The Influence Of Corporate Governance Factors On The Dividend Policy Of China's Listed Companies

Dividend policy is an important decision-making issue for a company to distribute or retain profits.It not only reflects the company's operation,but also relates to the company's future survival and long-term development.China's capital market started relatively late,coupled with the special national conditions and the impact of market environment,the dividend policy of Listed Companies in China has unique characteristics,such as the lack of continuity and stability of dividend policy,the overall low dividend payment rate,and so on.This paper argues that these problems are largely affected by China's characteristics.The influence of different enterprise system and corporate governance structure.Based on the theoretical analysis of dividend policy in the West and supported by previous studies,this paper studies the impact of corporate governance factors on dividend policy of Listed Companies in China.Firstly,through descriptive statistical analysis of dividend policy in China over a long period of time,this paper finds out some characteristics of dividend policy in time series,different industries and different listing boards,and takes it as one of the bases of empirical research.Secondly,under the special economic and institutional background of our country,this paper makes a systematic theoretical analysis of the influencing factors of dividend policy of Listed Companies in China from the perspective of corporate governance and gives empirical assumptions.Thirdly,the data of Listed Companies in China from 2004 to 2015 are selected as samples,and the binary choice logit model,mixed regression model,fixed effect model and random effect model are used to empirically test the corporate governance factors affecting the dividend policy of Listed Companies in China.Then the sample company data are further classified and tested to examine the impact of corporate governance factors on dividend policy under different effects(including the conflicts between large and small shareholders,state-owned enterprises and small and medium shareholders,managers and shareholders).Finally,according to the theoretical and empirical research,the following conclusions are drawn: cash dividend is the main Dividend Mode in China,but the overall payment strength is poor.Our company's dividend policy has certain temporal and industrial characteristics.Empirical results verify that there is a situation in China where large shareholders infringe on the interests of small and medium shareholders by issuing high dividends,and companies with artificial state-owned property also achieve their goals by tending to issue high cash dividends.The factors such as the proportion of institutional shareholding,the number of managerial shareholdings,the number of supervisors' shareholdings and managerial remuneration are as follows: As a whole,it is beneficial to reduce agency costs,and companies tend to pay high cash dividends.Regression tests of sample companies show that institutional ownership,managerial ownership,supervisor ownership and managerial remuneration have low ownership concentration and the actual controllers are non-state-owned(excluding large shareholders and non-state-owned)attributes.The influence of state-owned property on cash dividend is more significant than that of other companies(which has no significant impact on the cash dividend payment of such companies).