现金分红政策对中小股东利益保护的影响分析——基于大股东对中小股东侵害度的视角

Analysis of the Cash Dividend Policy to Protect Minority Shareholders’ Interests——Based on the View of Major Shareholders Against Minority Shareholders Degree

中国证监会于2008年10月和2013年11月,分别出台了《关于修改上市公司现金分红若干规定的决定》(以下简称《决定》)以及《上市公司监管指引第3号上市公司现金分红》(以下简称《指引》),运用1999—2013年主板上市公司数据,实证分析了上述政策及其现金分红指标对上市公司大股东侵害小股东行为的影响。研究表明,《决定》对上市公司大股东侵害度的影响并不显著,而《指引》则将会起到保护中小股东的作用。

In October 2008 and November 2013,China Securities Regulatory Commission issued "Decision on Amending Some Provisions of Cash Dividends of Listed Companies"and"Guideline of Listed Company Supervision 3-Cash Dividends of Listed Companies ",using 1999-2013 main board listed company data to empirically analyse the impact of these policies and their cash dividend indicators on major shareholders against minority shareholders behavior.Research shows that the influence of"Decision"on the major shareholders of listed companies infringed degrees is not significant,while the"Guide"will play the role in the protection of minority shareholders.