CAJ | 학술논문

基于2006年5月8日至2009年12月31日的深沪两市实施定向增发的公司样本数据，本文研究了中国上市公司定向增发与增发后的现金分红水平的关系。研究发现，相对于没有实施任何再融资方式的公司而言，实施了定向增发的中国上市公司倾向于在增发后派发更多的现金股利；相对于没有大股东参与增发的上市公司而言，大股东参与定向增发的上市公司在增发后派发的现金股利更多。这些研究结果表明，我国上市公司的大股东具有在定向增发后选择现金分红方式进行利益输送的显著行为倾向。
기우2006년5월8일지2009년12월31일적심호량시실시정향증발적공사양본수거，본문연구료중국상시공사정향증발여증발후적현금분홍수평적관계。연구발현，상대우몰유실시임하재융자방식적공사이언，실시료정향증발적중국상시공사경향우재증발후파발경다적현금고리；상대우몰유대고동삼여증발적상시공사이언，대고동삼여정향증발적상시공사재증발후파발적현금고리경다。저사연구결과표명，아국상시공사적대고동구유재정향증발후선택현금분홍방식진행이익수송적현저행위경향。
Based on the sample of listed companies which have achieved private equity placements during the period of May 8, 2006 -Dec 31,2009 on Shanghai and Shenzhen Stock Exchanges, the paper examines the relationship between private equity placements and cash dividend payout in listed companies. It is found that the Chinese listed companies pay more cash dividend after private equity placement achieved than those unachieved, the companies with the large shareholders participating in the private equity placements pay more cash dividend than the companies without the principal shareholder partaking. These results indicate that the companies controlled by the large shareholders have significant tunneling preferences on cash dividend policies.