Empirical Study On Influential Factors Of Cash Dividend Tunneling

There were not a lot of domestic researches on tunneling effect,and the way of tunneling effect is also varied,for example,related party transactions,related guarantee,capital occupy,Seasoned Equity Offering,Stock price manipulation,etc..And the influencing factors of each other are different.In this paper,we studied tunneling effect factors of cash dividend,inspected the relationship between the various influencing factors and the tunneling effect of cash dividend,and provided ideas and suggestions for governing the tunneling effect of cash dividend.That had a certain significance.All the research on the tunneling effect are generally built on a case,or a study for A shares,or studying a factor affecting the tunneling effect,but this paper was based on the entire securities market.Based on the documents,this paper also proposed the hypothesis that the relationships of actual controller right and cash dividend tunneling effect.This paper was based on all the listed companies in the securities market,through a certain standards,we screen the sample between 2012 and 2014 which existed the tunneling effect of cash dividend,a total of 107.The research object was the influencing factors of tunneling effect of cash dividend,explored the relationship between the various factors and the tunneling effect of cash dividend,and found the reasons of the tunneling of cash dividend and the effective way of governing the effect.Based on the signal transmission theory,agency cost theory,big shareholders hollowed theory,and the theory of free cash flow hypothesis,and with the help of the combination of qualitative research and quantitative research,and the combination of theoretical research and empirical research,this paper was expanded around the establishment of factors' model,data collection,and the hypothesis test,and then we drew the relevant conclusions.