摘要
本文用股息的代理理论分析我国A股、H股和红筹股公司的派现行为。由于股东保护法制不完善 ,公司“内部人”对股东的剥夺导致A股公司低派现。香港法制健全 ,股东能利用法律手段争取高派现 ,因此H股和红筹公司派现水平较高。此外 ,股权结构对公司派现行为也有显著影响。最近证监会有关公司派现的指导性规定是必要的 ,但也有副作用。长远来看 ,建立法治是保护投资者的根本之道。
The paper analyzes the differences of cash dividends among A share, H share and red chip companies, using the agency theory of dividend, which argues that the low dividend is the outcome of weak legal protection to the minority shareholders. The insiders of listed firms tend to expropriate the minority shareholders, if they have little legal protection, resulting in a low cash dividend. Despite its by-effects, the recent stipulation of CSRC concerning the dividend is essential. In the long run, however, the establishment of the rule of law is the key to the investor protection and the development of securities markets.
出处
《金融研究》
CSSCI
北大核心
2002年第9期44-52,共9页
Journal of Financial Research
