本文从新兴铸管的高额现金股利入手,运用案例分析方法,对我国资本市场现金股利的发放进行了研究,结果发现,现金股利并没有起到缓解代理,改善公司治理的作用,主要原因在于现金股利可能是大股东转移资金的工具,并没有反映中小投资者的利益与愿望。本案例研究的发现可以帮助未来的大样本实证研究从公司治理的角度重新思考我国现金股利问题。 This paper starts with the high cash dividend of Xinxing Ductile Iron Pipes and analyzes the distribution of cash dividends in China’s capital market by using the case analysis method. The result shows that the cash dividend does not play a role in alleviating the agency and improving the corporate governance. The main reason is that Cash dividends may be a tool for the transfer of funds by major shareholders and do not reflect the interests and aspirations of small and medium-sized investors. The findings of this case study can help large sample empirical research in the future to rethink the issue of cash dividends in China from the perspective of corporate governance.