An Empirical Study On The Influence Of Controlling Shareholders On High Cash Dividend Policy

In order to effectively protect the relevant interests of small and medium-sized investors,China's relevant departments have issued a series of policies to limit and require the payment of cash dividends of listed companies,and even explicitly stipulate that companies applying for listing must promise their cash dividends after successful listing in the articles of association.It has been proved that listed companies often choose to pay higher cash dividends after committing cash dividends.For Chinese listed companies that are not diligent in paying cash dividends in the past,the frequent occurrence of high cash dividend policies is worthy of attention.In the current listed companies,there is a general control effect of controlling shareholders on them.Usually,controlling shareholders are the main body making financial decisions of listed companies.Their influence on the promotion mechanism of high cash dividend policy has two aspects.The other one is for their own interests mining "channels",which tend to be high cash dividend.Therefore,this paper makes a research and analysis on whether the listed companies in our country have the problem of controlling shareholders using the policy of high cash dividend to misappropriate their interests,and whether the policy notice issued by relevant departments to guide and protect small and medium-sized investors can effectively solve this problem.In this paper,from the selection of relevant policies promulgated,promise index to measure the high cash dividend,cash dividend to the controlling shareholder of the nature of property rights,the two power separation degree,as well as the controlling shareholder shareholding characteristic variable,respectively by using binary logistic regression and multivariate linear regression model,analyzes the nature of the controlling shareholders of listed companies high strength effect of cash dividend distribution tendency and distribution.The empirical results show that the controlling shareholders of China's listed companies take advantage of the high cash dividend policy to encroach on their interests,and the tendency and intensity of encroachment vary with the economic nature of the controlling shareholders,the degree of separation of the two rights and the proportion of their holdings.At the same time,the research results also show that the relevant policies issued by relevant departments to guide listed companies to issue cash dividends may lead to the embezzlement of controlling shareholders' interests.Finally,based on the results of theoretical analysis and empirical research,this paper puts forward the guidance and Suggestions on strengthening the supervision of policy implementation and strengthening the internal management of the company,and actively discusses the effective means and methods for listed companies to prevent controlling shareholders from encroaching on the legitimate interests of small and medium-sized investors.