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The Influence Of Ownership Concentration On Cash Dividend Of Listed Company

Posted on:2016-01-30Degree:MasterType:Thesis
Country:ChinaCandidate:J J DingFull Text:PDF
GTID:2309330461998522Subject:Accounting
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As one of the core content of corporate finance, dividend policy has always been a hot topic of discussion in the field of finance scholars at home and abroad discussed. Dividend distribution as the core finance activities of modern corporate, relate not only to the fundamental interests of the shareholders and creditors, but also the future development of the company will have a very profound impact. Therefore, dividend distribution has been a subject of concern for various stakeholders in the company. Cash dividends as the most important way of dividend distribution, not only relate to the achievement of economic interests of shareholders, but also to the listed company’s investment and financing decisions and future development. Its importance goes without saying. The phenomenon of China’s listed companies do not pay dividends and dividends low exist for a long time, the formulation of the cash dividend policy has great blindness and randomness. Most of the research about the cash dividend policy limited to consider unilateral ownership structure, equity policy choices, ownership concentration, corporate performance and corporate governance only, while ignore the truth that the cash dividend policy changes with the growth stages of the enterprises. This paper attempts to study the influence of ownership concentration on cash dividend policy of listed companies based on the corporate life cycle perspective.At different stages of the life cycle, the concentration of ownership will have a different affect to the cash dividend policy. Therefore, it is necessary to use the new data samples to conduct in-depth research of the influence, in order that the listed company can select a reasonable and effective approach to adjust the ownership concentration degree and structure, control of the corporate governance issue that the ownership concentration bring reasonably to make the policy stable. Meanwhile, the paper can help the regulatory authorities make laws, improve the regulatory reference. Based on this, analyzing the influence of ownership concentration on cash dividend of listed company-- empirical research based on enterprise life cycle perspective has a very important theoretical and practical significance.This paper will base on the corporate life cycle perspective, researching the impact of ownership concentration on cash dividend policy and other related issues. In the basic research stage, the paper systematically expounded the background, meaning and purpose of the research, discuss the related theory after that.Using the life-cycle theory, dividend policy theory, a bird in the hand theory and agency theory as basic theory. The study provides evidence to the interaction mechanism of the life cycle of listing Corporation ownership concentration and cash dividend policy. The author explains the influence mechanism of the life cycle of the equity concentration, analyzing of the influence mechanism of listing Corporation stage of the life cycle of the cash dividend policy. Finally, it elaborates the influence of the ownership concentration on the cash dividend policy mechanism. Based on the clarify of the relationship between life cycle of the listing corporation and the ownership concentration degree.Choose the ownership concentration and cash dividend policy as index from the perspective of the life cycle. Consider their life cycle characteristics when choosing these indexes. Introducing the life cycle for the proxy variable, in order to pave the way for quantitative analysis. In the empirical study, analyzing the financial data of listed companies in 2011-2013 as the sample, adopting semi parametric model for further study on the impact of ownership concentration degree on cash dividend policy in different life-cycle, and then we will get a function estimation diagram. This will provides a powerful reference for the listing Corporation to analysis the ownership concentration degree and cash dividend policy in different stages of the life cycle.
Keywords/Search Tags:Ownership concentration, Cash dividend policy, Dividend payments, Enterprise life cycle
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