【摘要】 本文基于股权二元结构建立了新的代理成本理论,发现并度量了分配现金股利的“再分配效应”———导致价值在流通股与非流通股之间转移,说明分配现金股利可能是大股东对流通股股东的掠夺行为。再分配效应揭示了股权二元结构的缺陷,有助于解释股利分配的一些实证现象,为现金股利的“利益输送”假说提供了理论基础。本文提出的配股—分红策略可以实现非流通股间接上市的目的。更多还原

【Abstract】 With a model of dualclass stocks, this paper investigates the influences of dualclass equity structure on dividend policy of Chinese listed companies, and proposes a new theory of agency cost basing on the redistribution effect of cash dividend. This theory is helpful to explain some empirical results about dividend, and provides a theoretical foundation for the tunneling hypothesis. Moreover, the financial strategy of paying dividend with the proceed of rights issue can be used to transfer nontradable shares to tradable shares indirectly.更多还原