The Nature Of The Actual Controller, The Life Cycle Of The Enterprise, And The Policy Of Transferring High Dividends To Dividends

China's stock market was born in 1990 and has been developing rapidly about 30 years.But about the allocation of dividends,listed companies in our country has been dubbed the miser name for a long time,but as the financial environment of the securities market has been healthy,CSRC strict request of share out bonus,of the securities market in China has gradually appeared in what was known as the "high sends turn" dividend policy.Stock market reaction to it,for a high turn of enterprises,companies,investors,external retail for their attention,the state has been in a higher degree in turn send plan released near the point of time,clinch a deal the quantity of the stock and trading frequency would have obvious jump in,warm welcome by the outside world,became a "beacon".But in recent years,some listed companies turn "high" phenomenon has the potential of intensified,part of the company sends turn ratio has been much more than the company's performance growth and equity expansion in actual demand,the implementation of high company sends turn and turn to send high proportion,then listed companies are so keen to turn high to send? What are the influencing factors? In order to study the reasons of the existence of behind it,and most scholars based on the signal transmission theory,the theory of liquidity,scale of equity theory,to explain theory Angle,Nature of this paper is based on actual controller with enterprise life cycle level to explore its influence on listed company sends turn high,selected from 2007 to 2015,the Shanghai and shenzhen a-share listed company data for the initial sample,whether all the samples or nature,enterprise life cycle based on the actual controller divided the subsample,the regression results show that: As companies from the initial,growth and maturation to the recession,the tendency to weaken,the use of high sends turn nature of actual controllers is tending to state-owned property,high sends turn behavior is abate,the actual controllers of non-state-owned nature than in the actual control of state-owned properties are more inclined to implement high to turn,and,when enterprises in high speed growth in non-state actual controllers have a stronger desire to implement high sends turn;Non-state-owned nature of the actual control than state-owned nature of the actual control person high sends turn strength,namely the non-state-owned nature of the actual control than state-owned nature of the actual control person high transfer ratio is high.With the enterprise from the initial stage,the growth stage to the final stage of maturity to the recession,the high transmission ratio decreases.There is no interaction between the nature of the actual controller and the life cycle of the listed company.