现金股利与控股股东的利益输送行为研究——来自中国上市公司的经验证据

在存在控股股东的情况下,大股东的利益输送通常会造成对中小股东利益的侵犯,进而对资本市场的有效性造成影响。本文认为现金股利发放在中国上市公司中是作为控股股东利益输送的一种重要手段,对此的实证结果表明大股东的持股比例与公司发放现金股利的多少呈明显正相关关系;第二大股东和第三大股东不能对大股东利用现金股利转移现金进行监督;机构投资者的作用尚不明显。

The Tunneling of Cash Dividends and the Dividend of Controlling Shareholders

When there are controlling shareholders, expropriation of minority shareholders will take place in the tunneling of dividends, which will greatly affect the capital market. This paper points out that cash dividend is an important means to transfer the controlling shareholders' dividend in the listed companies. With empirical analysis, this paper proves that share proportion of largest shareholders is positively correlated with the amount of cash dividend; the second and the third big shareholders can not supervise largest shareholder and the roles of institutional investors are not obvious yet.