The Empirical Study Of The Relationship Between Controlling Shareholders And The Cash Dividend Of The Listed Companies

Dividend policy is a major financial field of research, is the important component of financial studies. Dividend policy is closely related to the choice of financing policy and shareholder returns. The early days of China's securities market, China's securities market is given for the reform of state-owned enterprises, the service the important functions of the special background determines the listed companies in China's ownership structure and the western countries have different compared, concentration of ownership structure. In this special equity structure, though in a certain extent, ensure shareholder interests, but also the operator for controlling shareholders to benefit maximization as the goal, use oneself will decide the dividend policy.The cash dividend policy is one of the main financial policy, the policy is an important content of the controlling shareholder, is the medium and small shareholders and other stakeholders is an important link of equilibrium.The listed company's cash dividend policy and the relationship between the controlling shareholder, combining the theory development trend in related research, on the basis of collecting data, and then build model, to further explore the controlling shareholder and the correlation between the cash dividend policy. This article mainly includes the following aspects:The first chapter is the preface, in this section, the paper mainly describes the research background, discusses the significance of research, and finally briefly introduces the main research method, research and innovation.The second chapter is reviewed and the theory of literature review, the part of the theory from the dividend policy development and evolution, summarizes the traditional dividend policy theory and modern the dividend policy theory, and the research achievements at home and abroad are introduced.Then, shareholders'equity types and from two aspects, special concentration at home and abroad are introduced in this aspect of the scholars research achievements. Then, from China at present more special economic environment, system background and ownership structure, the western theory of dividend policy research and briefly discussed.The third chapter is listed companies on China's controlling shareholder and analyzing the status quo of cash dividend policy. First, we define the controlling shareholder.Then, According to the statistical data of cash,we dividend policy describes the status quo.The fourth chapter is empirical analysis, this part adopts two models are analyzed, the controlling shareholders of cash dividend choice behavior and cash dividend payments.The fifth chapter is research conclusions and Suggestions. Through empirical analysis, we draw the conclusion, and puts forward related Suggestions.Through an empirical analysis of the conclusion, to formulate the reasonable dividend policy, to protect the interests of the shareholders, and the internal management system from the company to relevant laws and regulations, and corporate governance reforms, etc. On the one hand, we should from the legal regulations and strengthen the supervision system of negotiable securities market, improve the construction, On the other hand, the improvement of our country's current equity structure, separation, diversified ownership structure, the number of holdings gradually reduce state. Again, we also improve the corresponding board system, its board of directors in the role of the medium and small shareholders and protecting interests.