The Control Right Structure And Divided Policy Of Listed Companies In China

Dividend policy is one of the core contents in financial decision making of enterprises. In the 1960s, the research about this issue was carried out which marked in the originality research results of Modigliani and Miller. With rapid evolution and development in last several years, the theory aboard has already been maturity relatively. Furthermore, the research results are diversity, following by the happening of some classic theory, such as SMP (Security Market Plane) ,Signal Transfer theory and Agency Cost theory. Moreover, it is a mature idea to explain dividend policy by using Agency Cost theory. In the processing of Agency Cost theory, the theory was promoted from Agency Cost theory to profit Occupation assumptions.An important premise or background is highly decentralized of shares which based on the demonstration of Agency Cost theory. Therefore, the difference between the shareholders decreased personally. Definitely, this kind of decline is not reasonable because of the difference between the control rights of the different shareholders in a company which has higher accurate share right. Therefore, such control of the differences will inevitably lead to changes in the flow of interest, which is fully capable and motivated occupation of the interests of small shareholders. The role of dividends is occupied interests hypothesis the focus of concern between the conflict point of the major shareholders and the interests of small shareholders.The content of this essay is based on the frame of this theory which divided into four parts. The purpose of the first part is to illustrate the background and main idea of this topic. The second part of this essay is mainly demonstrated the control of dividend policy and the relevant research results of the system. The third part of this essay is to describe the country's major stake in a listed company structure, control of the structure and dividend policy statistical description of the main conclusions of China's listed companies on equity, the right to control the degree of concentration and the present view at the data which could not find evidence of a downward trend, and our dividend policy of listed companies which is complex factors, and the implementation of specific, irregularities and stability. Furthermore, chapter IV in the third part is based on descriptive statistics, the listed companies on China's dividend policy and the controlling about relevance of the empirical research. This essay introduced the first BC potential indicators of listed companies about the control of the measure, as indicators of potential in the BC metrics that can be overlooked some non-functional issues which cause the result is superior to the other indices. Therefore, this paper introduces the indicators as the core of this paper, one of the variables. Moreover, in this part of a detailed comparison of the dividend policy classical model, there are mainly four were partially adjusted Model (PAM), all dividend adjustment model (FAM), Waud model (WM), as well as revenue trends model (ETM). Therefore, the right of control variables were introduced in the above four models need to be tested in this paper the four model. In the sample selection, three batches of this option before entering the Shanghai market share reform of listed companies as a sample, removed some data which are incomplete samples proved control of the structure and the relationship between the dividend policy, and the interpretation of the various model results were compared. Based on the test results, the deferred dividends and dividend payments between positive correlations with the current level of benefits paid dividends negative correlation largest shareholder with control of the dividend payment is related mutually. The second largest shareholder with control of the dividend payments indicates that the relationships are not obvious. Therefore, the four models which we test are not good at explanation of listed companies Dividend behaviors. Keep on looking for a suitable dividend China's listed companies is still theoretical model community problem which needs to get much more concerned and attention.The difference between the research and analysis of this essay and previous research mainly focus on the empirical test section. It is apparent from this essay that the classic model of dividends is illustrated in this essay. Moreover, the compare of the interpretation of results of these models carried out in this essay. However, because of the restriction of the quality of the samples, the result of this essay is not perfect. Therefore, in the follow-up study, the test results may cause some problems with the continuing expansion into the sample. Actually, the explanation of the various models is not sufficient through the investigation of the current research and analysis.