Reviewing the background of dividend policy adopted by public corporations in China, this paper investigates the relationship between dividend policy of public corporation and the state supervisory policy upon the pro...Reviewing the background of dividend policy adopted by public corporations in China, this paper investigates the relationship between dividend policy of public corporation and the state supervisory policy upon the promulgation and implementation of Regulatory Measures on New Issues of Public Corporations in 2001. We collect all listed companies with dividend distribution from 1992 to 2002 as sample data. The results of analyses indicate that corporate dividend is affected evidently by the state supervisory policy and different majority shareholders have distinct reaction to governance. The majority shareholders are obviously motivated to maximize their benefits and evade the supervision from the state. At last we propose that supervisory policy of corporations should adopt unambiguous guideline.展开更多
文摘Reviewing the background of dividend policy adopted by public corporations in China, this paper investigates the relationship between dividend policy of public corporation and the state supervisory policy upon the promulgation and implementation of Regulatory Measures on New Issues of Public Corporations in 2001. We collect all listed companies with dividend distribution from 1992 to 2002 as sample data. The results of analyses indicate that corporate dividend is affected evidently by the state supervisory policy and different majority shareholders have distinct reaction to governance. The majority shareholders are obviously motivated to maximize their benefits and evade the supervision from the state. At last we propose that supervisory policy of corporations should adopt unambiguous guideline.
