Relevance Study Of Ownership Structure, Dividend Policy And Agency Cost Of Financial Listed Companies In China

The agency cost theory of dividend policy thinks that the company will be able to reduce the realization acting for cost by giving out a dividend, but it is difficult to finish in practice for the financial listed companies in our country. Because in our country, the ownership structure does not improve and perfect, agency problem is outstanding and our country' stock market is in one kind of weak effective power marketplace, listed companies had not yet formed perfect policy working out mechanism, the dividend assignment are existing a few place of not standardizing, for example, the dividend assignment form is varied, the dividend payment rate is low and short-term action is serious, the phenomenon of being not assignment are universal, waits. Facing factors such as gradually standard stock market of our country, and need of reason investor and a listed company self's value valuation, we are urgent need science, systematic and pragmatic theory and study achievement of reality assumes the dividend distribution policy guiding to come to standard financial listed company.There are many influencing factor for the characteristic of the above-mentioned dividend assigning, stock right structure is the most important internality factor among them, is also the system root for producing the agency problem, we make the studies core with financial listed company dividend policy and agency cost, make it have significance for development studying under the background of the ownership structure. As the important vane and index share of Chinese A share marketplace, the financial listed companies has always far-reaching influence to the operation of A share marketplace, but the ownership Structure of financial listed company y have particularity in ownership concentrates degree comparatively higher, and the ratio circulating of non-negotiable shares is bigger and State-held share (contain state-owned institutional shares) hold the controlling share, this lead to the agency problem outstanding, the dividend policy becomes the tool of the bigger shareholder with being "benefit Convey" and encroaching the benefit of the small-sized and medium-sized shareholders, and it is also very difficult to bring into play the rule of reducing the agency cost. By descriptive statistics and real diagnosis study, its result has further confirmed deduction by theoretical analysis narrated above, in namely under the background of the State-held share controlling share, financial listed company have existence the behavior of encroaching the benefit of the small-sized and medium-sized shareholders by dividend policy, and agency cost are bigger. This will help us to making explanation the effect of making by all kinds of shareholder, especially state-owned shareholder in ownership structure when the listed company are working out the dividend policy. Also make us have all-round and deep cognition of relation between dividend policy and agency cost in specially ownership structure from deep-seated face.Therefore, sets off from basic characteristics of our country finance kind listed company ownership structure, and from the perspective of reducing the angle cost, the measure of improving and optimizing dividend policy must be: First, structure rational ownership structure, for establish a basis of putting optimum dividend policy into practice; Secondly, improve now dividend policy, practice the stable dividend distributes, make distributes- cash to the spontaneous behavior for listed companies, as a result reduce agency cost of the controlling shareholders and the small-sized and medium-sized shareholders; Rational treat with the cost variance between the ownership financing and the debt financing, encourage listed companies to use tool of the debt financing, and creates the condition of practicing best dividend policy; Perfect the information disclosure, strengthening protects consciousness education to investors, improves the ability of discriminating dividend policy information. Final, because the particularity of ownership structure, must from the angle of strengthening a finance supervision, improve and perfect the detection of risk and supervision of the controlling shareholders, and more reduce agency cost.