A Study On The Moderation Effect Of Stock Concentration On The Relationship Between Cash Dividend Distribution And Corporatevalue

With the continuous development of economic globalization,as a pillar industry of thenational economy,China's manufacturing industry is still cannot be ignored,and also irreplaceable.Especially in the background of “China manufacturing 2025” plan,this plan is to promote our country from manufacturing power to create powerful and from“MadeinChina” to “China Made”.In the process of the development of enterprises attach importance to the value of the company's constantly improve and accumulation is the inevitable requirement of manufacturing enterprises.In the process of research on the value of the firm,the study of the ownership structure and the distribution of cash dividends has a long history.The controlling shareholder of the listed company is entirely possible and has the ability to realize the encroachment through various means.Through the distribution of cash dividends to show the company's good investment prospects and improve the value of enterprises,but in practice does not necessarily be able to truly achieve such expectations,ownership concentration can naturally be used as cash dividends and corporate value of the adjustment of the introduction of variables,Therefore,this paper attempts to use equity concentration as a regulatory variable to study how it affects the relationship between cash dividends and firm value.In this paper,the relevant data of China's manufacturing industry A shares of listed companies isselectedas the research sample,the sample period is 2012-2014,through collecting and reading of the relevant literature,through their own understanding,and learn from the experience of others,centralized moderation effect on the value of cash dividend and enterprise relationship equity.Research the results show that with the increase of the concentration of equity,firms tend to pay higher cash dividends,the dividend payment rate between the enterprise value and is a significant negative correlation,the ownership concentration for the relationship between cash dividend distribution and the value of enterprises play a regulatory role,and enhance the relationship between the cash dividend distribution and the enterprise value in the moderation effect.