中文摘要：

以沪深证券交易所上市的民营公司为样本，对终极控制股东的政治关联如何影响现金股利进行了实证研究。结果发现，终极控制股东拥有政治关联能够显著提高现金股利的发放概率，而且政治关联的层次越高，现金股利的发放概率越大，这种影响在市场化程度较高的地区更加显著。另外，终极控制股东拥有政治关联和政治关联的级别对现金股利的发放数量并没有显著影响。

英文摘要：

This paper selects private listed companies of Shanghai Stock Exchange and Shenzhen Stock Exchange from 2008 to 2010 as the sample, and presents an empirical study on the relationship between the political connection of ultimate controlling owner and cash dividend. The result shows that the political connection of ultimate controlling owner is significantly positive related to the possibility of cash dividend, and the higher the level of political connection, the more possibility of cash dividend, and the influence is more significant when the market environment is good. In addition, the political connection of ultimate controlling owner has no significant influence on the amount of cash dividend, no matter the market environment.