Probing into the Dividend Policy in Chinese Listed Companies——from the angle of the agency cost theory

Compared with other countries,the dividend policy in Chinese listed companies has some unique characteristics, and has formed “Chinese dividend riddle”. In foreign countries, dividend policy is one kind of tools to control the agency cost. In China, the present dividend policy stems from the fact that the agency problem has not been solved properly. Much too high agency cost is the important reason that leads to the irrational dividend policy .We should put hand to reducing the state-owned stocks and perfecting the stock ownership structure and other measures, promote to make the rational dividend policy. On the basis of these measures, we should further reduce the agency cost through dividend policy.