股权分置改革、高股利分配与投资者利益保护——基于驰宏锌锗的案例研究

本文以我国股权分置改革为制度背景,从股利代理理论和投资者保护理论角度出发,研究驰宏锌锗的股利分配行为与投资者利益保护的关系。分析结果表明,驰宏锌锗在股权分置改革过程中所进行的股利分配,有严重侵占中小股东利益之嫌。针对这一问题,我们建议监管当局要加强对上市公司高股利分配行为的监管,并继续完善中小投资者法律保护建设,尤其是执行层面的监督。上市公司则应该提高其所披露信息的质量,促进公司稳定和谐发展。

Reform of the Shareholder Structure, High Dividend Payout and Investor Protection - A Case Study Based on Chihong Zinc & Germanium

This paper studies the relationship between dividend payout and investor protection by the case of Chihong Zinc & Germanium's nontradable shares reform,from the view of dividend agent theory and investor protection theory.We find that the behavior of Chihong Zinc & Germanium's high dividend payout induces the suspicion of expropriating small shareholders' interest.This paper suggests that CSRC focus on the behavior of listed firms dividend payout,keep on perfect investor protection laws.The listed companies should improve their information quality to develop stably and harmoniously.