Empirical Study On The Debt Financing Cost And Dividend Policy Of Family Listed Company

A number of statistical studies showed that in the developed countries, especially in the world's top 500 companies, Most of the family is from the enterprise development, by virtue of a unique entrepreneurial aspirations and energy progressive development of the national economy, China's main, and foreign Wal-Mart, Ford, Luokefeite have nearly 100 years of history. In China, the well-known Yongyou shares, the Guangdong Rong-tai, the wife medicine conglomerates. They are more competitive for Unique governance mechanisms.In China in the 1980s after the booming private economy development in the economy gradually occupy the dominant position, the majority of which time family business, family business in recent years there has been an upsurge of listing, They have already begun to gradually move toward modernization in governance mechanism. Therefore, the analysis of listed companies based on the family nature of the special shares in corporate governance unique.In the control and management separation of powers, controlling shareholders and managers and other stakeholders will have agents conflict, and the manager for a company's investment decisions, financing decisions, dividend decisions, those decisions must be subject to the agency, more acts ultimately affect the value of the company. This paper will be based on the family holding the special nature of the equity analysis Acting conflict, and his three important financial decision-making influence.Based on the above mentioned study motivation, the study focused on the following points: 1. Explores family in a listed company Agent play the role. 2, To explore family and non-family business enterprises bear the cost of debt financing spreads whether the same. 3 To explore family and non-family business enterprises dividend policy, which is paid whether or not the same as the dividend. 4. Use multiple regression to explore ways to participate in the family business of the company or not further affect the company's financing costs and liabilities G Dividend policy.