The Controlling Shareholders Of Listed Company Impact On The Dividend Distribution Policy

Dividend policy is one of the three financial core policies, has a great effect in the company’s operationst.The theoretical study of dividend policy continuous development,and formed many different types of theory since from the 1950s, from the traditional agency problems between managers and owners to research the problem between other shareholders and controlling shareholder. The controlling shareholders as company ultimate controller, plays an important role in company’s financial decision.Dividend policy of listed companies in China are unreasonable. Especially for different types of the controlling shareholders, have the different influence for the dividend policy of the listed companies. This paper on the types of controlling shareholders and combined with background of our company introduces the foreign-invested at present,to study different types of the controlling shareholders how to influence dividend policy of China’s listed companies.Firstly,on the basis of absorption and synthesis the literature,this paper backdates the dividend theories skeleton and development,and analyzes the research actualities about the topic of the controlling shareholder and dividend policy.Afterward,analyzes the theory of the controlling shareholder and dividend policy of listed companies.This paper through the controlling shareholder of the two types that type of strategy and finance from abroad to analysis its impact on corporate dividend policy,to point that two types impact on it are obvious different. Find financial type controlling shareholders dividend policy focus on short-term earnings and not pay attention to company and the interests of small shareholders, and strategic controlling shareholders will consider strategic company and the interests of small and medium shareholders. And the combination of theory and for analysis of the actual situation of our country gives some reasonable suggestions.This paper various chapters primary coverage and viewpoint as follows: The first chapter is introduction,mainly introduces the research background, the purpose and meaning of the research, and the ideas and methods of research.The second chapter is literature review, mainly expounds on the study history and achievements of dividend theory at home and abroad.The third chapter analyze relevant factors of dividend policy, mainly expounds the factors of dividend policy, analysis for controlling shareholders and dividend policy types.The fourth chapter analyze dividend distribution for listed companies in the present situation and reason, mainly analyze the situation and reason of dividend distribution of the listed companies in China at present.The fifth chapter for case analysis section,mainly to analyze the dividend policy of the Shuanghui and supor. First, to analyze the dividend distribution of shuanghui development at present situation and affecting factors. Then,to analyze the CAR before dividend announcement and after it,to see investors response for dividend policy.This paper introduced yurun which is the similar case to Shuanghui to analyze,and to compares the different of their dividend policy.At last.this paper analyze the dividend policy of supor.The sixth chapter is conclusion, obtained the conclusion of this paper according to above articles,and give some suggestions.The main contribution of this paper is that from another angle to classify controlling shareholders,At present to analyze the different foreign controlling shareholders type how to influence dividend policy of China’s listed firms,and at last,give some suggestions.The deficiency of this paper is that the limitations of case selection cannot represent common phenomenon,and the limitations of gain relevant material of the case.