The Relationship Research Of Marketing Process?equity Structure And The Cash Dividend Behaviors

Cash dividend policy of listed companies is related to shareholders' returns,which has been under the attention of scholars.The good cash dividend policy can inspire enthusiasm of investors,which can solve the problems about company's financing constraints.In academia,a lot of researchers paid attended to cash dividend behavior of listed companies and draw some meaningful conclusions.At present,it seems that these achievements are mainly concentrated on micro level.With the development of the stock market,the rights and interests of investors will get the more attentions.Actually,protecting the interests of investors is not only to standardize the company's external marketing environment,but also to strengthen internal management.Legal mechanism will promote the governance of corporate,which makes sure investors get the rights and interests in a degree,but the phenomenon that big shareholders infringe the interest of the small and medium-sized shareholders still exists.Therefore,this article combined the features of macro market environment with the micro features of enterprises to study their influence on cash dividend of listed companies,in order to analyze the necessary of existing system of protection about investors.On the basis of summarizing the predecessors' research,this paper builds the model combined the marketing process,the ownership structure with cash dividend behaviors,analyzing the mechanism of model and getting the concepts in this paper and relevant proposition.Without considering the influence of other factors,the elements that contribute to the marketing process will be promote to pay the cash dividend.When the ownership concentration is high,the affect that the marketing process works on cash dividend behavior will be weakened.At this time,cash dividend payment is affected by the controlling shareholders demand and becomes a tool to encroach on minority shareholders,which can not reflect the fact that external marketing environment protect the interests of minority shareholders,or reflecting the protection of minority shareholders.In addition,in order to specific to how equity structure affect cash dividend behavior of listed companies,this article also further explore the degree of marketing different regions,the proportion of the first largest shareholder and the second largest shareholder's impact on cash dividend distribution.this paper uses the data of Chinese listed companies from 2008 to 2013,and analyzes the large sample data of 7678 listed companies to study the relationship of the marketing process,ownership structure and cash dividend behavior. At present,the combination of macro environment and micro enterprise features studies their commonly impact on cash dividend behavior of listed companies,there is the article from the perspective of qualitative research.Empirical study more from a single macro environment or micro enterprise characteristic,and most of the research from the equity division reform before come out the conclusion.And this is in reference on the basis of predecessors' research methods and conclusions,the study of marketing process and ownership structure to influence on cash dividend behavior of listed companies,this article will improve and complement the academic research on cash dividend behavior of listed companies now.This article through the theoretical and empirical analysis combined with the following conclusions,(1)Without considering the influence of other factors,the marketing process has a significant positive relationship with the cash dividend behavior;(2)In the samples with high ownership concentration,the marketing process has no significant effect on the cash dividend behavior;(3)Check-and-balance ownership structure has a significant positive correlation with cash dividend behavior;(4)In the regions about different marketing degree,the relationship between check-and-balance ownership structure and cash dividend behavior has difference.Theoretical and empirical results of this article are helpful for further explore about company governance mechanism,and promote to discover the optimal ownership structure and provide opinions for on cash dividend policy in our country capital market.