The Research Of The Relation Between Diviend Policy And Corporate Governance In The Background Of Full Circulation

As the core of content in the modern corporate financial management, cash dividend policy invests the information about corporate operating. On the other hand, as the cornerstone of the organization everlasting, corporate governance is the most important part which is a source of value of the company in the modern theory, protecting the healthy development of capital market. Only in a perfect company governance environment, can a good system of inner controls be really effective, increasing the efficiency of the company operation, and enhancing the reality of information published. With the realization of circulation, large and small shareholders are strengthening the governance structure. From the perspective of corporate governance, it has more research value that we know cash dividend policy how to impact on corporate governance.In this dissertation, the background circulation is a starting point, focusing on the relation between dividend policy and corporate governance in the background of full circulation. The main dissertation consists two parts. One is analyzing the dividend policy and corporate governance characteristics by collecting data before and after 2006.The other one is the empirical analysis, which is the core of the dissertation to study the correlation between cash dividend policy and corporate governance after the full circulation. On the bases of the theoretical and empirical, I discover that the largest shareholder has a positive correlation with dividend payout ratio, and state-owned shares and dividend payout ratio has negative correlation, indicating that although the interests of the shareholders, we have to pay attention to control the first major shareholders that may still exist the phenomenon by "tunneling" cash after full circulation. At the same time, state-owned shares have motivation and ability to compete with the major shareholder of "tunneling"; State-owned shares has no significant negative correlation with dividend payout ratio, and the proportion of corporate shares and dividend payout ratio has a positive correlation. In the corporate governance point of view, a smaller proportion of state-owned shares and legal person as the largest shareholder is generally the highest efficiency ownership structure. Board size has negatively related to dividend payout ratio, the proportion of independent directors and dividend payout rate has no significantly negatively correlated. The internal structure of corporate governance is continuous improvement after the full circulation. The number of supervisors and dividend payout ratio can not judge that the board of supervisors are the small scale of China's listed companies, lacking the internal management incentives, so, the role of the board of supervisors is not all show-related; Senior managers hold a positive correlation with the dividend payout ratio, indicating that ownership conducive to a unified management managers and outside shareholders, reducing shareholder wealth managers to deprive non-value-maximizing behavior and motivation, increasing the proportion of executive ownership, helping to reduce agency cost.