中国上市公司现金股利利益侵占效应分析

流通股与非流通股的股权结构安排使得中国上市公司的现金股利具有利益侵占效应,即非流通股股东因无法获得股价上涨的收益而追求高额现金股利。非流通股股东较低的初始投资成本进一步增强了其对高额现金股利的偏好。但相对来说,现金股利只是一种较弱的利益侵占方式,并且现金股利支付将增大上市公司的盈余管理难度,因此,证监会将现金股利支付作为再融资门槛的重要参数有其合理性。

A Study on Tunneling Effect of Cash Dividend in China

Cash dividend of Chinese listed companies has a tunneling effect because of the tradable and non-tradable shares structure.The non-tradable shareholders can't benefit from share price increase,so they prefer cash dividend.The low initial investment cost of non-tradable shareholders increases their performance of high cash dividend.Relatively,the tunneling effect of cash dividend is weak and cash dividend makes earnings management even difficult,so cash dividend as an important factor in SEO regulation is reasonable.