中國上市公司控股股東代理問題對(duì)現(xiàn)金股利政策影響的研究

1、摘要何規(guī)范我國上市公司股利政策提出了若干建議。本文從控股股東代理問題的角度研究了我國上市公司現(xiàn)金股利政策，力圖在以下兩個(gè)方面有所創(chuàng)新：（1）結(jié)合國外的研究成果和我國證券市場(chǎng)現(xiàn)狀，分析中國上市公司絕對(duì)控股股東與相對(duì)控股股東在股利政策制定方面的區(qū)別，找出我國上市公司控股股東制定現(xiàn)金股利政策的動(dòng)因。（2）通過實(shí)證研究證明上市公司控股股東代理問題對(duì)現(xiàn)金股利政策的影響。關(guān)鍵詞：核心代理問題；投票權(quán)和現(xiàn)金流量權(quán)；絕對(duì)控股股東；相對(duì)控股股東；高度集中

2、的股權(quán)就構(gòu)；市場(chǎng)分割；現(xiàn)金股利政策IIAbstractstocksismehigherthanthepublicstockssotheuncirculateshareholdersfavthecashdividend.Secondthispaperprovesthatthecashdividendbecomethemeasureofplunderwealthfromtheminityshareholderbythecontrolling

3、shareholder.ThoughtheempiricalresearchwefindthatthemainreasonoflistedcompanydividendpolicyisthedividedmarketexcessivecontrolownershipstructureinChina.Thecashdividendofcompanycontrolledbyabsolutelycontrollingshareholderis

4、higherthanthecompanycontrolledbyrelativecontrollingshareholder.Thecashdividendispositivecrelationtoproptionofownershipstructure.Thecashdividendisnegativecrelationtoproptionofcirculateshareholders.Inadditionweprovethatthe

5、capitalstructureabilityofpayoffarealsoimptantfactsincashdividendpolicy.FinallythispaperprovidessomeadvicefadvancingthecashdividendpolicyaccdingtotheoptimizingtheownershipstructureimprovingtheChinesestockmarket.Thispaperr

6、esearchcashdividendpolicyinlistedcompanyfromtheangleoftheceagencyproblemhavethetwoinnovationsinthefollowing:(1)Combiningtheresearchresultofabroadtheactualityofourcountrycapitalmarketweanalyzethedifferenceofcashdividendpo

7、licyincompanycontrolledbyabsolutelycontrollingshareholdercompanycontrolledbyrelativecontrollingshareholder.(2)Thoughtheempiricalresearchwefindthattheceagencyproblemhaveimptantinfluenceincashdividendpolicy.Keywd:theceagen