Shareholding Concentration、Firm Performance And Cash Dividend

On the basis of the modern theory of dividend policy, capital markets mature foreign ownership concentration of listed companies and the cash dividend is a significant negative correlation. Based on agency theory, in our immaturity and GEM listed companies under a high concentration of special background, the cash dividend will become the largest shareholder reflects the evolution of the large shareholders against the interests of minority shareholders of tools, and the emergence of points will harm the interests of small shareholders, regardless of the embarrassment, the "paradox of cash dividends." In addition, the company’s performance and concentration and the cash dividend equity companies listed on GEM are closely related. High concentration of ownership, major shareholders master franchise, the actual operation of the business and the future development of clearer, the largest shareholder of the implementation of the decision-making, to some extent, reflect the future development of the company’s performance. Meanwhile, the company’s dividend distribution from corporate profit or surplus, the more the better performance of corporate earnings, the company paid cash dividends provide adequate protection. Therefore, this article will be based on theoretical analysis and empirical test, joined the company’s performance factors, the researchers ownership concentration and firm performance on the combined effect of GEM listed company’s cash dividend.In this study, we select at October 30,2009 between the GEM inception to December 31, 2013 listed companies unbalanced panel data, based on theoretical analysis and research hypotheses were binary Logit regression and multiple linear regression empirical analysis. The main conclusions are:ownership concentration and the intensity of the cash dividend was a significant positive correlation between the presence of large shareholders motivation occupation interests of small shareholders cash dividends by the way. After adding affect the company’s results, a positive correlation between the two has weakened, the largest shareholder of GEM listed company would consider upgrading the company’s performance or reduce the cash dividend and the impact strength, and thus more rational development cash dividend Policy.