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传统经典的股利理论都把现金股利政策看作实现股东价值最大化的工具,并通过市场的反应对其进行检验。但是,它们都忽略了公司的“法律”性和控制权对现金股利政策的影响。现金股利政策是公司“法律”之一,它是控制权人意志的体现,渗透着控制权人的利益倾向,现金股利政策可能成为公司控制权人利益侵占“隧道”的挖掘工具。控制权人利用现金股利挖掘利益侵占“隧道”可能有三种情况:经营者对股东利益侵占“隧道”的挖掘,大股东对小股东利益侵占“隧道”的挖掘,公司对债权人利益侵占“隧道”的挖掘。在我国还存在着一种特殊的利益侵占“隧道”——非流通股股东对流通股股东利益侵占的“隧道”。
The traditional classic dividend theory regards the cash dividend policy as a tool to maximize shareholder value and tests it through market reaction. However, they all ignore the impact of the company’s “legal” nature and control over the cash dividend policy. The cash dividend policy is one of the company “law ”, it is the manifestation of the will of the controlling party, infiltrating the interest tendency of the controlling party, and the cash dividend policy may become the excavating tool of the company ’s controlling party ’ s interest in encroaching “tunnel ” . The controlling shareholder uses the cash dividend to exploit the interests encroachment. The “tunnel” may have three situations: the operator’s occupation of shareholder interests, the excavation of the “tunnel”, the exploitation by the minority shareholder in the interests of minority shareholders, the excavation of the “tunnel” Obligation of creditors to encroach “Tunnel ” excavation. In our country, there is still a special kind of “encroachment” on interests, “tunnels” - “tunnels” for non-tradable shareholders to encroach upon the interests of tradable shareholders.