股权二元结构下的股利政策--一种新的代理成本理论

本文基于股权二元结构建立了新的代理成本理论，发现并度量了分配现金股利的“再分配效应”——导致价值在流通股与非流通股之间转移，说明分配现金股利可能是大股东对流通股股东的掠夺行为。再分配效应揭示了股权二元结构的缺陷，有助于解释股利分配的一些实证现象，为现金股利的“利益输送”假说提供了理论基础。本文提出的配股一分红策略可以实现非流通股间接上市的目的。

Dividend Policy of Chinese Listed Companies with Dual - Class Stocks

With a model of dual - class stocks, this paper investigates the influences of dual - class equity structure on dividend policy of Chinese listed companies, and proposes a new theory of agency cost basing on the redistribution effect of cash dividend. This theory is helpful to explain some empirical results about dividend, and provides a theoretical foundation for the tunneling hypothesis. Moreover, the financial strategy of paying dividend with the proceed of rights issue can be used to transfer non - tradable shares to tradable shares indirectly.