Research On The Effect Of Controlling Shareholders On The Behavior Of Dividend Distribution In The Small And Medium-Sized Enterprises Board

The dividend distribution is an important financial policy which is useful in balancing the relationship between investors and Chinese company which are listed on the small and medium-sized enterprises board. As a new plate of small and medium-sized enterprises board, it has certain independence by compared with the main board, and the listed companies in the small and medium-sized enterprises board plays an important role in the development of China’s economy. Research on the controlling shareholder’s influence on dividend distribution has an important reference value to promote the sustainable development of the listed company and balance benefits well of stakeholders in the small and medium-sized enterprises board.In this paper, by comparing the small and medium-sized enterprise board and main board a-share controlling shareholders related data in 2006-2012, the dividend policy and controlling shareholders in small and medium-sized enterprises board have an independent characteristics, such as large proportion of dividends companies, diversified distribution form, considerable dividend per share, high dividend payout ratio and that most investigated listed companies preferred to distribute cash dividend, instead of allocating stock dividend. In the direct level, the controlling shareholder has a highly concentrated ownership and a serious phenomenon of "the single-large shareholder", ownership balancing degree is high, most of the first big shareholder are in absolute controlling position; In the final level, the controlling shareholder has a great control, the two rights separation degree is larger and the economic nature is complex. In order to be able to effectively reflect the controlling shareholder’s influence on dividend distribution of listed companies, this paper discusses the effect of controlling shareholders upon the inclination and magnitude of the cash dividend distribution in listed companies from the direct and ultimate control perspective, and makes use of logistic model and the multivariate linear regression model to verify the panel data. The results show that ownership concentration and stock proportion restriction, controlling shareholders’economic nature, the control rights and the degree of deviation of ownership from control right have a noticeable impact on the inclination and magnitude of the distribution of listed companies’dividend in the SME board.