控股股东利益最大化与上市公司股利分配政策

在分析我国上市公司股权流通性割裂现状的基础上,得出上市公司的控股股东以每股净资产最大化和对上市公司经济资源的控制或索取为其主要目标这一结论,然后从我国上市公司的股利实践(分为不分配现金股利,为再融资而满足监管条件的低派现,和控股股东的高派现套现这三种),证明了上市公司的股利政策是控股股东从自己的利益最大化为出发点而制定的,是为控股股东的利益服务的。

Maximizing Interests of Holding Shareholders and Making Dividend Distribution Policies of Listed Companies

On the basis of analyzing the current isolated situation in stock right circulation of listed companies in our country, we first draw the conclusion that the main goals of the holding shareholders of the listed companies are to maximize the net assets per share and control or ask for the economic resources of listed companies. Then from the dividend practice of the listed companies of our country (not distributing cash dividend,allocating low cash dividend to satisfy the supervising condition for the sake of refinancing, and allocating high cash dividend to holding shareholders for them to get cash), we prove that the dividend policy of listed companies is made to maximize the holding shareholders' own interests,serving the interests of the holding shareholders.