A Study On The Dividend Policy Of Corporate Governance Structure Of Listed Companies

Dividend policy is one of the three core contents of modern enterprise financial management. For a long time, as a hot issue, dividend policy has been widely concerned and studied by foreign scholars.Especially,through development and innovation of dividend policy, the foreign research results gradually developed some theories such as the Tax difference theory,Agency theory and dividends,Signaling theory and so on.This study is short time in our country. Chinese scholars mostly based on the abroad divided theories and demonstrate Chinese listed companies dividend distribution from the viewpoint of the Signaling theory or Agency theory.However, because of China’s capital market starting late and irrational regulations, the research conclusion is very inconsistent to the abroad. So, on China’s special economy background, to study on the factors affecting dividend policy is great realistic significance. Further more, dividend policy problems already have been evolved the issues related with corporate governance structure.It is a result of Checks and Balances between shareholders, creditors and management.Consequently, the paper attempts to fully study the impact of China’s listed Companies governance structure on the dividend policy in the governance structure perspective.From the viewpoint of ownership structure, board of directors, management incentive and financial transparency four aspects, the paper systematically set to study influence on dividend policy.This paper adopts the method of combining theoretical analysis and empirical analysis, selecting Shanghai and Shenzhen two city A shares manufacturing listed company related data in 2011-2013.It applies the ownership concentration, equity circulation, board size, proportion of independent directors management incentive and financial information transparency as arguments,with the dividend payout ratio as an dependent variable of the dividend policy,and use company size,corporate profitability and solvency as controlled variables.The empirical results show that the proportion of the first shareholder,the circulation stock proportion have significantly positive correlation with dividend payout ratio, however, the board size and the proportion of independent directors are irrelevant to the dividend payout ratio.It also show that the executive compensation and dividend level have significant positive correlation,but the relation Man Share with dividend level is not significant; Enterprise financial information transparency and the dividend payment ratio also have positive correlation,but influence degree between the two is very litter. Finally, the paper puts forward related suggestions, hoping to provide helpful opinions for perfecting our country’s listed corporation governance structure and regulating dividend distribution policy.