The Research On The Cash Dividend Of Listed Company In Xinjiang Based On Corporate Governance

Cash Dividend is one of the core activities of modern companies'financial activities. Xinjiang stock market started late, the majority of listed companies were originally from the state-owned enterprise restructuring, Dividend Distribution of the short-term action is serious, the lack of continuity and stability. With the separation of powers, the principal-agent problem surfaced. Xinjiang listed company's corporate governance impeded the Dividend policy autonomy. For this, from the corporate governance perspective, the paper study dividend distribution policy of listed companies in Xinjiang.First, paper introduces theory of dividend. From the theory of corporate governance, it analyses mechanism of the principal-agent problem, and including: shareholder-manager layer, the controlling shareholder-the small shareholders, Shareholders - the creditors. Cash dividend policy is the interests of the main forces Game results. Using data description of the Xinjiang listed companies'cash dividend Policy Status and Problems. Finally, through selecting the various financial indicators, setting the dividend distribution and the company management structure factor model, the paper use regression analysis to explore corporate governance of the listed companies how to influence the dividend policy implications. Through theoretical analysis and empirical testing, paper provide proposals including develop a diversified ownership structure; strengthen protection of the interests of medium and small investors; listed companies in Xinjiang to improve the management mechanism Perfection and adjust the dividend distribution policy. The conclusions of this study will help to improve imperfection of cash dividend policy listed company in Xinjiang.