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《The Study of Finance and Economics》 2005-06
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The Study on the Paradox of Cash Dividend in Chinese Stock Market

XU Guoxiang 1, SU Yuezhong 2 (1, The Research Center for Applied Statistics, Shanghai University of Finance and Economics, Shanghai 200433, China; 2, Management Department, Jinan University, Guangzhou 510630, China)  
The paradox of cash dividends is that the increase or decrease of cash dividends may increase the agency cost between the controlling shareholders and small shareholders and thus does harm to the interests of the small shareholders. It is one popular view that the payment of cash dividends can protect the interests of small investors. On the condition that the high percentage of nontradable stocks exists, the paper systematically and theoretically analyzes the relations between cash dividends and small investors’ interests from the view of agency cost, and puts forward the paradox of cash dividends and three conclusions. The author thinks the behavior of increasing the payment of cash dividends is not proper. To solve this paradox, the precondition is that all the stocks issued by listed companies can be traded in the secondary market.
【Fund】: 国家教育部“新世纪优秀人才支持计划”资助
【CateGory Index】: F832.51
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