Relations Of Control Over The Structure And Cash Dividend Policy Of Listed Companies In China

The paper focuses on the two questions much concerned on the Chinese stock market, that is, the control structure and the dividend policy of listed companies. Combining the present theories developing trend with the practice, and found on previous study outcomes, this paper defines the control structure and the dividend policy, and develops the research about the control structure and the cash dividend policy of listed companies in the special situation of China.Firstly, this paper backdates the dividend theories skeleton, analysis the research actualities about the topic of the control structure and the dividend policy, and then summarizes the research conclusion of the influence on the dividend policy by different shareholders and shareholder coalitions respectively according to one-stage approach and two-stage approach. Afterward, on the basis of analysis the actualities of the control structure and cash dividend distribution of listed companies, it demonstrates the different behalf requisition of the varying shareholder through analyzing the behalf motive of the different shareholder, and proposes the hypothesis. The paper analyzes how the control structure affect on the dividend policy applying the model of the game theory, and uses Banzhaf index to measure the control structure. It extends the partial-adjustment model proposed by Lintner, and applies stepwise regression to analyze how the control structure affect on the dividend policy.Including 3166 data cases revealed by 529 Chinese listed companies from the year of 1999 to 2004, the data analysis results are as follows: First, the largest shareholder's control did take siginificant effect on those companies' dividend policy, while the second largest and the third largest shareholder's control didn't take any simillar effect. Second, public shareholder's control did take effect on those companies' cash diviend policy on the negative side, while state-own shareholder's control on the positive side, however, as well as legal-person shares and inner company shares didn't show any significant influence on those companies' cash dividend policy.