We find that share percent of top 5 shareholders, control ability (or combined control ability) and balance degree (or combined balance degree) of bloekholders have important influence on tunneling of cash dividend distribution.

• 研究显示，前五大股东的持股比例、大股东控制力（或联合控制力）、大股东制衡度（或联合制衡度）对派发现金股利的“隧道效应”存在重要影响。