An Empirical Study Of The Impact Of Controlling Shareholder On Cash Dividends Policy

The problem between controlling shareholder and the cash dividends policy has been a boiling issue in our stock market. As present cash dividends policies of listed companies, most companies'policies are unreasonable and have many problems. The controlling shareholders, as the truly financial policy maker, they play important role in making cash dividends policy. This paper analyzes the impact of controlling shareholder on cash dividends policy from their characters. So, identifying the controlling shareholder and its characters properly has practical and theoretical significance.Under such background, this paper summarizes the relative domestic and foreign literatures, selects the economic character of controlling shareholders, the separating extent of two rights and controlling characters of groups as the features of controlling shareholders and analyzes the features of controlling shareholders and cash dividend policy of the listed companies in our countries at present. This paper thoroughly analyzes the influence of the three features of controlling shareholders on cash dividend policy. Then, this paper selects 141 listed companies of stock market of shanghai between 2005 and 2006 as samples, and carries on empirical research on the impact of controlling shareholder on cash dividends policy. Finally, this paper proposes some suggestion that restrain behavior of controlling shareholder and benefit to our stock market.