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Study on the Large Shareholders’ Embezzlement and Cash Dividend Policy of List Companies

Author: WuShan
Tutor: LiuXing
School: Chongqing University
Course: Accounting
Keywords: Major shareholders Ownership structure Cash Dividends Funds encroachment
CLC: F224
Type: Master's thesis
Year: 2008
Downloads: 275
Quote: 0
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Abstract


Whether the major shareholders of listed companies directly or indirectly by way of cash dividends to misappropriate company funds has been a plague to the common problem of academics and practitioners . The beginning of China's securities market was established have been given important responsibilities for the services of the state - owned enterprise reform , the special historical and institutional background of China 's listed companies have a unique and complex ownership structure different from the Western countries . This study is the background to this particular system based expansion . This paper first introduces the main contents of the study , and then recalling the classic dividend theory , summed up the ownership structure funds encroachment and dividend policy , research , and equity structure of listed companies in China , cash dividends and capital encroachment the status quo . And in the background of China stake split system , the largest shareholder of the option pricing model based on the extended , combined with previous studies and our current situation , the five assumptions . Finally , descriptive statistics , univariate analysis and simultaneous equation model to verify our assumptions , come to the conclusion of this article . The results of this study show that the stake of the largest shareholder of the listed company 's funds encroachment and cash dividend policy . Largest shareholding ratio of cash dividends highly positively correlated with funding encroachment was increased and then decreased inverted \Strong cash dividend preference shareholders of state-owned holding , but the occupation of the degree of capital of listed companies is lower than the non - state-owned controlling shareholder . Encroachment of funds and cash dividends with the largest shareholder of options to maximize the value of their own way , they have each other alternative (negative correlation) .

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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