现金股利与控股股东资金占用：替代还是制约

采用联立方程模型并通过两阶段最小二乘回归分析（2SLS）实证分析了上市公司现金股利与其控股股东资金占用的双向关系,研究发现二者既存在双向替代关系,又存在双向制约关系。替代关系表现为上市公司本期派现水平与控股股东本期资金占用程度间的显著负相关关系,制约关系表现为上期派现水平与本期资金占用程度以及上期资金占用程度与本期派现水平之间的显著负相关关系。公司股权制衡现象弱化了二者之间的替代关系,但对制约关系不起作用。

The Relationship between Cash Dividend and Controlling Shareholder's Fund Appropriation: Substitute Effect or Constraint Effect

This paper examines the interactive effects between cash dividend and controlling shareholder＇s fund appropriation by Chinese listed companies.We establish a Simultaneous Equations Model（SEM） and get regression results by the Two-Stage-Least-Square（2SLS） estimation.We find there are both substitute effect and constraint effect between cash dividend and controlling shareholder＇s fund appropriation.Substitute effect shows that there are significant negative relationship between corporate cash dividend and controlling shareholder＇s fund appropriation,both in the same period,and constraint effect also shows negative relationship between them,but in alternative periods.The substitue effect is weakend by control contest mechanisms among multiple shareholders,but it doesn＇t work on the constraint effect.