CAJ | 학술논문

近年来出现的分红与再融资挂钩政策，不仅没有给股民带来多少即时收益，反而损害了企业与股民的长期利益：一方面分红给股民带来收入幻觉，其实真正的受益者是大股东与管理层；另一方面强制分红政策产生监管悖论，也不符合国际趋势。股民与企业的利益结合点在于企业的创新，强制分红损害了创新的可持续，从而损害彼此利益。停止强制分红、放权于市场才是正确选择。
근년래출현적분홍여재융자괘구정책，불부몰유급고민대래다소즉시수익，반이손해료기업여고민적장기이익：일방면분홍급고민대래수입환각，기실진정적수익자시대고동여관리층；령일방면강제분홍정책산생감관패론，야불부합국제추세。고민여기업적이익결합점재우기업적창신，강제분홍손해료창신적가지속，종이손해피차이익。정지강제분홍、방권우시장재시정학선택。
Dividends are linked with the refinancing policy in recent years, which did not bring much income to investors, but may do damage to long-term interests of companies and shareholders. On the one hand, the illusion of dividends to in-vestors generate income, the real beneficiaries are the major shareholders and management; On the other hand, the mandatory dividend policy to generate regulatory paradox, which will go far away from the international trends. The interests of investors and business point of integration is business innovation, the mandatory dividend will harm sustainable innovation, to the detri-ment of the interests of each other. Stop mandatory dividends, decentralization in the market is the right path.