中國大陸政府於2005年實施股權分置改革，以達到資本市場效率性、與國際接軌以吸引外資，以及改善公司治理等目的。本研究從股利偏好及利益輸送之代理問題觀點，以現金股利發放水準之變化來檢視股權分置改革的成效。實證結果發現，股權分置改革後，現金股利發放明顯降低，原因是股權分置改革使得控制股東利用現金股利發放進行利益輸送的現象改善，也就是型二代理問題減輕，而本研究也更進一步發現在公司治理機制的部分，股權分置改革所導致流通股以及外國投資人持股比例的增加對於型二代理問題的降低影響最為顯著。此外，本文也分別檢視國家股、法人股、外資股，及個人股四類公司受到股權分置改革影響的程度，結果發現從改善型二代理問題的角度觀之，股權分置改革在法人股公司的成效最為明顯。 In order to improve the efficiency of capital market, to attract foreign capital, and to enhance corporate governance, China government implemented the split share structure reform in 2005. From shareholder dividend preferences and tunneling perspectives, this paper explores the effects of the split share structure reform in China on cash dividend payout. The results show that the cash dividend payment decreases significantly after the split share structure reform because the reform mitigates the problem that controlling shareholders mainly holding majority of non-tradable shares would use cash dividends to engage in tunneling. That is, the type Ⅱ agency problem is mitigated. Moreover, as to the corporate governance mechanism, the increases of tradable shares and foreign ownership after split share structure reform are the main reasons to decrease type Ⅱ agency problem. Finally, this study also examines the effects of split share structure reform on four types of companies respectively. The result shows that split share structure reform could mitigate the type Ⅰ and type Ⅱ agency problems, especially in the legal-person owned companies.
