CAJ | 학술논문

现金股利政策常常成为上市公司控股股东进行利益侵占的手段，但股权分置改革前后控股股东影响现金股利政策的动机存在差异。本文选取股权分置改革后中国上市公司的数据，实证检验了控股股东对上市公司现金股利政策的影响。研究发现，股权分置改革后上市公司控股股东的利益侵占水平和现金股利发放负相关；控股股东的持股比例与现金股利发放正相关，控股股东持股比例的增加会减弱利益侵占和现金股利之间的相互替代关系。研究结论说明，股权分置改革后上市公司控股股东在考虑侵占成本的前提下，会提高现金股利的发放水平。
현금고리정책상상성위상시공사공고고동진행이익침점적수단，단고권분치개혁전후공고고동영향현금고리정책적동궤존재차이。본문선취고권분치개혁후중국상시공사적수거，실증검험료공고고동대상시공사현금고리정책적영향。연구발현，고권분치개혁후상시공사공고고동적이익침점수평화현금고리발방부상관；공고고동적지고비례여현금고리발방정상관，공고고동지고비례적증가회감약이익침점화현금고리지간적상호체대관계。연구결논설명，고권분치개혁후상시공사공고고동재고필침점성본적전제하，회제고현금고리적발방수평。
Cash dividend policy is often used for expropriation by the controlling shareholders in listed companies, but the controlling shareholders’ cash dividend motivation is different before and after the split-share structure reform. The paper selects samples of Chinese listed companies after the split-share structure reform, empirically tests the controlling share-holders’ influence on cash dividend policy of listed companies, the results show that the expropriated by controlling share-holders is negatively related to the cash dividends, the controlling shareholder’ stake ratio is positively related to cash divi-dends, the increasing of controlling shareholder ’ stake in the listed companies will decrease the substitute relationship between expropriation and cash dividends. It suggests that the listed companies’ controlling shareholders will increase the cash dividend distribution after the split-share structure reform, considering the cost of expropriation.