Study On Influencing Factor About Cash Dividend Policy Of Listed Companies In China

As one of the main three contents of financial management in the listed company, cash dividend policy was debated all along in theory. What factors effect the cash dividend policy of listed companies? The study about cash dividend policy normaly focus on return and growth etc., focus on corporate governance to study this theory is seldom. Company with the reform of non -tradable shares has basically accomplished in 2006, corporate governance structure has strengthened. The tendency that benefit between large shareholders and minority shareholders will be consistent. So the issue that expropriation between large shareholders and minority shareholders can be solved. Based on this background this thesis study the effect factors of cash dividend policy from corporate governance prospect via agency theory will be more significant.This thesis firstly reviews western scholar's classical theory of dividend policy, and then reviews domestic scholars' empirical research in the aspects of dividend policy, to understand their research achievements and shortcomings. Then we systematically analysis Chinese listed companies' dividend distribution policy during a period of time, with the comparison from internationally to find out the existing problems and to describe them; finally, in accordance with agency theory, we establish a regression model based on the correlation between corporate governance elements and cash dividend policy. It has been partially proved that our hypothesis was right according to the final results of empirical analysis, that is, the corporate governance performance have a significant impact on the company's cash dividends policy, and we put forward implementing proposals for Chinese listed companies' cash dividend policy.