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

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.

Full Text: PDF DOI: 10.5430/ijba.v3n3p11

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This work is licensed under a Creative Commons Attribution 3.0 License.

International Journal of Business Administration
ISSN 1923-4007(Print) ISSN 1923-4015(Online)

 

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