The Study On Controlling Shareholders Agency Problem And Dividend Policy Of Listed Companies From The View Of Multidimensional Equity Structure

With the development of securities markets and the improvement of corporate governance, dividend policy has become one of the important activities in company financial management, and has also become a hot topic between the domestic and international theory research. Through the "hundred schools of thought contend", western dividend theory ultimately formed a relatively mature several theories, including "meet theory", "signaling hypothesis", "agency cost theory" and " school of behavior " and so on. Agency theory and signal dividend policy become the popular theory.In China, the emergence of a listed company is not the natural result of the classical enterprise system development, but primarily in the negative and planned economic enterprise system in the process of being grafted into the enterprises, and was given the mission of the reform of state-owned enterprises. Ownership structure appears diversification, and formed state-owned share, enterprise share and the public share, which state-owned shares is in a holding position. Because of the highly concentrated shareholders the company shares is handed in the controlling shareholders, and from this produce agency problem. Namely the core agency problem of Chinese listed companies is the interest conflict between the controlling shareholder and minority shareholder.Since 2000, the China Securities Regulatory Commission make paid cash dividends of listed companies as a necessary condition for refinancing, with a view to regulating the market and protecting the interests of investors. However, the controlling shareholder is still inclining toward its interests to develop the dividend policy. Is China's listed companies paying cash dividend out of the need to reduce cash redundancy, or the attempt of major shareholders to "take up money"? The paper from the dividend policy of the agency theory, particularly after the share reform, the dividend policy and agency problem of listed companies will appear new characteristics. Through studying on company's dividend policy and summing up the main characteristics of Chinese listed company's current dividend policy, the paper will analyze the function of dividend in optimizing corporate and enhancing the company value.This paper summarize in a substantial amount of research at home and abroad on the basis of the current conditions of China share reform, use the norm research method and the substantial evidence research method comprehensively, want to study deeply in chinese dividend policy from the angle of agency problem. Empirical research shows that the liquidity of the shares of Chinese listed companies has been enhanced greatly after the share reform, but there is also shares which don't flow, the situation of higher concentration share has not completely changed, the controlling shareholder, the state-owned share and enterprise share still preferred cash dividends, "keen on" occupied the interests of minority shareholder by cash dividend.