治理视域下上市公司股利分配法律制度研究

在公司治理的分析框架下,股利分配政策凸显出不同股权结构中委托代理问题的治理效应,又揭示出一国股东权利保护和市场发达程度。在公司治理外部环境成熟的国家,股利分配法律制度以公司自治模式为主,而在证券市场不发达的国家,强制分红制度是强化小股东保护的法定机制。我国有别于这两种模式,采取了"半强制分红制度"的权宜之策,但实际适用效果偏离了立法者的预期效用。这既无法解决问题根源,反而给不该分红的公司造成效率损失。由于市场制度安排上的内在缺陷、股权结构的复杂性以及法律保护制度的不完善,我国证券市场上市公司股利政策蕴含着深层次的运行规律和机理,应当从改进股利分配的信息披露法律制度、引入机构投资者尽责管理义务和完善事后的股利分配司法保障制度,构建效率性上市公司股利分配法律制度。

Study on Dividend Distribution Legal System of Listed Companies from Perspective of Governance

Under the analysis framework of corporate governance,the dividend distribution system highlights the governance effect of principal-agent problems in different ownership structures,and reveals the protection of shareholders’ rights and the degree of market development in a country.In countries with mature external environment of corporate governance,the legal system of dividend distribution is dominated by corporate autonomy,while in countries with underdeveloped securities market,the compulsory dividend distribution system is a legal mechanism to strengthen the protection of minority shareholders.Unlike these two modes,China has adopted the expedient policy of "semi-compulsory dividend-sharing system".However,the actual application effect deviates from the legislator’s expected utility.It neither solved the root cause of the problem,but caused efficiency losses to companies that should not pay dividends.Due to the inherent defects of market system arrangement,the complexity of ownership structure and the imperfection of legal protection system,the dividend distribution of listed companies in China’s securities market contains deep-seated operating rules and mechanisms.To construct an efficient dividend distribution legal system of listed companies,we should make efforts mainly from the following three aspects.First,we must improve the current information disclosure legal system of dividend distribution.Second,our legal regime should impose institutional investors on a duty of due diligence management to motivate their participation.Third,the relief of shareholders’ rights to dividend distribution must comprehensively established.