| 581 | 6 | 123 |
| 下载次数 | 被引频次 | 阅读次数 |
我国现有的上市公司现金分红制度以保护中小股东为目的,将股利分配与再融资相挂钩,强制要求再融资公司进行现金分红。这种制度限制了上市公司自主决定利润分配的权力,增加了公司再融资的成本,执行效果并不理想。基于股利理论和中国的现实,应该从细化"强制性现金分红"的要求、改善公司治理机制及完善配套措施等方面改革我国上市公司的现金分红制度。
Abstract：The current listed companies' cash dividends regulation in china aims to protect small shareholders,links cash dividends to corporate refinancing and force companies which want to refinance dividend.This regulation limits the listed companies decide the cash dividend with their condition and increase their refinancing costs.It is not effective in execution.Based on dividends theory and Chinese capital market,puts forward the reform proposals include detail " mandatory cash dividend" requirements,improve the corporate governance and perfect supporting measures to improve the listing Corporation cash dividends regulation.
[1]M.Miller,F.Modigliani.Dividend Policy,Growth and the Valuation of Shares[J].The Journal of Business,1961,34(4):411-433.
[2]Jensen M C,Meckling W.Theory of the Firm:Managerial Behavior,Agency costs,and Capital Structure[J].Journal of Financial Economics,1976(3):305-360.
[3]M.S.Rozeff.Beta and Agency Costs as Determinants of Dividend Payout Ratios[J].Journal of Financial Research,1982,5(3):97-113.
[4]F.H.Easterbrook.Two Agenc cost Explanations of Dividends[J].American Economic、Reviews1984,74(4):653-655.
[5]Jensen M C.Agency Costs of Free Cash Flow,Corporate Finance,and Takeovers[J].American Economic Review,1986(76):323–329.
[6]A.Shleifer,RW Vishy.A Survey of Corporate Governance[J].Journal of Finance,1997,52(2):759.
[7]Maury C.B,Pajuste A.Controlling Shareholders,Agency Problems,and Dividend Policy in Finland[Z].Working Paper,Swedish School of Economics,2002.
[8]黄娟娟,沈艺峰.上市公司的股利政策究竟迎合了谁的需要——来自中国上市公司的经验数据[J].会计研究,2007(8):36-43.
[9]王信.从代理理论看上市公司的派现行为[J].金融研究,2002(9):44-52.
[10]李增泉,孙铮,王志伟.“掏空”与所有权安排——来自我国上市公司大股东资金占用的经验证据[J].会计研究,2004(12):3-13.
[11]陈信元,陈冬华,时旭.公司治理与现金股利:基于佛山照明的案例研究[J].管理世界,2003(8):118-126.
[12]原红旗.中国上市公司股利政策分析[M].北京:中国财经出版社,2004.
[13]孔小文,于笑坤.上市公司股利政策信号传递效应的实证分析[J].管理世界,2003(6):114-119.
[14]吕长江,许静静.基于股利变更公告的股利信号效应研究[J].南开管理评论,2010(2):90-96.
[15]曾亚敏,张俊生.股利所得税削减对权益资产价格的影响——以财税[2005]102为背景的事件研究[J].经济科学,2005(12):84-94.
基本信息:
DOI：10.16366/j.cnki.1000-2359.2014.04.038
中图分类号:F275
引用信息:
[1]李胜坤.基于股利理论的上市公司现金分红制度研究[J].河南师范大学学报(哲学社会科学版),2014,41(04):63-67.DOI:10.16366/j.cnki.1000-2359.2014.04.038.
2014-07-10
2014-07-10