控股股东利益最大化跟上市公司股利分配政策文档.pdf

24 103 Vol. 24, Sum No. 103 2006 2 SCIENCE ECONOMY SOCIETY No. 2, 2006 王宗军, 董育军 ( , 430074) : 在分析我国上市公司股权流通性割裂现状的基础上, 得出上市公司的控股股东以 股净资产最大化和对 上市公司经济资源的控制或索取为其主要目标这 一结论, 然后从我国上市公司的股利实践( 分为不分配现金股利, 为再融资而满足监管条件的低派现, 和控股股东的高派现套现这三种) , 证明了上市公司的股利政策是控股股东从 自己的利益最大化为出发点而制定的, 是为控股股东的利益服务的 : 现金股利; 控股股东; 上市公司; 股利政策 : F275 : A : 1006-2815( 2006) 02-0041-05 Maximizing Intere t of Holding Shareholder and Making Dividend Di tribution Policie of Li ted Companie WANG Zong-jun, DONG Yu-jun ( School of manag ement, H uaz hong Univ er sity of Sc ience and T ech nology , Wuhan 430074, Ch ina) Ab tract: On th basis of analyzing th curr nt isolat d situat ion in stock right circulation of list d compani s in our country, w first draw t h conclusion that th main goals of th holding shar hold rs of t h list d compani s ar to maximiz th n t ass ts p r shar and control or ask for th conom ic r sourc s of list d compani s. Th n from th divid nd practic of th list d compani s of our country ( not dist ributing cash divid nd, allocating low cash divid nd to satisf y th sup rvising condition for t h sak of r f inancing, and allocat ing high cash divid nd to holding shar hold rs for th m t o g t cash) , w prov that th divid nd policy of list d compani s is mad to max imiz th holding shar hold rsown int r sts, s rving th int r st s of th holding shar hold rs. Key word : Cash divid nd; holding shar hold r ; list d com pany; policy of th divid nd 155%) , , , , , , ,