摘要
根据Jensen的自有现金流量假说,在不考虑股票回购条件下,将公司支付的现金股利数量低于自由现金流量定义为低现金股利政策。研究显示,低现金股利政策不利于股东财富最大化,在低现金股利政策范围内,提高现金股利会提高股东财富。但从控股股东财富最大化出发,实施低现金股利政策有助于实现其获取控制权私有收益以本身的财富最大化。
According to Jensen＇s theory of free cash flow, considering no stock repurchase, the low cash dividend policy is defined as the situation in which cash dividends are less than free cash flow. Our results show that low cash dividend policy is not good to the maximization of stockholders＇ wealth, and within low cash dividend, increasing cash dividend will improve stockholders＇ wealth. But from the perspective of maximizing controlling stockholders＇ own wealth, the controlling stockholders favor low cash dividend policy in order to gain private benefits of control.
出处
《商业经济与管理》
CSSCI
北大核心
2010年第6期72-79,共8页
Journal of Business Economics
关键词
自由现金流量
低现金股利政策
股东财富
控股股东
free cash flow
low cash dividend policy
stockholders＇ wealth
controlling shareholders
