【摘要】 自La Porta et al.(2000)将投资者法律保护引入股利政策研究领域后,为现金股利政策的研究开拓了新的视角。本文利用2003～2008年的最新数据,从终极所有权结构的视角探讨投资者法律保护与现金股利政策的关系。实证发现:控制了终极所有权结构后,投资者法律保护与现金股利支付呈现负相关关系,但并不体现替代模型,真正影响现金股利支付的是最终控制人的现金流权和控制权;而且现金股利的支付导致公司价值的下降,现金股利政策成为最终控制人谋取私利的工具。更多还原

【Abstract】 After La Porta et al.(2000)introduces the investor protection into dividend study field,study of cash dividend has a new perspective.This paper tests the relationship between the investor and cash dividend policy viewed from the ultimate ownership structure by using Chinese listed company’s data from 2003 to 2008.The outcome of our study indicates that,after the ultimate ownership structure being controlled the relationship between investor protection and cash dividend policy is negative correlation,but it does not reflect the substitute model.The key factors that affect the cash dividend policy are cash flow right and control right.Cash dividend payout leads to the decrease of corporation value.Cash dividend policy has been the tool for ultimate controller to get personal gains.更多还原