The Relationship Research Of Private Placement, Cash Dividend Policy And Profit Transfer

Private Placement play a vital rolein the development of enterprises, however after the Private Placement of listed companies, major shareholders to issue high cash dividend will increase, at the same time for the dividend policy of listed company supervision system in China is missing, lead to big share-holders interests through high cash dividend policy delivery problem This paper focus on the relationship between the private placement and the dividend policy, discusses the final control people whether there is involved in the purchase, through the cash dividend policy implementation risk aversion and the indemnification issues, aimed at solving big shareholders encroach on small and medium-sized shareholders’ equity.This article focus on private placement、dividend policvin China’s capital market,based on dividend policy theory, using the descriptive statistics, univariate tests,multivariate regression empirical methods, to implement the purchase in the A-share listed companies of our country as the research sample. Respectively, from the private placement will affect the listed company cash dividend payment tendency and level, the ultimate control of listed companies to participate in the company consider whether affect the level of cash dividend payments, analyzed the relationship between private placement and dividend policy. Through the empirical study find: the private placement of listed companies pay on cash dividend tendency and the level of cash dividend payment have significantly positive effect, namely after the implementation of the purchase of listed companies prefer to pay cash dividends and cash dividend level will increase; The final control under the condition of people involved in the purchase, after the implementation of private placement of listed companies, the cash dividend distribution level obviously enhanced. Studies show that the major shareholders of listed companies in our country has after the purchase tend to choose high cash dividend policy behavior, is likely to produce the problems the indemnification of the large shareholders. Based on this, in view of the above analysis conclusion, put forward to perfect the CSRC for the purchase of listed companies issued audit, cash dividend distribution regulation policy Suggestions, so that they can better play to the function of the cash dividend, safeguard the interests of small and medium-sized investors, promote the smooth and healthy development of capital market.