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中国股市现金股利悖论研究 预览 被引量:41

The Study on the Paradox of Cash Dividend in Chinese Stock Market
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摘要 现金股利悖论指现金股利增加或降低都可能增加代理成本,从而损害中小投资者利益.现金股利能保护中小投资者利益是国内外流行的观点.文章在考虑我国存在高比例非流通股的事实下,从代理成本角度对我国现金股利与中小投资者利益关系进行了系统的理论分析,提出了'现金股利悖论',并得出三条推论:股权越集中的公司,现金股利支付率越高;国有股股东比法人股股东更偏好现金股利;现金股利支付极不稳定.但对三条推论的检验结果表明,在未考虑其他影响因素时国有股股东与法人股股东对现金股利的偏好并无显著差别.增加现金股利的一刀切的做法并不可取.要解决现金股利的两难处境,前提是股票全流通. The paradox of cash dividends is that the increase or decrease of cash dividends may increase the agency cost between the controlling shareholders and small shareholders and thus does harm to the interests of the small shareholders. It is one popular view that the payment of cash dividends can protect the interests of small investors. On the condition that the high percentage of nontradable stocks exists, the paper systematically and theoretically analyzes the relations between cash dividends and small investors’ interests from the view of agency cost, and puts forward the paradox of cash dividends and three conclusions. The author thinks the behavior of increasing the payment of cash dividends is not proper. To solve this paradox, the precondition is that all the stocks issued by listed companies can be traded in the secondary market.
作者 徐国祥 苏月中 XU Guoxiang 1, SU Yuezhong 2 (1, The Research Center for Applied Statistics, Shanghai University of Finance and Economics, Shanghai 200433, China; 2, Management Department, Jinan University, Guangzhou 510630, China)
出处 《财经研究》 CSSCI 北大核心 2005年第6期 132-144,共13页 The Study of Finance and Economics
基金 教育部新世纪优秀人才支持计划
关键词 现金股利悖论 代理成本 卡方检验 Duncan多重极差检验 paradox of cash dividends agency cost Chi-square test Duncan multiple range test
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参考文献14

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二级参考文献37

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同被引文献542

二级引证文献259

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