A Study Of The Impact Of Ultimate Controlling Shareholder On Cash Dividends Policy Of Chinese Listed Corporate

As one of the important financial policies of listed companies,the formulation of cash dividend policy not only affects the continuous and stable development of listed companies,but also has an influence on the vital interests of investors.Depending on the current situation in China,the cash dividend policy of most listed companies is unreasonable,and cash dividend distribution is still at a relatively low level.The real subject of the decision-making of listed companies,the ultimate controlling shareholder,will have a certain influence on the formulation of cash dividend policy.In 2016,the percentage of listed companies with ultimate controlling shareholders in listed companies in China reached 98%.Therefore,it is of great significance to study the effect of the ultimate controlling shareholders on the cash dividend policy at this stage,especially during the economic downturn.From the perspective of the ultimate controlling shareholder of the listed company,this article first introduces the relevant theoretical basis and research status at home and abroad,and introduces related concepts.Then it describes the current status of the ultimate controlling shareholders of listed companies in China and the current situation of cash dividend distribution;thirdly,from the perspective of theory,analyze the influence of ultimate controlling shareholders on cash dividend policy;fourth taking the data of all listed companies in China for 2012-2016 years as the research sample,though the nature of the ultimate control shareholders,the proportion of control rights and the separation of two rights,two models for the payment tendency of cash dividend and the level of cash dividends payment are set up,and examine whether the ultimate controlling shareholders of the listed companies are tested by Logistic regression.What's more,multiple linear regression is used to test whether there is a significant linear relationship between the ultimate controlling shareholders of listed companies and the distribution level of cash dividends.The research results show that the nature of ultimate controlling shareholders has a significant impact on the tendencies of cash dividends of listed companies.Non-state-owned ultimate controlling shareholders are more inclined to issue cash dividends than state-owned ones;the proportion of control rights owned by the ultimate controlling shareholder has a significant impact on the cash dividend distribution of listed companies.The higher the proportion of control rights is,the higher the level of cash dividend issuance has;the degree of separation of powers does not affect the level of cash dividends of listed companies.Based on the current situation of China's economic development and the characteristics of ultimate controlling shareholders,this paper proposes to improve the information disclosure system of the ultimate controlling shareholders of listed companies in China,strengthen government supervision,optimize the equity structure of listed companies,and improve relevant laws protecting the rights and interests of minority shareholders.It has practical significance to protect related interests of small and medium-sized investors,promote long-term development and stabilize capital market.