| As an important finance decision in listed firms, dividend policy has always been a fOCus in the corporate finance field. However, cash dividend is a confusing topic in this field. In virtue of special background,"the dividend puzzle" not only exists in China's security market but also exhibits itself as a particular phenomenon. At present, the dividend policy is far from satisfying. Holding shareholders encroach upon the interests of minority shareholders to gain private profits from control right by adopting tunnelling behavior of cash dividend. Especially in China captical market, the tunnelling behavior is rather serious because of lack of sound system.Bases on dividend theories at home and abroad, this paper reviews previous researches on features of controlling shareholders, industry environment and their interaction on the cash dividend policy of listed companies. With agency theory of controlling shareholders as its theoretical foundation, this paper fOCuses on agency problems between the controlling shareholder and minority shareholders and then puts forward a simple angency model in consideration of yields od ultimate controller's control rights. Under the framework of Liang Shao (2010), this angency model is based on controlling shareholders features, including the linter model. Taking1581China A-share listed companies during2008to2009as research sample, this paper empirically tests the interaction between the controlling shareholders features and cash dividend payments policy of listed companies by Quantile Regression. It finds out that such factors as economic nature of holding shareholders, separation of two rights,Preceding dividend payments, Share profit available for distribution have a non-linear effect on payment standard of cash dividend, namely on different percentile points various factors have different effects on payment standard of cash dividend. In addition, the payment standard of cash dividend, affected by separation of two rights, changes signs between low cash dividend payments and high cash dividend payments. Quantile qegression yield estimates are more informative than ordinary least squares.Furthermore, this paper examines the impact of industry environment on the cash dividend, analyzes a specifically linked company-industry dataset with a hierarchical structure including623Chinese A-share listed companies by adopting the hierarchical linear model (HLM), and describes the moderate effect of industry environment on cash dividend payout ratio. Then, it fully discusses two completely different paths about the industrial impact on cash dividend payout ratio distribution:(1) industry features directly lead to the gap of cash dividend payout ratio in different industries;(2) industry features cause the gap of cash dividend payout ratio to be affected by enterprise features. In other word, industry features can regulate the impact of individual attributes (nature of holding shareholders, separation of two rights, Preceding dividend payments, etc.) on cash dividend payout ratio. It draws the conclusion as follows:as many as senven percent of the total difference on companys'cash dividend payout ratio can be attributed to industry factors. Owing to various industry characteristics (such as the Level of industry confidence, dividends payout ratio of the industry, degree of industry competit ion, degree of industry Growth, etc.), the impact of enterprise features on cash dividend payout ratio is changeable. However, this point does not mean that industry features simply slow down or enhance the impact of enterprise features on cash dividend payout ratios. In fact, industry features may change the impact of enterprise-Level features on cash dividend payout ratios. All in all, this paper is of great help to specify the mechanisms and paths about the impact of industry on cash dividend payout ratio, which not only enhances the further understanding of cash dividend policy but also proposes the corresponding policy suggestions. |
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