policy of listed companies in China to determine the factors is unclear.Irregular dividend policy not only damages the interests of small investors,and undermines the concept of financial management to maximize shareholder value.Focused on China’s specific national conditions,this paper is written from the point of the cash dividend policy and selects the 2005—2009 Shenzhen and Shanghai listed company as a sample.Combined with the cash dividend the company’s growth,the paper starts from the two dimensions of the controlling shareholder of the nature and the separation of ownership.The empirical study found that the nature of controlling shareholder and the separation of ownership and dividend policy of listed companies in China.Ccontrolling shareholders through its own control over the more income,thus affecting the interests of other stakeholders,especially the interests of small shareholders.