Excess Dividend Policy:Influence Factors and Economic Consequences
重新定义超额股利政策为合并与母公司收益之差，发现大股东、内部人控制和董事机会主义是重要影响因素，且该政策会提高债务成本、降低股价。
This paper redefined the concept of excess dividend policy withthe difference between consolidated and parent earnings.With the definition,this paper analyzes the influence factors and economic consequences of excess dividend policy.The empirical results indicate thatonly one big share,insider control and the opportunism behavior tendency of directors are the important influence factors.Moreover,there is a U shape relationship betweenthe difference between consolidated and parent earningsand excess dividend policy.Furthermore, excess dividend policy causes significant increase of debt cost and decrease of stock price.