An Empirical Study On Cash Dividend Policy Of The Governance Structure In China’s Listed Companies

Williamson proposed the concept of corporate governance structure in1975, thenthe corporate governance theory constantly improve and the theory’s application isexpanding, western scholars gradually has pegged to the cash dividend policy, studieshow it affects the cash dividend policy. With the deepening of the research, the study isaccepted by more and more people and become the main Angle of view to explain cashdividend policy in western countries.This study is short time in our country. Chinese scholars mainly use ownershipstructure to analyze that how it to affect the cash dividend policy, and ignore the studyfrom the other perspective of corporate governance structure; In addition, there aredefects in China’s capital market, when the previous scholars do empirical research in theuse of relevant data of Chinese listed companies, empirical results are often inconsistentwith the conclusion of foreign, even the opposite. To solve these problems, in this paper,on the one hand, the research orientate in the overall structure of the corporategovernance, including company management, ownership structure, board structure, andboard of supervisors structure four aspects, on the multiple perspectives of the wholefrom analysis the influences between corporate governance structure and the cashdividend; On the other hand, the paper selects the relevant data of listed companies from2009to2011for empirical research, to observe the empirical conclusion is or not toreverse the above situation, and to react corporate governance in our country is or not inthe unceasing progress, it can also help to indicate the direction of the corporategovernance structure.The paper adopts the method of combining normative research and empiricalresearch. First, as the western related theory as the starting of studying, analysisevolution and characteristics of the relevant theory about corporate governance anddividend policy in western countries, on basis, to introduce the field of research ofChinese scholars in recent30years, study and put forward the suitable theory for ourcountry present stage, agency cost theory, for the influence on cash dividend policy oflisted company governance structure to provide theoretical explanation, at the same timeto prepare for empirical analysis. Second, select the2009-2011A shares listed companiesrelated data, by building regression model empirical study on cash dividend policy of the governance structure in China’s listed companies.This paper elaborates the full text is divided into five parts:Introduction, elaborate this study’s research background and significance, review ofrelevant literature both at home and abroad, summarizes the domestic researchachievements in the field and the existing problems, suggests research ideas and researchmethods, and put forward the innovation points.The first chapter, analyze present situation and problems of cash dividend policyand corporate governance structure, fully affirmed the progress, such as dividendpayment tend to be more reasonable and reform of non-tradable shares to solve thestate-owned shares dominant’s problem. At the same time, also need to face problems,such as dividend payments lack continuity and stability, and a few firms abnormally highsent now, low efficiency of the company’s board of directors and the board ofsupervisors.The second chapter, briefly elaborate the cash dividend policy and corporategovernance structure theory and the applicability of these theories in our country, furtherexplore the contact of the cash dividend policy and corporate governance structure,looking for theoretical point, analyze the theory association between the cash dividendpolicy and corporate governance structure, to lay a theoretical foundation for empiricalanalysis.The third chapter, the empirical study on cash dividend policy of the governancestructure in China’s listed companies, selecting Shanghai and Shenzhen two city A shareslisted company related data in2009-2011, from the perspective of management,ownership structure, board of directors, board of supervisors structure four aspects, raisealtogether ten research assumptions, carries on the descriptive statistical analysis in turn,intuitive understand the basic situation of these variables, which variables still existproblems, which variables problem got obvious improvement; Correlation analysis,mainly in order to determine whether there is linear between the ten variables, to not toaffect the accuracy of the regression analysis; according to the correlation analysis resultsten variables will be respectively put in four regression model to regression analysis,according to the results of regression estimate test the hypothesis. Finally, elaborate theempirical analysis conclusion. The fourth chapter, the conclusion and suggestion, summarizes conclusions from thefour perspectives of corporate governance structure to influence cash dividend policy,and from the four perspectives respectively put forward rationalization proposal, perfectthe corporate governance structure, promote the healthy and reasonable development ofcash dividend policy.