Empirical Study On The Influence Of Corporate Governance On The Dividend Policy

Through a large number of scholars and depth of study, the final definition ofdividend policy as to the development of the company as the goal, price stability asthe core, in balancing the interests of the enterprise internal and external all relevantgroup, to extract the various accumulation fund distribution of net profit when, after aseries of problems such as how to allocate the basic attitude and behavior criterion.And corporate governance is the most important part of modern enterprise theory,corporate governance is to a large extent determines the company’s operatingperformance, dividend policy as an important in the modern company managementdecision-making, nature also because of the influence of corporate governance,corporate governance mechanism and operation mode determines the enterprise eachrelated interest subjects of dividend policy support, the inclination to the interest so asto determine the dividend policy problem. As a result, the dividend policy is not onlyfinancial problems, essentially and corporate governance issues, it is the company’sshareholders, investors, creditors, management the common result of game betweenstakeholders. Game of stakeholders in the process, the specific corporate governancedetermines the status of the game parties in game, which directly affect the game isthe result of the dividend policy, so the dividend policy is just all the stakeholders in aparticular game under the framework of a balanced, it can play a role for protection ofthe interests of the investors, and important influence on the steady development ofcapital market.This article first reviewed the relevant theories of corporate governance anddividend policy and the related research of scholars at home and abroad, then therelated theory is applied to the pharmaceutical industry listed companies in ourcountry, discussed in detail. In empirical research part, this article selects2008-deepShanghai two city of2012, China’s pharmaceutical industry listed companies as theresearch object, by using the software SPSS16.0to empirical analysis samples, moremeaningful conclusions are obtained. In this paper, the research proves that: the company’s shares, executive compensation, earnings per share, asset-liability ratio ofpharmaceutical industry listed company’s dividend payment rate has great influence,and the board size, the number of the number of independent directors and board ofsupervisors impact on dividend policy. This shows that ownership structure is thedecisive factors in the pharmaceutical industry listed companies dividend policy.Finally, the article for the pharmaceutical industry governance structure and therelationship between the dividend policy of listed companies, from perfecting legalsystem, optimize the equity structure and improve the securities market environment,and other aspects are proposed.