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The Propensity to Pay Cash Dividends in China Listed Companies: Agency Cost Theory or Catering Theory?

Author: LinChuan
Tutor: ChenLiTai
School: Chongqing University
Course: Industrial Economics
Keywords: The tendency of cash dividends distribution Agency theory Meet the theoretical
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 415
Quote: 2
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Abstract


The dividend policy of listed companies on whether to issue dividends, issuance and when issued guidelines and policies, generally consists of cash dividends, stock dividends and stock buybacks. Among them, the cash dividend is a company listed on the western most important kind of dividend distribution, corresponding to the listed companies in China but there is less cash dividends do not even assigned. The traditional study the use of agency theory to explain this phenomenon, the theory that the separation of ownership and management of listed companies and the agency costs, and listed companies to distribute cash dividends to reduce agency costs. As behavioral finance is the introduction of dividend policy research areas, a new perspective on this issue be interpreted to meet the theory, the theory that the listed companies to distribute cash dividends found cash dividend premium in the market, so they cater to investors cash dividend preference. In this paper, empirical analysis, trying to examine cash dividends of listed companies in China tendency agent effects or to meet the behavior. The main contents include: ① on Chinese listed companies annual cash dividends tend to characteristics, medium characteristics and industry characteristics descriptive statistical analysis; (2) the use of agency theory to explain the cash dividends of listed companies in China tendency that the shareholding structure of the system analysis, the board characteristics , management incentives and information disclosure of corporate governance factors tend to impact on the cash dividends on the basis of an innovative way to build a comprehensive index of corporate governance, and to examine its impact on the cash dividends tendency; (3) use to meet the theoretical explanation of Chinese Listed Companies' Cash dividend tendency, that is, from the overall sample classification based on the nature of the controlling shareholder of the two dimensions, respectively, an empirical test, study cater to the explanatory power of the theory; (4) Based on the previous studies, comparative analysis of the empirical test results of the two theories, study cash dividends of listed companies in China tendency agent effects or cater behavior. The main conclusions are as follows: ① cash dividends of listed companies in China tendencies there are obvious characteristics of the annual policy factors have an important impact on the cash dividends tendency interim allocation of the low percentage of non-trend, while there was no significant industry characteristics; (2) Based on the analysis of agency theory that the reasons for the lower cash dividends tendency of Chinese listed companies is a listed company does not want to cash dividends. From the test results, the level of corporate governance of listed companies cash dividends tendency positively correlated. Specific to each variable: concentration of ownership, state-owned holding company and management compensation tendency to distribute cash dividends high proportion of outstanding shares of the company are not inclined to the distribution of cash dividends, the board characteristics, information disclosure situation on the cash dividends tendency was not significant; ③ cater to the theory-based analysis showed that the tendency to cash dividends of listed companies in China are lower because of the lower level of cash dividends in the stock market premium. To cater to the theory of the strong explanatory power of the state-controlled listed companies, and indeed tend to cater to the state-owned controlling shareholder of listed companies' willingness to pay cash dividends. (4) from the goodness of fit of the empirical results of the impact of variables significantly, the test results for each year as well as a combination of China's securities market situation analyzed, to meet the theory to better explain the actual situation of China's stock market listed company on cash dividends to cater behavior.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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