Payout Policy under Transitory Economy - An Empirical Evidence from China Securities Market

Using the index of Chinese marketization and the index of regional corporate governance environment, this paper provides an analysis of the relationship between governance environment and payout policy of the listed companies in China. This paper shows that regional corporate governance environment will have a positive impact on the payout policy of listed companies in China: the higher degree of marketization, the smaller degree of government intervention and the higher level of the rule of law, the more dividends that the company paid.