Agricultural Listed Companies’ Corporate Governance Structure For The Correlation Analysis Of The Cash Dividend

Dividend policy as a listed company in return an important part of investors, listedcompanies’ financial management is an important problem. Since May2012theCommission issued a "further implementation of cash dividends of listed companies noticeof the matter", the Chinese scholars to increase the cash dividend for the study. This articlewill corporate governance and cash bonuses into a common framework of research, first ofall for the theory of corporate governance and dividend policy made a brief introduction,and proposed dividend policy is also part of the governance structure of listed companies.Then the A-share listed market agricultural sector53companies as the research object,followed by analysis of the basic situation of agricultural listed companies, the definitionof the agricultural sector, listing process, regional distribution, industry distribution, equity,operating performance and other status to do a detailed analysis.Research design mainly cash dividends of listed companies and corporategovernance-related research, the first is for sample selection, basic assumptions, variabledefinitions and model building, and then to2011annual reports of listed companiesdisclosed the information data processing, according to the finishing after data forempirical research. For listed companies dividend policy and corporate governance-relatedvariables regression analysis: the proportion of top ten shareholders and dividends pershare were positively correlated with the proportion of outstanding shares was negativelycorrelated with cash dividends, cash dividends board size and positively related to anotherthe proportion of independent directors and management of the shareholding ratio of thesetwo variables affect the cash dividend is not very significant. Based on this analysis, wepropose optimizing ownership structure and board structure, to counterbalance majorshareholder "dominance" situation, in addition to reform the electoral system board isrecommended to use cumulative voting to elect board members, improve the managementof the stake, develop "investor Protection Act" and the provisions of law in the form ofcash dividends of listed companies as well as specific implementation details obligation toimprove the governance structure of listed companies to improve governance of listedcompanies.