CAJ | 학술논문

尽管众多研究都表明股权高度集中环境下大股东会通过关联交易和现金股利来实现利益的输送，但很少有研究分析大股东实现利益输送目标的行为方式选择。本文对关联交易和现金股利两种利益输送方式的收益与成本进行分析，提出在既定利益输送程度的限制下，两种利益输送方式存在替代关系的假说。本文对2002～2005年我国上市公司关联交易与现金股利之间关系的实证检验证实这一假说成立，并且发现大股东不同持股比例下对关联交易和现金股利两种利益输送方式的选择也不同。本文对我国上市公司利益输送方式的选择提供了新的经验证据，也为我国股权结构对现金股利发放的影响提供了新的解释。
진관음다연구도표명고권고도집중배경하대고동회통과관련교역화현금고리래실현이익적수송，단흔소유연구분석대고동실현이익수송목표적행위방식선택。본문대관련교역화현금고리량충이익수송방식적수익여성본진행분석，제출재기정이익수송정도적한제하，량충이익수송방식존재체대관계적가설。본문대2002～2005년아국상시공사관련교역여현금고리지간관계적실증검험증실저일가설성립，병차발현대고동불동지고비례하대관련교역화현금고리량충이익수송방식적선택야불동。본문대아국상시공사이익수송방식적선택제공료신적경험증거，야위아국고권결구대현금고리발방적영향제공료신적해석。
Ahhough there a large number of researches studying how controlling shareholders realize expropriation by affiliated transaction and （or） cash dividend under highly concentrated ownership structure, very few of them have analyzed how controlling shareholders choose between these two ways. This paper studied the benefit and cost of affiliated transaction and cash dividend respectively, and supposes that this two methods substitute for each other under a certain level of expropriation. We test the relationship of affiliated transaction and cash dividend in Chinese listed companies from 2002 to 2005, our results confirm the substitution hypothesis. We also find out that controlling shareholders choose different ways to tunnel because of different rate of share hold. This paper affords new evidence to expropriation in china, as well as some new explanation to the influence of ownership structure on cash dividends.