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

Fang Zou, Fangjie Su, Wei Peng


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.

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


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