控股股东利益导向和非理性分红

对我国上市公司的非理性分红现象进行分析,发现监管层的政策引导不能完全解释该现象。实证研究表明:在我国股权分割的特殊背景下,控股股东个体利益最大化是影响公司非理性分红的重要因素。在控制了控股股东的股权比例后,发现民营控股的比国有控股的上市公司非理性分红倾向更强。股东间的权力制衡和内部监控机制对抑制非理性分红的作用不明显,而负债对非理性分红行为起到一定的限制作用。

Study on the Profit-oriented of Largest Shareholder and Irrational Dividend Pay-out

This paper analyzes irrational dividend pay-out behaviors of listed companies and finds that the common theories in the literature cannot explain these behaviors. The policy guidelines of the CSRC((China) Securities Regulation Committee) cannot fully explain these phenomena,either.Our empirical study shows that the largest shareholders' pursuit of profit maximization is the major factor to influence the irrational dividend pay-out of the listed company under the special background of ownership splitting.Under controlling the share-holding proportion of the largest shareholder,we find that the non-(governmental) holding listed companies have a higher probability of irrational dividend pay-out than that of the government holding ones. The balance power of shareholders and internal supervision mechanism of the company cannot restrict its irrational dividend pay-out behavior.But the debt has an effect on(controlling it).