| The paper focuses on increasing paying cash dividend behaviour of listed companies. Combining the present theories developing trend with the practice, and found on previous study outcomes, this paper treats the equity structure as a very important factor, develops and deepens the research on the dividend policy of our listed companies.Firstly, this paper backdates the western modern dividend theories skeleton, and by comparing their hypothesis and the reality of our country analyse the probability of the application of these theories. We find out that the agency theory, especially the tunnelling viewpoint is very fitful to analyse our dividend policy. Then this paper describes the equity structure and agency problems of our listed companies, and uses it as a foundation to analyse the preference of all kinds of shareholder to dividend policy. It turns out that in order to control more fund, the controlling shareholder whose stock can't circulate will be interested to pay dividend, especially when the equity structure is concentrated. And the preference varies as the type of controlling shareholder whose stock can't circulate varies.Then the data of 2003 and stepwise method is applied to build cash dividend models in the framework of different equity structure in order to find out the influencing factors and paying motives. The empirical result shows some dividend model indeed reflects the controlling shareholder whose stock can't circulate have interest to pay cash dividend. And the controlling shareholder who holds country stock is more likely to pay cash dividend than who holds corporation stock.Finally, this paper provides some policy advices on the corporate governance problem reflected by our research. |
