上市公司现金分红制度的自治与强制——以股利代理成本理论为逻辑基础

发布时间：2018-04-29 20:47

本文选题：股利代理成本理论 + 现金分红　；参考：《现代法学》2013年02期

【摘要】：控制股东与小股东之间的利益冲突是我国上市公司中存在的主要问题。我国股利分配失衡问题归根究底在于公司内部缺乏适当的权利制衡机制,存在内部人特别是控制股东侵害小股东合法利益的问题,这是公司治理机制不完善不健全的结果。我国与再融资行为相挂钩的上市公司现金分红制度具固有缺陷。依据股利代理成本理论,公司现金分红是小股东利益保护机制的结果,只有小股东利益保护机制得以有效执行,我国上市公司的股利分配失衡问题才能迎刃而解。应当尊重公司自治原则,通过契约设计和制度创新来增强公司股东对现金分红决策的参与度,对大股东权利的行使形成有效的制衡;同时,强化特定情形下控制股东的诚信义务,发展股东强制股利分配之诉,对上市公司控制股东滥用控制权侵害小股东利益的行为进行责任追究是我国解决股利分配失衡问题的必然出路。
[Abstract]:The conflict of interest between controlling shareholders and minority shareholders is the main problem in Chinese listed companies. In the final analysis, the imbalance of dividend distribution in China lies in the lack of proper right checks and balances within the company, and the problem that the insider, especially the controlling shareholder, infringes on the legitimate interests of minority shareholders, which is the result of imperfect corporate governance mechanism. The cash dividend system of listed companies linked to refinancing behavior in China has inherent defects. According to the theory of dividend agency cost, the cash dividend of the company is the result of the protection mechanism of the interests of the minority shareholders. Only when the mechanism of the protection of the interests of the minority shareholders can be effectively implemented, can the imbalance of the dividend distribution of the listed companies in our country be solved. We should respect the principle of corporate autonomy, enhance the participation of shareholders in cash dividend decisions through contract design and institutional innovation, and form effective checks and balances on the exercise of the rights of large shareholders. To strengthen the fiduciary duty of controlling shareholders under certain circumstances, to develop the lawsuit of shareholders' compulsory dividend distribution, It is an inevitable way to solve the imbalance of dividend distribution in China to investigate the liability of controlling shareholders' abuse of control rights against the interests of minority shareholders in listed companies.
【作者单位】：清华大学法学院;
【分类号】：F832.51;D922.291.91

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