“用友现象”折射出中国资本市场存在制度性缺陷 用友分红现象之所以成为人们关注的热点,在于其高派现的分配比例。由于用友软件的私人公司发起人持股比例达75％,而第一私人大股东又间接持股55.2％,因此,在6000万分红总额中,5家私人发起人公司占了4500万,而第一大私人股东实际上 “UF phenomenon” reflects the existence of institutional defects in China's capital market UF became the focus of attention because of its high disparities distribution ratio. Since UFIDA's private company sponsor ownership ratio of 75%, while the first private large shareholders indirectly held 55.2%, therefore, in the total 60 million dividend, five private sponsors accounted for 45 million companies, and The largest private shareholder actually