Private Equity Placements,Cash Dividend and Tunneling:An Empirical Evidences from Listed Companies in China
研究2006-2009年中国上市公司私募股权增发后现金股利发放行为，发现增发后公司派发现金股利更多，且大股东参与增发的公司派发更多，表明大股东通过现金股利政策进行隧道挖掘。
Based on the sample of listed companies which have achieved private equity placements during the period of May 8,2006 -Dec 31,2009 on Shanghai and Shenzhen Stock Exchanges,the paper examines the relationship between private equity placements and cash dividend payout in listed companies.It is found that the Chinese listed companies pay more cash dividend after private equity placement achieved than those unachieved, the companies with the large shareholders participating in the private equity placements pay more cash dividend than the companies without the principal shareholder partaking.These results indicate that the companies controlled by the large shareholders have significant tunneling preferences on cash dividend policies.