儒家如何影响股利政策?

公平是法制的基本原则.儒家是否与法律相似，会一视同仁地对待大股东和中小股东的利益诉求，却是一个容易被忽视的问题.基于2002-2017年A股上市公司的数据，本文对儒家与股利政策的关系展开研究.结果表明儒家伦理是投资者保护的重要机制，不仅有效地遏制了大股东通过现金股利谋求控制权私人收益的行为，而且提高了中小股东通过合法途径参与公司治理的效率.上述结果意味着儒家伦理会差别对待大股东和中小股东的利益诉求，但传承儒家传统文化不可能削弱法制的治理效果.本文为理解儒家伦理与投资者保护的关系提供了新的视角.

How does Confucianism influence dividend policy?

Fairness is the basic principle of the legal system. However, there is a problem easily ignored whether Confucianism treats the interest claims of large and minority shareholders equally similar to law. Based on the data of A-share listed company from 2002 to 2017, the paper studies the relationship between Confucian ethics and dividend policy. The conclusions mean that Confucianism is an important mechanism for investor protection, which not only effectively prevents the large shareholders from seeking private benefits through cash dividends, but also improve the efficiency of minority shareholders to participate in corporate governance through legitimate process. These results imply that Confucianism treats the interests of large and minority shareholders differently, but it is impossible to weaken the effect of legal system by inheriting Confucian traditional culture. The paper provides new perspective for understanding the relationship between Confucianism and investor protection.