Empirical Study Of The Extreme Cash Dividends Behavior & Corporate Govermance Structure Of The Listed Companies In China

Since the inception of the securities market, the establishment & distribution of cash dividends policy of listed companies turned out to fluctuate largly and discontimuousness. For the protection of small investors's interests and guidance of the healthy development of securities market, management formulated series of policies and regulations to constrai the cash dividends behavior of listed companies in 2000, 2001, 2004, 2008.However the extreme cash dividends behaviors including stingy dividends payout & ultra-ability dividends payout still emerg with a large number. It's hard to explain these activities with management's policy drivers reasonably.Based on this, this article analyze the extreme cash dividends behaviors based on the theory of dividend policy and corporate governance, stood on the perspective of internal and external governance.Basised on the information of performance, my thesis attempts to implement an research on 143 Chinese A share corporations, which making a choice of stingy dividends payout and 178 Chinese A share corporations,which making a choice of ultra-ability dividends payout policy, which carried on Logistic regression analysis to study the corporate governance variables and the two extreme cash dividends behavior, to analysis and verificate correlation theory.Finally,from the shareholder structure of listed companies,strengthen the improvement of the legal protection of minority shareholders,strengthen information disclosure of listed companies and to encourage cross-listing of listed companies,proposed suggestions to governance of listed companies existing as two the extreme cash dividends behaviors,with the hope of provide some foundations for China's regulatory authorities to take effective measures,and ultimately to promote China's stock market to enjoy more healthy development.