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本文以民营上市公司2004年和2006的数据为样本,分析了民营控制权结构对现金股利政策的影响,以及这种影响在股权分置改革前后的差异。结论表明:股权分置条件下,现金股利成为民营控股股东进行“利益输送”的直接工具;股权分置改革后,实际控制人的现金流量权与现金股利出现了“倒U”型关系,一定程度反映了民营上市公司股利政策的变化趋势;实际控制人成为管理者的控制模式,加剧了控股股东对股利政策的控制。
Based on the data of private listed companies in 2004 and 2006, this paper analyzes the impact of the structure of private ownership on cash dividend policy and the differences between these two models before and after the split share structure reform. The conclusion shows that under the conditions of share-trading, cash dividend becomes a direct tool for private controlling shareholders to carry out the “transfer of benefits.” After the non-tradable share reform, the cash flow right and cash dividend of the actual controller appear “inverted U” Type relationship, to a certain extent, reflect the changing trend of the dividend policy of private listed companies; the actual controller becomes the control mode of the manager, exacerbating the controlling shareholder’s control over the dividend policy.