利益获取:股利共享还是资金独占?

控股股东通过股利分红和直接的资金占用是其获取控制权利益的重要途径,两者具有很强的互补关系。通过分析1997—2000年我国285个国有企业股票首次公开发行后三年的数据,我们发现改制模式是影响控股股东选择利益获取方式的主要因素,非完整改造公司的控股股东直接占用上市公司资金的激励较强,从而公司支付的股利水平较低,而完整改造公司则相反。实证研究还发现不同改制模式公司中,控股股东持股比例对股利支付水平的影响程度也不同。

To Share or to Monopolize Profits?

Pay dividend and fund embezzlement,which are mutually complement,are two major ways for the controlling shareholders to gain controlling benefits.Using a sample of 285 SOEs that went public over period 1997—2000,we found that reorganization mode is the key factor that affects controlling shareholders' ways of gaining profit.The controlling shareholders of the company that went through incomplete reorganization have a stronger incentive to monopolize company funds and thus lead to a lower dividend payment,while things are different in companies that went through complete reorganization.Empirical studies also found that the proportion of controlling shareholders' shareholding produces different influence over dividend payment in companies with different reorganization modes.