The Impact Of Relational Shareholders' Dividend Demands On Corporate Financing Decisions

Enterprise financing decision has always been one of the most important research contents in finance.The financing decision of enterprises is influenced by macro environment,corporate governance,corporate characteristics and industry characteristics.In the context of China's special system,there exists a special role of"relational shareholders" in enterprises.They become shareholders of enterprises by taking the contract right of land or sea area as their shares,and the dividend demand of their guaranteed income will have a great impact on the financing decisions of enterprises.Using the method of case study,this thesis selects Zoneco Group Co.,ltd.as a case to make a detailed and in-depth analysis on the influence of relational shareholders on financing decisions of listed companies in China.The research of this thesis is helpful to expand the theoretical scope of the research on the influencing factors of enterprise financing decisions and make up for the deficiency of the existing theoretical research.Meanwhile,it has reference value for the regulatory authorities to establish the supervision mechanism of the financing behavior of listed companies.This thesis consists of the following six parts:The first part is introduction.This thesis mainly introduces the research background and significance,reviews the relevant literature at home and abroad,and expounds the research content,research methods,technical route and innovation points.The second part is concept definition and related theoretical research summary.This thesis defines the concept of relational shareholders and summarizes the theory of capital structure.The third part describes the financing behavior of Zoneco Group.This thesis introduces the basic situation of Zoneco Group,ltd.analyzes the financing structure of Zoneco Group and finally compares the existing problems with the listed companies in the same industry.The fourth part is the case analysis based on the perspective of relational shareholders.This part mainly carries out analysis from three aspects:first,the dividend demand and causes of relational shareholders;Second,the analysis of the impact of dividend appeal of relational shareholders on financing decisions;Third,the two contradictions aroused by the dividend appeal of relational shareholders.The fifth part is related shareholders dividend demand conflict resolution Suggestions.According to the fourth part of the relationship between shareholders and common shareholders,creditors of the causes of conflict,from three levels to resolve the conflict.The sixth part is conclusion and enlightenment.This part summarizes the research conclusions,sublimates the research conclusions,and on this basis analyzes the implications of the dividend appeals of relational shareholders on the financing decisions of enterprises.Finally,the limitations and future prospects of the research are analyzed.Compared with the traditional research perspective on the influencing factors of corporate financing decisions,this thesis analyzes the influence of the special dividend demands of relational shareholders on corporate financing decisions from the perspective of relational shareholders,and examines the influencing factors of listed companies' financing decisions from a new perspective.