Government Control Level and Cash Dividend Policy - An Empirial Evidence from the China Securities Market

Based on the actual control of listed companies as the standards of the ultimately control, the state-controlled listed companies will be divided into county government control, the municipal government control, the provincial government control and the central government control. this paper provides an analysis of the relationship between government control level and cash dividends of the listed companies, using all the state controlled listed companies which pay dividends in 2003 or 2004. This paper concludes that the higher level of government control, and the more cash dividends that the company paid.