| In mature capital markets in the west, the cash dividends payout is a important decision-making behavior in company management processes. But it is worth noting that unlike the implementation of the west generally stable cash dividend policy, the proportion of listed companies of cash dividend payout is low in China before 2000, which makes investors lose confidence, and affects the healthy development in the securities market . So the regulatory departments launch a series of mandatory policies to promote listed companies to pay out cash dividends. Because China's capital market development history is short, coupled with the majority of China's listed companies are from the restructured of state-owned enterprises, cash dividends payout under China's mandatory policies has many anomalies ultra-ability dividends payout which is an abnormal form of cash dividends. On the surface ultra-ability dividends payout is the great returns to investors,but the study found its essence:ultra-ability dividends payout is a method that controlling shareholders or major shareholders who use the position of controlling right transfer cash flow of companies, invade the interests of small shareholders.Based on this, the thesis gone on dividend policy theory and corporate governance theory in the foundation. Standing in the angle of company interior governance and company exterior governance, the thesis analysised ultra-ability dividends payout. At the same time, it carried on Logistic regression analysis used the factors which extraction from factor analysis,and studied the relationship between the relational variables of the company interior governance and ultra-ability dividends payout, through empirical study it can examine the theoretical analysis of the above test.Finally, from the shareholder structure of listed companies,legal mechanism and perfecting the market of rights of control, proposed the countermeasure and the suggestion that govern the behavior of ultra-ability dividends payout. So, provided the basis for China's regulatory departments to take effective measures, promoting the healthy development of the securities market. |
