经济与管理2016，Vol.30Issue(4)：77-88,12.
股份全流通推进、控股股东与企业现金分红决策
Full Circulation of Stock, Controlling Shareholder and Corporate Cash Dividend Policy
摘要
Abstract
Based on the data from year 2006 to year 2011 of Shanghai and Shenzhen stock market , we study the changes of agency problem of controlling shareholder in the process of stock full circulation and its influence on cash dividend policy. Empirical results shows that, the controlling shareholder strengthen the resource allocation function of cash dividend policy;Cash dividend policy under the guidance of controlling shareholder have positive effect on corporate sustainable growth; Cash dividend policy under the guidance of controlling shareholder can contribute to corporate value. Controlling shareholders have no motive of tunneling through cash dividend paying. Otherwise, cash dividend policy under the guidance of controlling shareholder can ease the agency problem of listed firms.Hence, with the full circulation of stock, the role of controlling shareholders in dividend decision-making have gradually made a transition from "interests expropriation" to "interests share".关键词
全流通/控股股东代理问题/利益取向/公司分红Key words
Full circulation of stock/Agency problem of controlling shareholders/Interest orientation/Cash dividend policy分类
管理科学引用本文复制引用
杨宝,龚小凤,宁青青..股份全流通推进、控股股东与企业现金分红决策[J].经济与管理,2016,30(4):77-88,12.基金项目
国家社科基金项目（13BJY014）；安徽省高校省级人文社科研究重点项目 （）
