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投资者进入资本市场,目的是获取未来收益。良好的分红政策不但有利于投资者实现投资收益,而且有助于资本市场实现平稳发展。我国的政策性文件和资本市场现状都要求完善我国上市公司分红政策。代理成本是检视上市公司分红政策的角度之一。分红政策中的代理成本主要存在于股东(委托人)和管理层(代理人)之间,突出表现为管理层有动机增加留存利润,从而产生自由现金流,并将留存利润用于次优投资。现有的稳定分红政策无法有效降低代理成本,作为稳定分红政策替代制度的收购制度、负债融资以及股东分红投票权制度虽然能解决一定问题,但作用有限。股东分红选择权制度可能是一个有效的解决途径,即由每个股东自由选择接受现金分红还是股票分红。
Investors to enter the capital market, the purpose is to obtain future earnings. Good dividend policy will not only help investors to achieve investment returns, but also help the capital market to achieve steady development. China’s policy documents and capital market status quo require the improvement of China’s listed companies dividend policy. Agency costs are one of the perspectives to examine the dividend policy of listed companies. Agency costs in the dividend policy lie mainly between the shareholders (principal) and management (agents), highlighting management’s incentive to increase retained profits, generating free cash flow and using retained profits for the second best investment . The existing stable dividend policy can not effectively reduce agency costs. Although the system of takeover, debt financing and shareholder voting rights can be used as an alternative system for stable dividend policy, it has limited effect. The system of shareholder’s right to dividends may be an effective solution, that is, each shareholder freely chooses to accept cash dividends or stock dividends.