The Relationship Of Ownership Structure, Dividend Policy And Agency Cost Of Real Estate Listed Company In China

Agency costs theory of dividend policy argue that the company paid dividends could reduce its agency costs,but it may not be achieved in practice for the China's real estate listed companies.As the ownership structure of China's real estate listed companies is not perfect,and the agency problems are serious,as well as China's securities market is still a weak efficient market,the listed companies in our country haven't formed a sound dividend policy-making mechanism,so there are many irregularities in the distribution of dividend.As the improvement of China's real estate management system and stock market is becoming more regular,the demand of investors and the value of listed companies and other factors,it is becoming very important to research ownership structure of listed companies,agency costs and dividend policy of the real estate listed company.Based on the current status of real estate listed companies in our country,this paper brings the ownership structure,agency costs and dividend policies of real estate listed company into a unified analytical framework to explore the inter-relationship between them.This paper is organized by six chapters in all.First,introduced the background of the topic raised in this paper.Second,reviewed on the Literature related,include theory of agency costs on the sector definitions and measurement methods;and then separately reviewed the dividend policy and agency costs, ownership structure and study on the relationship between agency costs.In the third part,we analyzed the correlation of dividend policy,agency costs and ownership structure of China's real estate listed companies based on the status and characteristics. And proposed research hypothesis of this article.In partⅣ,we introduced the sample selection and data sources and variable definitions,and analytical methods we used. In partⅤ,we use the sample data to do descriptive statistics and empirical analysis, and then analyzed the relationship between ownership structure and agency costs and dividend policy of real estate in our country;we also used factor analysis method to measure the cost of its agents.In the last part,we introduced the conclusion of our study and make some related discussions and proposed some direction of future research.This paper collects 174 samples of China's 60 real estate companies as the research object,these companies are all listing in A-share,2004-2007.We use the method of factor analysis to quantify the agency cost of China's real estate listed companies,and then use the method of variance analysis and regression analysis to study the relationship between the agency costs and ownership structure and dividend policy.Empirical study findings:first,the empirical analysis does not prove the significant correlation between China's real estate market's dividend policy and agency costs;Second,there was a significant different agency cost under different conditions of the ownership structure of real estate companies.