Empirical Study On The Effect Of Controlling Shareholder On Cash Dividend Policy Of Listed Companies

The dividend policy of listed company is always a focused research topic. At present, in China's listed companies, problems of low dividend pay-rate and unstable dividend policy are commonly existed. The controlling shareholders, as the real main body of financial decision-making, playing a crucial role in making dividend policy. From the nature of controlling shareholders, this paper studies the influence of controlling shareholders on the dividend policy of listed company.On the basis of existing references, firstly, this paper introduces the meaning and major methods of dividend policy and then reviews the related theories of dividend policy, after defining the controlling shareholder, by collecting the statistical data of A-share stock markets of Shanghai and Shenzhen, analysing the characteristics of dividend policy and equity structure, and then based on the previous research, analysing the three characteristics of controlling shareholder, finally, empirically analysing the influence of controlling shareholders on dividend policy. In the part of empirical analysis, this paper sets 2652 and 1553 data of 2007-2009 as samples, from the controlling shareholders'economic nature, two rights separation properties and group control properties, adding by eight controlled variables, using Logistic regression and multivariate linear regression method, with the help of SPSS17.0 statistical software, empirically studying the influence of controlling shareholders on cash dividend distribution tendencies and distribution strength of listed companies.Through researching the influence of controlling shareholders on dividend policy, this paper aims at providing the basis for our securities regulatory authorities to take measures to regulate the dividend distribution behavior, thereby helping to the healthy development of the stock market.