An Empirical Study Of Internal Governance Of Listed Companies Impacts On Cash Dividend Policy

Dividend policy is one of the three core of financial management, and discussions on the "dividend puzzle" has always been a research focus on academics and practitioners, and many scholars have conducted many theoretical and empirical study. Many domestic and foreign literature have documented that A close link exists between corporate governance and dividend policy. Agency theory of dividend consider dividend can smooth over the common agency problem to a certain extent.As China's capital market is an emerging capital market, the dividend policy are very different from foreign countries, there are still some problems on implementation of the dividend policy, not is conducive to the protection of investors, especially minority shareholders and the healthy development of securities markets, need further improvement.Based on the close contact between Corporate governance and dividend policy, this paper argues that improve the dividend policy from the perspective of corporate governance is an important way. In China, there are many specificities on corporate governance, especially in the current background that the split share structure reform is basically completed, it is necessary to further study the impact of corporate governance on dividend policy. This have great theoretical and practical significance in the promotion of the standardization process of dividend policy in China, promotion of the rational development of dividend policy and strengthening the protection of the interests of investors.This paper attempts from ownership structure and board characteristics this two aspects of corporate governance to examine on the specific impact of the cash dividend policy, based on the theoretical analysis, use of relevant data to establish an empirical analysis of panel data model, than analysis and explain the conclusion, to table a proposal on policy.Empirical results show that: the larger the board of directors of listed companies, the higher the level of dividends; and the higher proportion of independent directors, the lower the dividend payout levels, this phenomenon may be related to the independent directors of our country did not play an effective role; The situation of Chairman concurrently with the General Manager exist a negative correlation with the level of dividend payments, but the correlation was not significant. In the ownership structure, the largest shareholder concentration ratio and the degree of the top five shareholders with the dividend payout was negatively correlated, the higher the value of two proportions, the sample companies paid less dividends; the higher the shareholding ratio of state-owned shares, the enterprise paid The higher cash dividend; institutional shareholding higher dividend payment more that institutional investors can improve corporate governance, large shareholders and play a balancing role to protect minority shareholders.