【摘要】 本文采用实证方法研究了影响我国上市公司股利政策的原因 ,得出了不同于国外研究的结论。在国外 ,股利政策是控制代理成本的一种工具 ,在中国现行股利政策恰好是代理问题没有得到解决的产物。特殊的股权结构和治理结构对股利形式的选择有重要影响 ,上市公司控股股东存在以现金股利从上市公司转移现金的行为 ;上市公司对以股票股利留于上市公司的资金存在浪费现象 ,并非是股东利益最大化 ;企业规模对股利形式选择有重要影响。更多还原

【Abstract】 This article studies how managers of China’s listed companies make dividend policy decisions that are much different from those in developed countries. The research indicates that China’s unique enterprise system and market environment have much effect on the dividend policy of its listed companies. There are evidences that larger shareholders have the incentive to transfer cash from the listed companies to themselves and the decision on stock dividend is in contradiction to the further development of the listed companies. Small corporations prefer stock dividend and there is a negative relationship between the size and stock dividend.更多还原