上市公司家族控制与股利决策研究

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1、AStudyontheRelationshipbetweentheFamilyControlandDividendDecisionoftheListedCompanyDengJian・ping,ZengYong(SchoolofManagement,UESTofChina,Chengdu610054,China)Abstract:Therearetwogroupsofagencyproblemsexistinafamily-controlledlistedcompany.Oneistheagencyproblembe

2、tweenshareholdersandmangers,andtheotherisproblembetweenthecontrollingfamilyandtheminorityshareholdersofthelistedcompany.Ourstudyondividenddecisionoffamily-controlledlistedcompaniesrevealsthatthedividenddecisionofthesecompaniesinChinaisnotmadeforthepurposeofavoi

3、dingtheriskofmanagers'abuseoffreecashflowbutforthemaximizationoffamilyprofits・Thehighercashflowrightsthecontrollingfamilyhas,thehighertendencythecompanyhastopayouthighdividendandthestrongerdesireithasforirrationaldividendpayment.Onthecontrary,ahigherseparationd

4、egreeofthecontrolrightsandcashflowrightsinacompanywillleadtoitstendencytopayarelativelylowdividendorevennottopayanythusresultinaweakerdesireforirrationaldividendpayment.Ourempiricalstudyalsofindsthatthefamily-controlledlistedcompanytakestheadvantageofdividendde

5、cisiontocontroltheROEtosatisfytheneedtorefinance.KeyWords:familycontrol;dividend;agencyproblem1.IntroductionRecentstudiesinmanycountriesfindthatthereisacommonphenomenaofcontrollingshareholdersinmanycompanieswhichisagainstBerle&Means(1932)andJensen&Meckling^(197

6、6)hypothesisofwidelydispersedcorporateownership.LaPortaal.(1999)tracedthecontrolchainsofobservationsof20largestcorporationsin27respectiverichcountriesandregionsanddocumentedthatthecorporationswerecontrolledmostlybyfamiliesorstatesexceptforafewcountries(suchasAm

7、erican).Claessensal.(2000)analyzetheultimatecontrolstructuresofcorporationsin9EastAsiancountriesandregions・Theyfindthatmorethanhalfofthelistedcorporationsarecontrolledbyfamiliesorindividualsatusing20%definitionofcontrol.Indonesia,withabout71.5%coiporationscontr

8、olledbyfamilies,topsthelist,HongKong66.7%,Taiwan48.4%,andJapanhasthelowestpercentageof9.7%.Faccoat(2002)carryoutasimilartaskforcompaniesin13WesternEuropeancountries,andrevea