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Control over the structure of China 's listed companies and the cash dividend policy relationship

Author: ZhuJun
Tutor: LingChunHua
School: Zhejiang University
Course: Accounting
Keywords: Control over the structure Cash Dividends Banzhaf Index
CLC: F832.51
Type: Master's thesis
Year: 2006
Downloads: 526
Quote: 6
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Abstract


Start from the relationship between the control over the structure and dividend policy in the Chinese stock market is wide attention two focus issues - listed companies , combined with the current the theoretical development trend and related research and practice , on the basis of the interpretation of the two subjects of control over the structure and dividend policy , expand and deepen our special context of the control of the structure and the cash dividend distribution policy research . Absorption and synthesis of the literature on the basis of the evolution and development of the theory of dividend policy , backtracking, and then analyzes the status quo of domestic and foreign scholars study the problem of control over the structure and dividend policy , and , respectively, from a stage game and the two the angle of the stage game finishing the the different stakeholders dividend conclusions . Followed by analysis of the status of the control over the structure of China 's listed companies and the cash dividend distribution , and on this basis by analyzing the different interests of the main motivations to explore different interests and demands of the different shareholder proposal to examine the assumptions . This paper introduces the perspective of game theory analysis of the relationship between the shareholders of the Company the right checks and balances , the specific use of the Banzhaf index as a measure of control over the structure of the indicators extended Lintner dividend partial adjustment model , respectively, the regression model of the stage and two-stage model analysis, the study of different shareholders or Union control of the cash dividend distribution policy . 3166 sets of data for the period 1999-2004, China 's 529 listed companies sample. The research results show that the control rights of the largest shareholders of listed companies in China have played a certain role in the company dividend policy , there is no significant correlation between the second and third largest shareholders control over the impact the company 's cash dividend policy relations; between social public shares shareholders' control rights of the impact and the cash dividend significant negative correlation , between the country shares shareholders control over the structure of the impact and the cash dividend is significant with a positive correlation , while control of the shareholders of internal shares and legal person shares of shareholders of with cash dividends there is no significant relationship between the policy .

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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