Research On The Cash Dividend Policy Of Chinese Listed Company

Dividend policy is a reasonable allocate strategy that listed company distributes after-tax income between shareholders'income and profits on hand, which is the continuity of the listed company finance and investment. As far as dividend policy's market effect and economy influence are concerned,dividend policy reflects a company's management behavior and performance. Not only it can influence a company's honor, but also can cause the exceptional fluctuation of the company stock price.Based on the west country's capital market ,agent theory suggests that dividend policy can solve the agent's problem which is due to the separation of ownership and management.Based on the reality of Chinese listed company, this article analyzes the dividend policy from the point of agency theory.In theory , from the perspective of the agent theory,we make an analysis of the principal agent conflicts between the different interests.In empirical research ,this paper selected assets liabilities ratio and FSHR to measure the level of corporate agent.We select the listed companies of stock markets who pay cash dividends among 2007—2009 and use descriptive statistics method to analyze the relationship between cash dividend policy and agent in our country.Finally, in view of agent problem embodied cash dividend policy of listed companies in China, we propose some recommendations to promote the healthy development of capital market.