An Empirical Study On The Dividend Policy Of Corporate Governance Of Listed Companies

In the modern corporate finance, Dividend policy has become a more and more important content of the corporate finance, Dividend problem has also been theory and practice at home and abroad to research and explore a hot issue. The formulation of dividend policy directly related to the company’s financing and investment issues, but will also affect the price of stock. Making reasonable dividend policy, not only to maintain a good image of the company, but also can make investors keep continuous investment enthusiasm.The dividend policy research after all these years of development has formed a large number of theory and results. These conclusions are mostly based on perfect capital market hypothesis, and these results vary, not form a unified conclusion. The dividend policy choice is seen as the multi-game results among large and small shareholders and the interests of managers and others. Because China’s specific conditions and the market economy are not mature, existing in the listed company special corporate governance structure.Domestic and overseas scholars to dividend policy research is most a choice of the factors affect dividend policy as a research subject, even involved in corporate governance structure of the system is also not very comprehensive research. Previous research on the problems and one-side place, this article chooses from internal corporate governance structure equity structure and the structure of the board of directors. First introducing is reviewed, the domestic and foreign relevant research on dividend policy and corporate governance structure definitions and related theory made this definition and explaining. Then using the theoretical analysis and empirical analysis with the combination of research methods to research the listed companies of China governance structure and dividend policy. On the one hand the theoretical analysis method, analyzing the listed companies in China dividend policy of the present situation and the existing problems, and finding the listed companies in China’s dividend policy that there is not standard dividend policy distribution behavior of stability and distribution of the phenomenon. According to the actual situation of the causes of the formation of analysis and explanation. This paper breaks the former research the traditional model. It chooses the internal management structure as the breakthrough point of the research, and the internal governance structure is divided into equity structure and the board of director structure. Then this article analyzes the problems of ownership structure and board structure in detail and statistical description. On the other hand is empirical analysis. This article used the statistical software SPSS17.0to make empirical analysis of selected data. The conclusion obtained that:equity structure of the proportion of the first largest shareholder and former ten largest shareholder dividends proportion have affect on the dividend policy positively, the board of directors is also positive correlation, but the independent directors and dividend payment rate is not related to the relationship; Company scale, growth ability, profitability, solvency and other control variables have significant effect on the dividend policy, so these indicators have been influenced the dividend policy formulation and implementation.According to the empirical analysis conclusion. Therefore this article mainly from the ownership structure and board structure proposes the policy recommendations, hoping to find the right way to improve the governance structure of listed companies and dividend policy.