一视同仁还是差别对待?——儒家文化情境中的股东参与如何影响股利政策

Indifference or Difference?——How Shareholder Participation Influences the Cash Dividend in the Context of Confucianism

公平是法制的基本原则。儒家伦理是否与法律相似,会一视同仁地对待大股东和中小股东的利益诉求,却是一个容易被忽视的问题。基于2002~2015年A股上市公司的数据,本文对儒家伦理与投资者保护的关系展开研究,发现儒家伦理是投资者保护的重要机制,不仅有效地遏制了大股东通过现金股利谋求私人收益,而且提高了中小股东通过正当途径参与公司治理的效率。上述结果意味着儒家伦理会差别对待大股东和中小股东的利益诉求,为理解儒家与法治的关系提供了新的视角。

Fairness is the basic principle of a legal system.But a problem easily ignored is whether Confucianism,like law,treats the interest claims of large and minority shareholders equally.Based on the data of A-share listed company from 2002 to 2015,this paper studies the relationship between Confucian ethics and investor protection,and finds that Confucianism is an important mechanism for investor protection,which not only effectively prevents the large shareholders from seeking private benefits through cash dividends,but also improves the efficiency of minority shareholders to participate in corporate governance through legitimate process.These results imply that Confucianism treats the interests of large and minority shareholders differently,thereby providinga new perspective for understanding the relationship between Confucianism and law.