The results shows that the equity rate of the large shareholder have an important impact on the embezzlement and the cash dividend policy.

本文的研究结果显示，第一大股东的持股比例对上市公司的资金侵占和现金股利政策有重要影响。

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The equity rate of the large shareholder has positive impact on the cash dividend, and it has a reversed"U"relationship whit the embezzlement, witch first rising and then declining.

第一大股东的持股比例与现金股利高度正相关，与资金侵占呈先上升后下降的倒“U”关系。

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Both the embezzlement and the cash dividend are the ways to maximize the value of shares by the biggest shareholders. Both of them are replaceable (negative correlation).

资金侵占和现金股利同是大股东实现自身股权价值最大化的方式，两者具有相互替代性(负相关)。

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Mr Khodorkovsky, and some of his partners, may also need cash to pay fines if personally found guilty of embezzlement and tax-fraud charges, in a trial that started last month.

ECONOMIST: The rule of law, Russian-style | The