Empirical Research On Cash Dividend Policy And Actual Controller Of The Listed Company In SME Board

Dividend distribution is one of the three core contents of the modern company financial activity and a listed company’s decision-making problem about the distribution of profits, besides, it is significant for the company’s operation and growth. On one hand, reasonable dividend distribution policy can maintain the smooth operation and health development of the company. On the other hand, it can help to set up an accurate picture of the company in the capital, to attract the investors and creditors, and it also can enhance the financing capacity.Therefore, the research on dividend distribution of listed company has important theoretical and practical significance. In the west, the study was taked up many years ago. From the90s of last century, domestic scholars began to research dividend policy and draw a lot of meaningful results from western theory and combining with the actual conditions.The distribution of cash dividends has its unique significance. At present there are two completely different viewpoint:the first point thinks that the shareholders share in the profit by distributing cash dividends, and it can help to reduce agency costs; the second point supports that the cash dividend is one of the ways that the major shareholders grabing the benefits of minority shareholders. They hold that the substantial shareholders grab benefits of minority shareholders by formulating corresponding cash dividend policy.However, most of the dividend distribution studies are carried out from the standpoint of the substantial shareholders. In fact, the real financial decision makers are the actual controllers. CSRC requires listed companies to disclose the actual controller in the annual reports in order to provide more adequate public information.This paper focused on the relationship between actual controllers’various characteristics and cash dividend policy of the listed companies in SME board. This thesis is divided into five parts. The first part is the introduction. starting from the establishment of the SME board, this part introduces the background of the topic, explains the reason of why selecting SME board to research, and clears the overall research thread of the paper, draws the structure of the mainly contents.The second part is mainly about the theory of the dividend distribution and literature review. From the implications of dividends, dividend distribution and dividend policy, the paper introduces the traditional theory and modern theory related to dividend policy. Next the part introduces the present situation of the research on dividend policy at home and abroad. Then we define the actual controller by referring to relevant laws and regulations. At the end, this chapter reviews literature about the relationship between listed companies’dividend policy and the actual controllers’characteristics.The third part contrasted the situation of SME board and mainboard, mainly about listed companies’actual controllers’feature and the situation of the cash dividend policy.The fourth part is empirical analysis, mainly about the relationship between actual controllers’characteristics and cash dividend policy of the listed companies in SME board.The last part is about the summary and policy recommendations, besides, this part puts forward the prospect of study on the dividend policy of listed company in SME board.