内部人控制、股权特征与异常派现

Insiders Control,Equity Features and Abnormal Dividends

基于终极控制权,选取2071家中国上市公司2008—2009年的数据作为研究样本,对不同股权特征下内部人控制模式与异常派现之间的关系进行研究,结果表明:异常高派现多发生在股东控制类公司,该派现重视短期利益,与公司的盈利能力不相关,会使公司的现金流匮乏,投资机会受到限制,可持续发展能力下降;异常低派现多发生在经理控制类公司,该派现虽与公司的盈利能力显著相关,但与公司投资机会不相关,公司留存的现金流可能用于谋取内部人私利。

Based on ultimate control,this paper selects data of Chinese 2071 listed companies during 2008-2009,and investigates relationship between insiders control mode under different equity features and abnormal dividend.The results show that：abnormal high dividend（AHD） occurs more frequently in Shareholders control companies,and AHD attaches importance to short-term interests and is not relate to the company＇s profitability.AHD will make companies cash flow lack,investment opportunities limit and sustainable development ability descend.Abnormal low dividend（ALD） occurs more frequently in managers control companies,ALD is significantly related to company＇s profitability,but not related to company＇s investment opportunities.The company＇s remaining cash flow may be used to seek for insider＇s self-interest.