These findings suggest there are agency problems between the small investors and controlling shareholders because of the high ownership concentration and separation of ownership control ability. So, shareholders will realize private interests through the payment of cash dividends. 这些研究结果表明,由于股权集中程度和两权分离程度较高,民营上市公司的控股股东与中小投资者之间存在代理问题,控股股东会通过发放现金股利的形式获取私人利益。