【正文】 支持，通過股權(quán)分置改革，統(tǒng)一非流通股與流通股的持股成本，消除非流通控股股東通過現(xiàn)金股利謀取超額報酬率的動機。（2）證券監(jiān)管部門應(yīng)取消上市公司在股利分配上的政策限制，放權(quán)于上市公司，使他們根據(jù)自身實際條件和市場反應(yīng)制定能夠?qū)崿F(xiàn)可持續(xù)發(fā)展的股利政策。自2001年3月份證監(jiān)會將分配現(xiàn)金股利作為再融資條件后，分配現(xiàn)金股利公司明顯增多。但我們的研究結(jié)果發(fā)現(xiàn)，上市公司支付現(xiàn)金股利并非基于自身獲利和發(fā)展能力，反而影響公司下一年度發(fā)展。參考文獻(xiàn)[1] Jenson ., . Meckling. Theory of the firm: managerial behavior, agency cost and ownership structure. Journal of Financial Economics, 1976, 3:305360.[2] Easterbrook Frank. Two agency Cost, explanation of dividends. American Economic Review, 1984, 74:650659.[3] La Porta R., Lopezdesilanes F., Shleifer A., Vishny R. Investor protection and corporate governance. Journal of Financial Economics, 2000a, 58:328.[4] La Porta, Rafale, Florencio LopezdeSilances, Andrei Shkeifer, and Robert W. Vishny. Agency problems and dividends around the world. Journal of Finance, 2000b, 55:135.[5] Chen Zhiwu, Peng Xiong. Discount on illiquid stocks: evidence from China. Yale University Working Paper, 2001.[6] Yi YX, Ke DG, Zhang X. Stockholders’ wealth effect of dividend policy: emprical evidences from China stock market (in Chinese). Nankai Management Review, 2006, 2:410。[7] Feng GF. Double agent theory: another theory frame about corporate governence(in Chinese). Economics Research, 2004, 12:1625.[8] Shleifer A, Vishny R. A Survey of corporate governance. Journal of Finance, 1997, 52:737783.[9] Claessens S, Djankov S, Lang L. The separation of ownership and control in east Asian corporations. Journal of Financial Economics, 2000a, 58: 81112.[10]Claessens S., Djankov S., Lang . Expropriation of minority shareholders: evidence from east Asia. World Bank Policy Research Paper, .[11]Faccio Mara, Larry Lang, and Leslie Young. Dividends and expropriation. American Economic Review, 2001, 91:5478.[12]ChiWen, Jevons Lee, and Xing Xiao. Tunneling dividend. Working Paper, Tulane University, 2004.[13]Lv CJ, Zhou XH. Corporate goverance structure and dividend policy: analyzing in agent theory and expropriation theory (in Chinese). Nankai Mnagement Review , 2005, 3:917.[14]Liu SL, Hu YH. A emprical study on cash dividend policy (in Chinese). Accounting Research, 2003, 4:2935.[15]ChiWen Jevons Lee, Xing Xiao. Cash Dividends in China: Liquidating, Expropriation, and Earnings Management. , September 2003.[16]Lv CJ, Wang KM. A emprical study on dividend policy (in Chinese). Eomic Research, 1999, 12:3139.[17]Li GZ. Analysis on the correlationship between sustainable growth and cash dividends (in Chinese). The Proceedings of the Third International Symposium on Empirical Accounting Research, 2004, 406413.[18]Lintner J. Distribution of ines of corporations among dividends, retained earning, and taxes. American Economic Review, 1956, 46:97113.[19]Tang YJ, Xie RM. Share liquidit, balance machanism fo shareholders and tunneling of cash dividend: evidennces from Chinese listed panies from 19992003 (in Chinese), 2006, 3:120128.[20]Chen GH, Zhao CG. A empirical study on choosing incentives of listed firms’ dividend policy (in Chinese). Journal of Finance and Economics Research, 2000, 5:4856.[21]Yuan HQ. A analysis on dividend policy in China security market (in Chinese). Journal of Financial and Economic Research, 2001, 3:3341.[22]Deng JP, Zeng Y. 2005. Controlling ownership structure and dividend policy in China (in Chinese). //[23]Chen Chao, Zhu Song. Ownership structure, control chain, andcash dividend policy: evidences from China. Chinese Academy of Management Annual Meeting, December 2006. [24]Shen YF, Huang JJ. Whose demand does publich corporate dividend policy cater to? (in Chinese). The Proceedings of the Fifth International Symposium on Empirical Accounting Research, 2006.[25]Zhao CG, Zhang XL, Ye L. The incentives of choice of dividends policy wirh the empirical evidence from China’s security market (in Chinese). Journal of Finance and Economics Research, :4853.[26]Liu X, Li XY. An amplification of the evaluation method with gray correlation degree in relevantfactors of dividend policies (in Chinese). Systematical Engine Theory, 1998,9:7881.[27]Yang SE, Wang Y, Bai GP. An empirical study on influnencing factors of dividend policy (in Chinese). Accounting Research, 2000, 2:3134.