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中文摘要：
以证监会2006年5月颁布的《上市公司证券发行管理办法》、2008年10月颁布的《关于修改上市公司现金分红若干规定的决定》为背景，研究半强制分红政策下现金股利发放对代理成本的控制效应。研究发现，现金股利的发放可以有效抑制过度投资水平，但这种抑制作用仅对高资产负债率企业、高成长性企业和非国有企业产生影响。迫于再融资的需求，这类企业的分红水平显著提高，并导致投资不足，半强制性分红政策并未起到预期效果。
英文摘要：
Based on the Management Methods of Listed Companies Stock Issuing and Decision on the Revised Regulations of Cash Dividend of Listed Companies promulgated by Securities Supervisory Committee in May 2006 and in October 2008 respec- tively, this paper makes a study of the effect of cash dividend under the semi-compulsory dividend policy on the agency cost control. The study finds that the issuing of cash dividend can effectively curb the over-investment levels, but this curbing can only have an effect on the high asset-liability rate, highly growing-up and non-state-owned enterprises. Pressed by the demand of re-financing, the dividend level of such enterprises increases considerably and it leads to the under-investment. Therefore, the semi-compulsory dividend policy does not achieve a desired effect.
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