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Research on the Influence of Non-Tradable Share Reform on Cash Dividends in Chinese Listed Companies

Author

Listed:
  • Fang Zou
  • Fangjie Su
  • Wei Peng

Abstract

In this paper, authors analyze the influences of non-tradable share reform on cash dividends in Chinese listed companies and find that the distribution intensity of cash dividends has been weakened in listed companies after the non-tradable share reform. The research shows that the non-tradable share reform weakens the ¡°tunneling¡± effect of large shareholder cash dividends. While non-tradable shares of large shareholder are in circulation, the large shareholder agency problem is further eased.

Suggested Citation

  • Fang Zou & Fangjie Su & Wei Peng, 2012. "Research on the Influence of Non-Tradable Share Reform on Cash Dividends in Chinese Listed Companies," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 3(3), pages 11-15, May.
    • Handle: RePEc:jfr:ijba11:v:3:y:2012:i:3:p:11-15
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    References listed on IDEAS

    as
    1. Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer & Robert Vishny, 2002. "Investor Protection and Corporate Valuation," Journal of Finance, American Finance Association, vol. 57(3), pages 1147-1170, June.
    2. Rafael La Porta & Florencio Lopez‐de‐Silanes & Andrei Shleifer & Robert W. Vishny, 2000. "Agency Problems and Dividend Policies around the World," Journal of Finance, American Finance Association, vol. 55(1), pages 1-33, February.
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