Cash dividend policy and mining “tunnel” of interests expropriation

摘要

Cash dividend policy is one of the laws of a company. It is the reflection of the controller's will and is penetrated with his interest inclination. There are probably three situations in which the controller takes the advantage of the cash dividend to mine a tunnel through which to expropriate on the interests of others: mining tunnel of the operator for expropriation on the interests of shareholders, mining tunnel of major shareholders for expropriation on the interests of minority shareholders, mining tunnel of a company for expropriation on the interests of its creditors. There exists another kind of special interest expropriation tunnel — the one through which non-tradable shareholders expropriate on the interests of tradable shareholders.