股利转移

第二大股东和第三大股东不能对大股东利用现金股利转移现金进行监督；机构投资者的作用尚不明显。

The second and the third big shareholders can not supervise largest shareholder and the roles of institutional investors are not obvious yet . The major just involved superficial muscular layer and no metastasis .

这也暗示着控股股东正在运用股利政策来转移现金，榨取中小股东利益。

This was also suggesting controls stock the shareholder to utilize the dividend policy to shift the cash , squeezes out the minority shareholder benefit .

这些结果表明，控股股东确实通过强化对上市公司的控制，操纵公司的会计报告。本文证明了现金股利是控股股东转移上市公司资源，侵害小股东利益的一种手段。

These results suggest that controlling shareholder employ related-party transactions as a means of transferring firm resource and of stealing wealth of minority shareholders .