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股利政策是公司经营管理活动中的一项重要内容,其中的现金股利则是人们尤为关注的研究课题。传统的股利代理理论认为,支付现金股利是降低股东与经理人之间的代理成本的手段,但这可能会导致股东和债权人之间产生利益冲突。本文研究分析发现,在股权集中情况下,支付现金股利也是降低控股股东与外部中小股东之间利益冲突的手段,并且在上市公司的政策实施中体现出的过度支付现金股利反而会增加控股股东与外部中小股东之间的代理成本。
Dividend policy is an important part of the company’s operation and management activities. The cash dividend is a research topic that people are particularly concerned about. The traditional dividend agency theory believes that paying cash dividends is a means to reduce the agency cost between shareholders and managers, but this may lead to conflicts of interest between shareholders and creditors. This article research and analysis found that, in the case of concentrated ownership, the payment of cash dividends is also a means to reduce the conflict of interest between the controlling shareholder and external small and medium shareholders, and the excessive payment of cash dividends reflected in the implementation of the listed company’s policies will increase the controlling shareholder. Agency costs between external small and medium shareholders.