公司治理与现金股利:基于佛山照明的案例研究

Company Management and Cash Dividends: a Study Based on the Case of the Foshan Illumination Company

本文从佛山照明的高额现金股利入手,运用案例分析方法,对我国资本市场公司治理与现金股利的关系进行了深入研究,结果发现,高额现金股利并没有提高公司的价值,主要原因在于现金股利可能是大股东转移资金的工具,并没有反映中小投资者的利益与愿望。本案例研究的发现可以帮助未来的大样本实证研究从公司治理的角度重新思考我国现金股利问题。

In this paper, starting from the large amount of cash dividends that have occurred in Foshan Illumination Company, and using the method of case study, we have made a penetrating study of the relationship between the management of companies in China's capital market and cash dividends and found that by no means do large amount of cash dividends hoist company's value, mainly because cash dividends may be the instrument by which big shareholders transfer funds, not reflecting the interest and wishes of the small and middle investors. The discovery by this case study may help people in making a large - scale and more detailed case study of reconsideration - from the view of company management -of the problem in China's cash dividends.