Research On The Influence Factors Of Abnormal Cash Dividends Of A-Share Market In China

In the western mature stock markets, dividend policies are robust and can well reflect company information such as the ability to operate. The main dividend distribution mode is cash dividend, and the payout ratio is high in western stock markets. Due to the disadvantages on regulatory policy, corporate governance and equity structure in our country, the continuity and stability of dividend policy is poor, and phenomenon that do not pay cash dividend is very serious. Since 2000, our country continuously introducing new measures to encourage listed companies pay dividends. In 2001, 2006 and 2008, China Securities Regulatory Commission has issued a series of half-compulsory regulations on cash dividends. These regulations linked cash bonuses to equity refinancing to restrict listed companies' no cash dividend behavior. However, some irrational distribution behaviors including stingy cash dividends and ultra-ability cash dividends are still emerge with a large number.According to the agency theory, this article analyzes the two kinds of abnormal cash dividends--stingy cash dividends and ultra-ability cash dividends. First, we give the definitions of abnormal cash dividends, stingy cash dividends and ultra-ability cash dividends. Then, we select 240 listed companies with stingy cash dividends and 3957 listed companies with ultra-ability cash dividends as our research samples, and apply binary logistic regression model to research firm characteristics, corporate governance, industry competitive and dividend policy and other factors' influence on the two kinds of abnormal cash dividends behavior, and verify relevant theories and research suppose. The results show that: the firm size and the debt paying ability are negatively correlated to the stingy cash dividends; the ownership concentration is negatively correlated with stingy cash dividends and positively correlated with ultra-ability cash dividends; the board size is negatively related to the ultra-ability cash dividends; management compensation has a negative correlation with two kinds of abnormal cash dividends; management ownership is negatively related to stingy cash dividends and positively related to ultra-ability cash dividends; institutional investors holding of shares can effectively restrain the two kinds of abnormal cash dividends; industry competition has a significant effect on abnormal cash dividends; and the half-compulsory dividend policy can not restrict stingy cash dividends.Finally, according to the theory and empirical research results, suggestions on how to optimize the equity structure, perfecting the corporate governance structure, strengthen the industry competition and the regulation and protect rights and interests of minority shareholders are proposed to governance the two kinds of abnormal cash dividends and promote the healthy development of China capital market.