中国上市公司控股股东代理问题对现金股利政策影响的研究

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1、摘要何规范我国上市公司股利政策提出了若干建议。本文从控股股东代理问题的角度研究了我国上市公司现金股利政策，力图在以下两个方面有所创新：（1）结合国外的研究成果和我国证券市场现状，分析中国上市公司绝对控股股东与相对控股股东在股利政策制定方面的区别，找出我国上市公司控股股东制定现金股利政策的动因。（2）通过实证研究证明上市公司控股股东代理问题对现金股利政策的影响。关键词：核心代理问题；投票权和现金流量权；绝对控股股东；相对控股股东；高度集中的股权就构；市场分割；现金股利政策IIAbstractABSTRACTDividendpolicyhasbe

2、enafocusofthefinancialeconomics.Becauseofthehugedifferenceofthedegreeofmaturemarketandownershipstructure,theChinesedividendpolicyseemstobeveryspecialcomparingwesternandmaturemarket.Basedon"thetwopowersseparate"governancestructure,thetraditionaldividendagencytheorythinksthat

3、dividendcandebaseagencycostbetweenmanagerandshareholder.InChina,thecapitalmarketwascutupintoun-circulateandcirculatefield,andthelistedcompanyhashighconcentratedownershipstructure.ThecoreagentproblemoftheChineselistedcompanyisconflictbetweencontrollingshareholderandminoritys

4、hareholder.Thecoreagentproblemprovidesthenewangleofviewtoourresearchincashdividendpolicy.Carryingonthefoundationoftheoverviewtothedomesticandinternationalconcerningresearchabouttheagencyproblem,thispaperdetaileddiscussesconflictbetweencontrollingshareholderandminorityshareh

5、olderintheChineselistedcompany,andresearchestheinfluenceofthecoreagencyproblemuponthecashdividendpolicy.Thispaperresearchismainlydividedintothreeparts:First,weanalyzetherelationshipbetweenthecoreagencyproblemandthecashdividendfromthetheoriesinthelistedcompany.Combiningthesp

6、ecialownershipstructureinChineselisted-company,weanalyzethereasonofcashpolicybycontrollingmodel.BecausethedegreeofSeparatingcontrolfromcashflowrightislow,andthereturnofcontrollingshareholderismorehigherthanminorityshareholder,Theabsolutelycontrollingstockholderfavorthecashd

7、ividend,thecashdividendbecomethemeasureofplunderwealthfromtheminorityshareholderbythecontrollingshareholder.Whiletherelativecontrollingshareholderdoesn’tpleasetopaythecashdividend,favorinlettingtheprofitremaininthelisted-company,becausethecashdividendweakencontrollingrights

8、.InChina,thestockmarketwascutupintoun-circulateandcirculatefield,theshareholdercan