【作者】 杨颖；

【机构】 德州学院经济管理系；

【摘要】 本文以股权分置改革前后两个时期为背景,利用2003-2008沪深两市A股上市公司数据,全面检验了股权分置改革前后终极所有权结构和现金股利政策各自的变化及两者之间关系的变化。实证结果证实:股权分置改革一定程度上弱化了国有属性的最终控制人利用现金股利进行利益侵占的动机,但并没有改变最终控制人利用现金股利侵占中小股东利益进而实现自身利益最大化的现实。更多还原

【Abstract】 Taken the two periods of former and post share splitting reform as background,this article tests the changes of ultimate ownership structure and cash dividend policy before and after share splitting reform and also verifies the change of relationship between ultimate ownership structure and cash dividend policy by using the A share listed company’s data in shanghai and Shenzhen from 2003 to 2008.The outcome of positive analysis show that share splitting reform weakens the incentive that the stated-owned ultimate controller use cash dividends to carry on the interest occupation,but does not change the reality that the ultimate controller use cash dividends to occupy the interests of minority shareholders and achieve their own interests maximization.更多还原