Shenzhen Listed Companies Cash Dividend Policy Factors

In the ripe capital market in the West, cash share out bonus is a normal behavior in the decision-making process of listed companies as well as most ordinary and most common form of dividends distribution of listed companies. However, in a double feature of the emerging and transition Chinese capital market, the course of sharing out bonus of the cash has presented a great deal of "abnormal" which is different from other ripe capital markets. Because of this, choosing the topic for this study, on the basis of explaining dividend policy theory of listed companies, in light of split share structure background of China's capital market, this text made use of method of the empirical research to probe into big shareholder, company management and other shareholder's impacts on cash dividend policy of listed companies.This text has tracked back to the train of thought of development of the policy theory of the western dividend at first, then summed up the research results of the dividend policy of Chinese listed companies, and obtained the correlation literature to summarize the enlightenment which studied to this article. Then, under this enlightenment, using modern enterprise theory and the dividend policy theory synthetically, it put forward reasonable research supposition separately on big shareholder, company management and other shareholder's impacts on cash dividend policy of listed companies. After that, adopting comparative analysis among the groups and the linearity regression analysis to raise the supposition to carry on the examination, the test result reveals: The level of cash dividends paid is ignificantly and positively correlated with equity concentration, management remuneration and institutional investor share-holding; The level of cash dividends paid is ignificantly and negatively correlated with funds appropriated degrees and proportion of circulating stock; State property holding companies than private property holding companies release more cash dividends. At the same time, it also discovered that restriction degree of the different major stockholders is different; largest shareholder equity ratio, equity ratio of the top five shareholders with cash dividends have "U" -shaped relationship; and the fourth, fifth largest shareholder equity ratio with cash dividends have down "U"-shaped relationship. Finally, it proposed pertinence suggestion according to empirical findings of this study, in the hope of, offering beneficial reference to supervision department of the securities, investors and management teams.