The Research On The Impact Of Controlling Shareholder On Cash Dividends Policy

The cash dividends policy is an important decision which listed companiny faces.It is also an important link of benefit balanced between the controlling shareholder and the other benefit counterparts. The appropriate cash dividends may set good image for listed company, stimulate enthusiasm of investors and enhance the attraction and the vigor of capital market. It makes the listed company obtain long-term, stable development condition and opportunity.Every company has a controlling shareholder . The impact of controlling shareholders on dividends policy especially cash dividends policy deserves careful study. But in our country, the stockholder's rights excessive centralism,state-owned shares alone big,the conductivity separation causes the controlling shareholders'benefits and the young shareholders'benefits separation.The controlling shareholders in the process of pursue their own benefit maximization, their distortion's behavior has caused big benefit losses for the general circulation stock shareholder. See from dividends practice of list company in our country, we can get this truth.Whether unallocation or low allocation to obtain qualification of financing or allocation in big ratio, controlling shareholders set self-interest maximization as a starting point. Combining the actual situation in our country, this paper will do an in-depth study on the relationship between the controlling shareholders and cash dividends policy.The controlling shareholders of listed companies in China have different character because of special background. This paper will classify the controlling shareholder in accordance with whether have the state-owned nature, whether have the group nature,and distinguish the characteristic of two power conditions. The cash dividend policy include two aspects: the dividends pay or not and the amount of dividends. Whether the dividend pay is the dividend payment tendency question. The dividend pays how many is also the dividend payment rate and the dividend remittance question. Therefore this article separately analyze the influence of the holding shareholder nature to the cash dividends payment tendency and cash dividend distribution of intensity. We will tap the deep reason and give some sugestions on how to regulate the behavior of our dividend distribution and to protect the minotory investors.