管理工程学报
管理工程學報
관리공정학보
Journal of Industrial Engineering and Engineering Management
2012年
2期
77~84
,共null页
终极所有权结构 现金流量权与控制权的分离度 现金股利 掠夺
終極所有權結構 現金流量權與控製權的分離度 現金股利 掠奪
종겁소유권결구 현금류량권여공제권적분리도 현금고리 략탈
ultimate ownership structure; divergence between control rights and cash flow rights; cash dividends; expropriations
本文利用我国2004～2008年上市公司平衡面板数据检验终极控制股东与现金股利之间的关系。研究发现,在其他条件相同的情况下,现金流量权与现金股利支付水平显著负相关;控制权和现金流量权分离度与现金股利支付水平显著正相关。这表明终极控制股东并不是把现金股利作为＂掏空＂的工具,而是把现金股利作为掩饰＂掏空＂的面具。
本文利用我國2004～2008年上市公司平衡麵闆數據檢驗終極控製股東與現金股利之間的關繫。研究髮現,在其他條件相同的情況下,現金流量權與現金股利支付水平顯著負相關;控製權和現金流量權分離度與現金股利支付水平顯著正相關。這錶明終極控製股東併不是把現金股利作為＂掏空＂的工具,而是把現金股利作為掩飾＂掏空＂的麵具。
본문이용아국2004～2008년상시공사평형면판수거검험종겁공제고동여현금고리지간적관계。연구발현,재기타조건상동적정황하,현금류량권여현금고리지부수평현저부상관;공제권화현금류량권분리도여현금고리지부수평현저정상관。저표명종겁공제고동병불시파현금고리작위＂도공＂적공구,이시파현금고리작위엄식＂도공＂적면구。
Corporate governance is a very popular research area because it affects many different corporate decisions and behaviors. The research area covers various topics and we are interested in studying the ultimate ownership structure. The separation of control right and cash flow right empowers ultimate shareholders to expropriate corporate wealth by providing them both incentives and tools. The separation of control right from cash flow right is very common because pyramidal and cross-holding ownership structures are typical in China. Empirical evidence on the ultimate ownership structure shows both positive and negative effects on cash dividends. Given the mixed evidence, further research on this issue is warranted.
