The Study On The Impact Of Multiple Large Shareholders On CASH Dividend

Dividend policy as a core content of modern enterprise financial management is directly related to the coordination between short-term interests and long-term development. A reasonable dividend policy can reconcile the contradiction between stockholders, creditors and other interest groups, meanwhile, relief the agency cost between various interest groups. Therefore, in recent years, domestic and foreign scholars attach importance to this dividend policy.The capital market not only exists two extreme capital structures:100percent of small shareholers or a single large shareholder, still exists multiple large shareholder equity structure. It is widespread in domestic and international capital markets, and that the market value and performance with it differs from the other equity structures because of the existence of the other largest shareholders. But it is unknown that whether there is relationship between multiple large shareholder equity structure and cash dividend policy and what is the relationship. Therefore, we use theoretical and empirical combining methods, and introduce cash flow right concept. From the perspective of ultimate control, the author discusses how the control of the largest owner, the distribution of cash-flow rights across multiple large owners, legal environment and other factors influence cash dividend distribution policy of listed company with two or more large shareholders.The research chooses the listed companies with multiple blockholders of three years(from2007to2009year) as research samples, and draws the following conclusions: in listed companies with multiple blockholders, the holding ratio of controlling shareholders negatively correlates to dividend payment rate; Cash flow right dispersion between the big shareholders and cash dividend is negatively correlated; Investor protection degree and cash dividend are not only a positive correlation relationship, but when the company earnings is good, the relationship between the protection of investors and cash dividend payment rate is negative, when yields low, the relationship between the protection of investors and cash dividend payment rate is positive.