Dissertation > Excellent graduate degree dissertation topics show

Controlling Shareholders and Tendency of Cash Dividend Distribution

Author: TongHuanLe
Tutor: ChenLiTai
School: Chongqing University
Course: International Trade
Keywords: The tendency of cash dividend distribution The nature of controlling shareholders The share ratio of controlling shareholders Catering theory
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 205
Quote: 0
Read: Download Dissertation

Abstract


The tendency of cash dividend distribution is focused in Chinese Security Markets. It is not only the allocation of enterprise profit and one of important financial management activities of listed company, but also the result of the game between the controlling shareholder, small shareholders, creditors and managers. So, is there any difference in the tendency of cash dividend distribution if the nature of the controlling shareholders and the shareholding of the controlling shareholders is different?Using the catering theory, the paper investigates the relationship between the characteristics of the controlling shareholder of Chinese listed companies and the tendency of cash dividend distribution. The main contents includes:①in accordance with the economic attribute, the controlling shareholders will be divided into state-owned holding and non-state-owned holding, making research in the relationship between the tendency of cash dividend distribution and the nature of the controlling shareholder;②in accordance with the share ratio, the controlling shareholders will be divided into absolute holding structure company (ABS), relative holding structure company (REL), ownership restriction structure company (RES), making research in the relationship between the tendency of cash dividend distribution and the share ratio of the controlling shareholder;③based on the earlier studies, this paper gets the final conclusion and makes some suggestions.The main conclusions are:①the tendency of cash dividend distribution is not the same, if the nature of the controlling shareholders is different. In state-owned holding companies, managers cater to investors by paying cash dividends when investors put a stock price premium on payers. In non-state-owned holding companies, managers don’t cater to investors by paying cash dividends when investors put a stock price premium on payers.②the tendency of cash dividend distribution is not the same, if the share ratio of the controlling shareholders is different. In absolute holding structure, managers cater to investors by paying cash dividends when investors put a stock price premium on payers. The cash dividend is one of the important ways for controlling shareholders obtaining "tunnel effect" still. In relative holding structure companies and ownership restriction structure companies, managers don’t cater to investors by paying cash dividends when investors put a stock price premium on payers. The conclusion plays an important role for the listed companies for perfecting the system of governance, restraining the "tunnel effect" and promoting the healthy development of listed company.

Related Dissertations

  1. The Nature of Controlling Shareholder and Tunneling,F832.51
  2. To dividends policy analysis of listed companies based on the theory of behavioral finance,F224
  3. The Research on the Construction of the Board of Directors of State-Owned Individual Proprietorship Companies,F275
  4. Research on the Impact of Debt Financing Structure Upon Corporate Performance on Listed Pharmaceutical Company,F275
  5. The Research of the Internal Control Issues of Enterprise Group Based on Corporate Governance,F275
  6. Study on Internal Control of V Company,F275
  7. Flexible high-tech enterprise financial management research,F275
  8. The Application Research of SCM in S Compnay,F275.3
  9. A Study on the Relevance between Corporate Governance and Financial Statement Restatements,F224;F275
  10. Financial Control of Listed Companies in China,F275
  11. Impact and Inspiration of SOX on Domestic Enterprises’ Internal Control,F275
  12. Research on the Relationship between Ownership Structure and Earning Management after the Non-tradable Shares Reform,F275
  13. Study on the Internal Control of China’s Listed Companies Based on Corporate Governance,F275
  14. The Earnings Management Means’ Relationship of Listed Companies to Turn into Profit,F275
  15. Research on Effect of Internal Control Elements on Corporate Value of Listed Company,F275;F224
  16. Motivation, Essence and Implementation of Internal Control Based on New Institutional Economics Perspective,F275
  17. The Research on Effectiveness of Internal Control in YUM China Division,F275
  18. Research on the New Accounting Standards to Earnings Management of Listed Companies,F275
  19. The Correlational Study of between Characteristic of Corporate Governance Structure and Earnings Management of Gem Listed Companies,F275
  20. Applied Research of Activity-based Costing in OEM Factories,F275.3
  21. The Research on the Accounting Policy Choice of Financial Assets,F275.2

CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
© 2012 www.DissertationTopic.Net  Mobile