除英美外,在世界大多数大企业尤其是东亚地区的大企业中,主要的代理问题是控股股东掠夺其他股东问题,掠夺的手段包括私下向特定股东高价回购股票、大量占用上市公司的资金等。从国内外众多研究来看,公司控股股东都不同程度地存在利用股利政策谋取私利的行为,在投资者保护较好的国度里,控股股东利用股利政策时要考虑其他股东 Except for the United States and the United States, among the major corporations in the world, especially those in East Asia, the major agency problem is the controlling shareholder’s predation on other shareholders. The means of plundering include privately repurchasing shares privately to specific shareholders and taking up a large amount of funds of listed companies Wait. According to many studies both at home and abroad, the controlling shareholders of the Company all have their own interests to take advantage of the dividend policy to varying degrees. In the country where the investor protection is better, the controlling shareholder should consider other shareholders when using the dividend policy