Research On The Dividend Policy Of Chinese Listed Company Based On Agency Cost Theroy

Dividend policy, financing policy and investment policy are known as the three main corporate finance policies, since MM have proposed "dividend policy is unrelated theory", from the relaxed MM assumptions based on the dividend policies , Western scholars conducted a large number of theoretical studies and empirical research, and has brought about many different theoretical perspectives doctrine. Agent theory of dividend policy has developed after relaxing the assumptions of "manager as an agent of investors, fully maximize shareholder wealth services" Agent theory of dividend policy is the mainstream of modern dividend theory.Agent theory of dividend policy maintain that dividend policy can solve agency problem arising from the separation of ownership and the right to operate the corporate, but this conclusion is built on the West, especially the United States capital market, because of this, this article attempts to analyze Chinese listed companies dividend policy from the perspective of agency theory based on Chinese listed companies practical conditions. In theory,first,this paper has introduced the main theories of dividend policy in the west,then from the perspective of agency theory of modern enterprise,analyzed the conflicts between the different interests of parties and how this conflicts affects dividend making.third,this paper has analyzed the resons and the performance of special agent problems in our listed companies,And how this special agent proglem affect our listed companies dividend policy making. Meanwhile, this paper has introduced Chinese listed companies dividend distribution. at last,according to the agent problems in dividend policy,this paper has advanced some suggestions which will help build standard dividend policy and promote the capital market development.From the perspective of demonstration,in this paper,through the selection of indicators of corporate governance and financial to indirectly measure agency costs,the main use of descriptive Statistics, correlation analysis, and stepwise regression analysis to analyze the dividend policy of 435 stocks listed in Shanghai Stock Exchange in 2005 .the results show that the dividend policy has not really played the role of controling agency cost, but has become the tool of major shareholders occupation of the interests of the small shareholders.