论文部分内容阅读
一、引言近年来,我国上市公司的现金股利政策得到了广泛的重视,尤其是在2001年前后中国证监会将现金股利与公司融资资格相联系的一系列政策出台之后,有关上市公司的现金股利政策更是引起许多人的关注。那么,在我国现实条件下,现金股利的支付是否能够发挥公司治理效应呢?根据现金股利的代理理论,公司内部人一般不愿意将公司利润分配给外部投资者,而是倾向于将其留在公司或投资于非盈利甚至净现值为负的项目,以从中获取私人利益。因此,派发现金股利一方面减少了管理人员对自由现金流量的支配权,使其失去了可用于谋取自身利益的资金来源,从而促进资金的最佳配置;另一方面也使得公司内部资本由留存收益供给的可能性减小,而为了满足新投资的
I. INTRODUCTION In recent years, the cash dividend policy of the listed companies in our country has received extensive attention. Especially after the introduction of a series of policies that the CSRC linked the cash dividend with the qualifications of the company’s financing before and after 2001, the cash dividend of the listed company Policy is attracting many people’s attention. Then, under the realistic conditions of our country, can the payment of cash dividends exert the effect of corporate governance? According to the agent theory of cash dividend, insiders are generally unwilling to allocate corporate profits to outside investors, but prefer to leave them in Companies or invest in non-profit or even net present value projects to gain private benefits. Therefore, the distribution of cash dividend on the one hand reduces the manager’s discretionary power over free cash flow, so that it can lose its source of funds that can be used for its own benefit so as to promote the optimal allocation of funds. On the other hand, The possibility of a decrease in the supply of income, but in order to meet the new investment