【摘要】 证监会2006年和2008年相继发布了强制拟再融资上市公司分派现金股利的文件,旨在提高股东回报。以2006年和2007年A股再融资上市公司为样本,对这些政策颁布前后上市公司分红和现金流的变化情况进行研究发现,在证监会强制要求下,上市公司的分红水平有所提高,但股利分派也成为了大股东转移公司利益的手段。而且,公司的现金流在再融资前后波动较大,存在被操控的迹象。更多还原

【Abstract】 China Securities Regulatory Commission(CSRC)issued two documents in 2006 and 2008 to demand companies to allocate cash dividends before companies’ refinancing.This article makes research on cash dividends and cash flow of refinancing companies in 2006 and 2007.The results show that refinancing companies distributed more cash dividends after the documents to meet the refinancing requirements,but cash dividends became the means to tunnel.The results also show that companies’ cash flow fluctuates greatly,and may be manipulated.更多还原