摘要
本文从利益输送的角度来研究我国上市公司的高派现行为,并进而讨论大股东与上市公司之间的利益往来关系。以沪市2002年的抽样样本为依据,我们发现,上市公司的高派现是大股东实现利益的合法而有效的手段,而且在大股东持股比例与不同的利益输送方式之间存在一定的关联。持股比例高的,倾向于以高派现、关联交易等方式实现利益输送;持肢比例低的,倾向于以股权转让、担保和占用等方式实现利益输送。这些发现将为我国目前关于公司治理的研究提供一个相对更可靠的测度手段,同时也为资本市场监管部门更好地保护中小投资者的利益提供一种政策性分析角度。
This paper studies the high cash dividends in listed companies, and discusses interest exchange between substantial shareholders and listed companies. Based on a sample of listed companies in Shanghai stock market in 2002, we find that high cash dividends is employed by substantial shareholders as a legal and effective method to realize their interest, and there exists some relationship between ownership of substantial shareholders and various tunneling methods. With higher ownership, companies tend to choose high cash dividends and affiliated trading to realize tunneling, while with lower ownership, companies are more inclined toward ownership transfer, warranting and appropriation. These findings will provide a rather credible measurement for current research on corporate governance in China, and provide a strategic angle for monitoring authority to better protect benefits of minority investors.
出处
《中国会计评论》
2004年第1期141-158,共18页
China Accounting Review
关键词
股权结构
现金股利
利益输送
Ownership Structure, Cash Dividend, Tunneling
