The game between the Regulators and the Controlling Shareholders in Dividend Policies

It is a game between the regulators and the controlling shareholders to monitoring dividend distribution.The equilibrium analysis shows that smaller regulatory cost C is,the bigger the external loss W(ζ)is,and the higher the probability of controlling shareholders making canonical dividend policy will be.However,the more shares the controlling shareholders are holding,the more punishments to irregularities are,and the less probability to supervise effectively.