Research On The Influence Of The Governance Environment And Ultimate Ownership Structure On The Dividend Policy Of Agricultural Listed Companies

At present,China is in the transformation stage of agricultural development and transition period of market economy,so the ownership structure that ultimate controllers control shares through pyramid is common in most agricultural listed companies,which means that,the agency conflict between shareholders and managers has been replaced by that between ultimate controllers and minority shareholders with becoming the primary contradiction in the income distribution of agricultural listed companies.Meanwhile,the ?law and finance? school transfers research focus to external environmental governance;in addition,from the perspective of nation and region,domestic and overseas scholars research the influence of difference of external environmental governance on company dividend policy.However,most scholars merely survey the direct effect of external environmental governance,while neglecting the influence of interaction between separation of two rights in ultimate ownership structure and external environmental governance on the dividend policy of agricultural listed company.By taking the 55 agricultural companies listed in Shanghai and Shenzhen A-share main board market during 2010-2014 as initial research object,based on the viewpoint of ultimate ownership,and through introducing external environmental governance,this article researches the influence on the cash dividend policy of agricultural listed company from macroscopic and microscopic levels.Besides,by means of introducing cross items,it surveys whether external environmental governance can relieve the negative influence of separation of two rights of ultimate controlling shareholders on willingness to pay and payment level of cash dividend so as to research cash dividend policy from stereo perspective.The research results of this article mainly include:(1)In the level of internal ultimate ownership,there is negative influence of separation of two rights of ultimate controlling shareholders on cash dividend policy of agricultural listed company because the higher separation degree of cash flow right and control power will lower the willingness to pay and payment level of cash dividend;in the level of external environmental governance,the cash dividend policy is in positive correlation with external environmental governance,which indicates that,the better external environmental governance will generate higher the willingness to pay and payment level of cash dividend in agricultural listed company.(2)The improvement of external environmental governance is conducive to relieving the negative influence of separation of two rights of ultimate controlling shareholders on willingness to pay of cash dividend in agricultural listed company;however,the cross items between these two has no obvious correlation with payment level of cash dividend;that is to say,the improvement of external environmental governance can effectively restrain the behavior that ultimate controlling shareholders encroach on the rights of minority shareholders for seeking personal gains,and enhance the willingness to pay of cash dividend.