A Research To The Factors Of Fund Dividend In China

Since Linter(1956)proposed the theoretical model of dividend policy, research on dividend policy has aroused great concern of scholars home and abroad,but after years of development,the issue is still not well resolved.Black(1976)regarded dividend policy as“dividend puzzle”.Bresley and Myers (1991) regarded dividend policy as one of the company’s top ten financial problems.Funds’dividend is similar to the cash dividend of listed companies,and both of them are the way to distribute investment income to their investors.With the continuous develoment of the fund industry,funds are more and more significate in the capital market.The returns to funds’investors---funds’dividend are also receiving much attention.In recent years, many domestic scholars make more and more research on funds,but the research object is often funds’performance.Few researches are about fund dividend which is investors’ultimate income.In addition,previous studies about fund were most based on the microcosmic fund,few studies were about the funds’environment the fund management companies. What are the differences between fund management companies’governance structure and the listed companies’?Are the governance structure of fund management companies able to impact funds’dividend? What do the fund management companies set up the governance structure taking fund dividend’factors into account?This article link funds’dividend with the companies’governance structure. With the governance structure of fund management companies as the main factors, according to the relationship between fund dividends and companies’governance structure,we build the model to do statistical analysis.The results show that fund management companies’shareholding structure and the replacement of fund managers do affect funds’dividend. Shareholding structure is more concentrated,there is more fund dividend.The fund managers are more stable,there is more fund dividend. Therefore,fund management companies should maintain the control and fund managers stable to protect the income of fund investors.