The Impact Of The Final Controller Of Listed Companies On Post - Issuance Cash Dividend Policy

The study of dividend policy has been one of the three core financial field of content, is also the company financial areas of research focus and difficulty. Many factors influence the cash dividend policy of the listing Corporation, but most of the studies are focused on the investigation of the company objective conditions, in the present case of ultimate controller of listing Corporation, the ultimate controller is a financial decision-making body. In May7,2006, the China Securities Regulatory Commission issued the "management measures" issued securities listing Corporation, domestic scholars through research directed additional shares of listing Corporation in China has become one of the main ways of refinancing.First of all, in this paper, the principal-agent theory, agency cost of dividend distribution theory and the theory of dividend distribution of interests for the comb, and established in this paper, the theoretical basis of empirical research.This paper uses the Logit model and multiple regression model to consider in the2006-2011of362samples of the cash dividend distribution of listed companies to empirical analysis, to examine the final control people influence on after issuing cash dividend policy, further verify the "profits" hypothesis of dividend distribution. Through theoretical analysis and empirical research, draw the following conclusion.(1) results show that the ultimate control of ginseng and directed the issuance of additional directional in the propensity of cash dividends than the ultimate controller not participating in the additional company oriented;(2)The results show that the ultimate control cash, ginseng and directed the issuance of the company compared to not participating in the additional company oriented, and more in additional cash dividend distribution.(3)the nature of the ultimate controller for the state-owned listing Corporation in the tendency of additional directional distribution of cash dividends than the nature of the ultimate controller for the non state owned company; multiple regression results show that.(4)the nature of the ultimate controller for the state-owned listing Corporation in the intensity distribution of directional add hair after cash dividend than the nature of the ultimate controller for the non state owned company low.On the basis of research results, proposed the following policy and suggestions. to strengthen the listing Corporation directional cash dividends after the issuance of regulations; change the "dominance" situation, establish multiple shareholders ownership balancing mechanism; to strengthen the protection of minority shareholders; development of the corporate bond market; to improve the quality of information disclosure of listing Corporation。...