Empirical Research On The Abnormal Cash Dividend Distribution Of Chinese Listed Companies

In this paper,we select the listed companies of ultra-ability cash dividends and non cash dividends abnormally as the research object for the research,to study the current situation,characteristics and influencing factors of the two abnormal types of cash dividend distribution.One reason choosing the perspective of cash dividend policy is that under the guidance of a series of policies to encourage enterprises to pay dividends,the current situation of non cash dividends has been greatly reversed in C hina's listed companies,but the phenomenon of profitable companies' non cash dividends distribution still exists,abnormal dividend problem is still outstanding.The other reason is that more and more listed companies carry out ultra-ability cash dividends policy ignoring their own cash capacity and profitability,ultra-ability cash dividends phenomenon become more and more serious.So studying the ultra-ability cash dividends and non cash dividends abnormally of C hinese listed companies deeply becomes the new breakthrough of cash dividends distribution.Also it can acquire a better understanding of abnormal cash dividends distribution and have an important significance for the healthy and sustainable development of China's capital market.From the perspective of the research logic,we carry out theoretical analysis and empirical test based on the theory of ownership structure,dividend policy theory and corporate governance theory,to analyze the current situation,characteristics and influencing factors of the ultra-ability cash dividends and non cash dividends abnormally systematically and deeply.From the theoretical analysis and empirical test,it can be seen that ultra-ability cash dividends behavior tends to occur in the listed companies of diffuse ownership relatively,state-owned,and indirect shareholding of controlling shareholder.And other major shareholders can play a important role in the abnormal behavior.Non cash dividends abnormally behavior tends to occur in the listed companies of high concentration of ownership,non-state-controlled,and direct shareholding of controlling shareholder.Other major shareholders can have an effective check on the abnormal behavior.The research of this thesis contributed to help us deeply recognizing the current situation and influencing factors of ultra-ability cash dividends and non cash dividends behaviors of listed companies under China's peculiar economic and institutional background,providing the basis for relevant regulatory departments to make effective measures that conform to the present situation,so it can restrain ultra-ability cash dividends and non cash dividends phenomenon of listed C hinese security market and promote the cash dividends behaviors of C hinese listed companies to back on track gradually.