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从我国上市公司控股结构来看主要呈字塔形,在金字塔形控股结构下的利益侵占问题逐步得到学术界的认同。上市公司利益侵占形式主要表现为:关联方交易、担保、资金占用、股利分配政策调整等方式,而现金股利分配是股利分配的一种重要形式。本文主要从现金股利政策来分析上市公司利益侵占问题,为规范上市公司股利政策行为提出建议,并希望更好地保护中小股东的权益和完善中国资本市场体制。
The main pyramid from the holding structure of listed companies in our country, the problem of interest encroachment under the pyramidal holding structure has gradually been recognized by academia. The forms of interests encroachment of listed companies are as follows: the related party transactions, guarantees, the occupation of funds and the adjustment of dividend distribution policies, etc. The distribution of cash dividends is an important form of dividend distribution. This paper analyzes the problem of the encroachment of interests of listed companies mainly from the cash dividend policy, puts forward some suggestions to standardize the dividend policy of listed companies, and hopes to better protect the rights and interests of minority shareholders and improve China’s capital market system.