大股东利用现金股利政策进行利益输送的行为得到有效抑制。

The conclusion is: after the reform, the "tunnel" behavior through cash dividends policy of majority shareholders is effectively curbed.

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国内的相关研究表明我国上市公司股利政策缺乏连续性和稳定性，以短期行为为特征的投机较为严重。

Domestic research shows that dividend policies of listed companies in China lack of continuity and stability, characterized by short-term speculation, is more serious.

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然而，以往国内的相关研究证实我国上市公司股利分配政策缺乏连续性和稳定性，短期行为特征较为严重。

However, the past researches approve that the Dividend Policies of companies in our state are lack of continuity and stability and short-term behaviors are very ordinary.

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