中文摘要：

本文以2009-2012年A股上市公司数据为样本,基于企业生命周期理论,深入考察了内部控制对现金股利之影响。结果表明：自愿披露阶段,自愿披露内部控制鉴证报告公司现金股利支付意愿与支付水平较高,缓和了大股东与中小股东的代理冲突,自愿披露内部控制鉴证报告提高了成熟阶段公司现金股利的支付倾向;而强制披露阶段,未披露内部控制缺陷公司与现金股利无显著关系。上市公司有必要进一步完善内部控制机制,强化分红意识,树立积极分红回报股东的理念。

英文摘要：

This paper examines the relationship between internal control and cash dividend based on life cycle perspective by studying A-share listed companies from 2009-2012. We find that： at voluntary disclosure stage, firms who voluntarily disclose internal control attestation report are more likely to pay higher amount of cash dividends so as to ease the agency problem between majority and minority shareholders, especially at the stage of mature period; while at the mandatory disclosure stage, the above effect is weaker. Firms need to enhance internal control mechanism, and meanwhile strengthen the awareness of dividends, so as well establish the concept of positive dividends return on shareholders.