决策权配置、异常高派现与投资效率——基于台基股份的案例分析

The Allocation of Decision-Making Power,Abnormal High Dividend and Investment Efficiency

异常高派现是一种不利于公司长远发展的非理性行为,而公司决策权与控制权的高度集中往往为高派现提供可能。对创始人家族控股的台基股份的异常高派现现象及其决策权与控制权结构进行了深入分析,结果表明:台基股份的控制权及决策权高度集中,通过持续高派现使得资金直接转移至母公司,并间接转移至终极控制人手中,是一种私利行为;成长不足是台基股份进行高派现的另一个重要原因,但是持续高派现侵占公司大量现金资源,使得公司投资不足,进一步限制公司成长。鉴于此,需通过完善决策权配置及合理的股权结构、规范企业股利政策来保证企业健康发展,提高企业投资效率。

Abnormal high dividend is an irrational behavior that is not conducive to the long-term development of the company,and the high concentration of decision-making power and control rights of the company often provides the possibility of abnormal high dividend.This paper analyzes in depth abnormal high dividend phenomenon and the decision-making power and control structure of the founder's family controlled Taiji shares.The results show that the control and decision-making right are highly centralized.Through continuous high dividend,Taiji shares transfers funds directly to the parent company Xiangyang Xinyiyuan,and indirectly transferred to the ultimate control shareholder,which is a selfish behavior.Lack of growth is another important reason for Taiji shares's high dividend.However,continuous high dividend encroaches on the company's large cash resources,resulting in under-investment and further restricting the company's growth.The conclusion of this paper is to provide ideas for improving the allocation of decision-making power and ownership structure,standardizing corporate dividend policy and improving investment efficiency.