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本文对比研究了中韩两国上市公司的现金股利政策的差异。实证研究表明:中国公司的现金股利分配水平低于韩国公司;两国公司第一大股东持股比率都很高,但两国大股东对股利偏好明显不同,中国公司的第一大股东持股比率越高,则现金股利发放水平就越高,而韩国企业的分红水平与第一大股东的持股比率没有明显的关系。这表明“一股独大”的股权结构只有在特殊的制度安排下,才会导致现金股利变为大股东攫取上市公司利益的“隧道”。基于上述结论,本文还提出了一些建议。
This article compares the cash dividend policy of listed companies in China and South Korea. Empirical studies show that the distribution of cash dividends of Chinese companies is lower than that of Korean companies. The shareholding ratio of the largest shareholder of the two companies is high, but the preference of big shareholders of the two countries is obviously different from the dividend preference. The largest shareholder of Chinese companies holds shares The higher the ratio, the higher the level of cash dividends. However, the level of dividends of Korean companies is not significantly related to the shareholding ratio of the largest shareholder. This shows that the ownership structure of “single dominant” only leads to the cash dividend becoming the “tunnel” for the major shareholder to grab the interest of the listed company only under the special system arrangement. Based on the above conclusions, this article also made some suggestions.