An Empirical Study On Cash Dividend Policy And Agency Problem Of China's Listed Companies

This dissertation develops and deepens the research about how the agency problem among controlling shareholders and minority shareholders influences the cash dividend policy of China's listed companies. Firstly, the paper analyzes about the actuality of cash dividend distribution and the system background of agency problem. Then with the data of listed companies in recent three years, the stepwise regression method is applied to build cash dividend models in the framework of different control degree, and further discuss them combing with the companies' growth. The results testify that the stronger of controlling status of the largest shareholder, especially the state-owned controlling shareholder, the greater cash dividend payout is, even paying cash dividend without considering the future growth of the company. The findings suggest that under the special background, the cash dividend policy of the absolute controlling shareholders is not necessary to protect the minority shareholders.