Study On Cash Dividend Policy Of China Family Listed Companies

As the blueprint for the modern corporate structure, whether developed or developing countries, is a family business both ancient and extremely wealthy viable form of organization, in recent decades, the development of our family business favorably, has gradually become the essential of our national economy growth, but also by virtue of the inherent characteristics of the family business, became the target of attention of many scholars at home and abroad, and has become a burgeoning academic research focus. Dividend policy is to finance an enduring research field, especially listed companies listed company dividend puzzle family is so far unresolved problems. Therefore, the study of family listed cash dividend policy is of great importance.This article is from the perspective of corporate governance, ownership structure to study, family control, control methods and other related variables and our family of listed companies to pay cash dividends and significant, and also studied the wishes of the family and pay levels listed between companies and non-family listed companies’ willingness to pay cash dividends and distribution levels in terms of whether there are different. This article includes theoretical and empirical analysis of two parts:theoretical analysis of the major review of the status of domestic and foreign scholars study related to the family business and dividend policy and the factors influencing the family distribution of cash dividends of listed companies were analyzed; empirical part The main basis between cash dividend factors and assumptions made relationships, and according to the different nature of the dependent variable, the use of different linear regression method to verify the accuracy of assumptions. Finally, according to the empirical analysis, the family listing Corporation in China’s cash dividend payment and the level of dividend payment is lower than the non family listing Corporation in China.. The cash dividend payment of family listing Corporation in China is positively related to the level of payment and the concentration of the shares, the family shareholders and the scale of the board of directors.. In the end of this paper, according to the results of the empirical analysis of the family listing Corporation cash dividend distribution problems, and put forward their own proposals.