| This article is an empirical study about the overpaid cash dividend of listed companies in China. The empirical study is established on the basis of financial data of 5248 listed companies. When there are controlling stakeholders expropriation minority will take place by the tunneling of cash dividend, which will great affect the capital market. It also directly harms the interests of the minority stakeholders. Through the empirical study this paper points out that overpaid cash dividend is an important mean to transfer the controlling stakeholders′dividend in listed companies. We study the factors which may influence overpaid cash dividend policy and draw the conclusion that overpaid cash dividend policy is positively related with several factors such as EPS, assets of the company and so on. . |
