Research Of Dividend Tunneling Effect Of China’s Listing Corporations Under The Background Of Semi-mandatory Dividend Policy In China

The equity structure of listed companies in China is highly concentrated, on the one hand, this structure is beneficial to reduce the agency problem between owners and operators, on the other hand it also contributed to the problem of agency for controlling shareholders and minority shareholders. In addition, the deficiency of Chinese shareholder protection law increases the tunneling effect by shareholders, which has become an important problem affecting the development of the securities market in China and the made the tunnel behavior of controlling shareholders practical research significance. Under the background of equity concentration, the controlling shareholder of listed companies through a variety of ways such as related party transactions to tunnel companies to encroach on the interests of minority shareholders, cash dividend is one of the ways. In recent years, our country has implemented a series of semi-mandatory dividend policy, which make the tunnel behavior more reasonable. So the research of dividend tunnel effect has theoretical and practical significance.In our country, the pyramid shareholding structure is common, in the pyramid shareholding structure, located at the top of the pyramid of ultimate control person is the ultimate beneficiaries of tunnel behavior. Therefore, from the angle of ultimate control person is to better study on tunneling behavior. This article traced back to the ultimate control of the effect of dividend tunnel research, and empirical research is divided into two parts, firstly,2004-2012, A total of7077a-share listed companies ranging from year2004to year2012as sample data, using multiple regression, backwashing method of ultimate control person’s degree of two rights separation and to study the relationship of cash dividend per share, through two rights separation degree of positive correlation with cash dividends that listed company dividend tunnel effect exists; Then this article in accordance with the interests of the orientation of different ultimate controller can be divided into ultimate control of the central government, local government and the ultimate control and ultimate control person, natural person by setting up a virtual variable cross study way of dividend tunnel effect under the different nature of the ultimate control; Finally in the domestic scholar’s half a mandatory dividend policy contributed to the dividend tunnel effect, on the basis of the conclusion of this paper further half a mandatory dividend policy according to the content can be divided into the securities and futures commission will share out bonus and refinancing, proposed mandatory proportion of share out bonus, and improve and forced dividends proportion three phases, by setting up a virtual variable cross terms of tunneling effect at different stages of the dividend. On the basis of above research, this paper puts forward the improvement countermeasures and Suggestions to protect the interests of small and medium shareholders.Two rights separation is the ultimate control of people to gain control of private interests, this article, from the perspective of the ultimate control of two rights separation degree, the main research conclusions include:(1) the degree of our country listed company two rights separation and the cash dividend per share is significantly related to the tunnel effect existing in the listed company dividend;(2) in this paper, relative to the ultimate control of listed companies and the government, local government and ultimate control the listed company of natural person dividend tunnel effect is more serious;(3) with the securities and futures commission will be the benchmark for dividends and financing stage, the CSRC after half a mandatory dividend ratio is put forward, the listed company’s dividend tunnel effect is more serious, the CSRC increase after half a mandatory proportion of share out bonus, the listed company’s dividend tunnel effect has no obvious change.The innovation of this article lies in:(1) this paper study of tunnel behavior of cash dividend has a certain practical significance;(2) in this paper, from the company’s vertical equity arrangement and ultimate control of the human nature of tunnel effect, ultimate control person digging encroach on the interests of minority shareholders of the original motivation, has certain theoretical significance;(3) in this paper under the background of half a mandatory dividend policy dividend tunnel effect in our country, have certain innovation and timeliness;(4) this article selects data from2004-2012, and according to the CSRC for half a mandatory dividend policy to upgrade the sample period is divided into three stages, through the way of establishing virtual variable cross terms, research in China during the period of different dividend tunnel effect difference, can complete the analysis of half a mandatory dividend policy influence on dividend tunnel effect, at the same time to build constraint mechanism of share out bonus of synchronization with the capital market reform are proposed. Targeted and practical value.