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《Economic Research Journal》 2007-04
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To Share or to Monopolize Profits?

Deng Jianping1,Zeng Yong1 and He Jia2(1:School of Management,UESTC;2:Faculty of Business Administration,The Chinese University Of Hong Kong)  
Pay dividend and fund embezzlement,which are mutually complement,are two major ways for the controlling shareholders to gain controlling benefits.Using a sample of 285 SOEs that went public over period 1997—2000,we found that reorganization mode is the key factor that affects controlling shareholders' ways of gaining profit.The controlling shareholders of the company that went through incomplete reorganization have a stronger incentive to monopolize company funds and thus lead to a lower dividend payment,while things are different in companies that went through complete reorganization.Empirical studies also found that the proportion of controlling shareholders' shareholding produces different influence over dividend payment in companies with different reorganization modes.
【Fund】: 教育部"新世纪优秀人才支持计划"项目(教技司[2005]2号)资助
【CateGory Index】: F279.2;F224
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