Statistical Analysis Research On The Influence Of The Share Structure To The Dividend Pavout Behaviors

Western scholars have made extremely rich research achievements on the "dividend puzzle", the dividend payout theory, while these theories cannot perfectly interpret the "Chinese dividend puzzle" with the more special equity structure, and totally different from the western mature capital markets. Therefore, further study is still needed to research the dividend policy reflected by the dividend payout behaviors in the Chinese capital markets. The main achievements and conclusions obtained by this paper are as follows:By using the principal component analysis (PCA) combined with a Normal matrix of the clustering analysis method, this paper performed panel data clustering analysis about the equity structure of the listed companies in recent years, and reflected the dynamic changing characteristics in different levels regarding the equity concentration of listed companies in China. It further in-depth analyzed the influence of the splitting share structure reform to the dividend payout behaviors of the executives'dividend payments in listed companies in the Chinese capital market, systematically combed the dividend payment forms and levels in the Shanghai and Shenzhen stock exchange markets since their inception, as well as revealed, described, and concluded characteristics and rules of the dividend payout behaviors in the Chinese capital market.By adopting the dividend policy theories including signal transmission theory, agency theory, life cycle theory, especially the equity structure theory, combined with the behavioral features of dividend payments of the Chinese listed companies, this paper analyzed and built the theoretical framework based on the influence of equity structure characteristics to the dividend payout behaviors, and specially probed the difference of the influences under the non-full-circulation and full circulation environments.Based on the above theoretical framework, this paper performed the corresponding theoretical analyses and developed some research hypotheses, and take the companies listed in the A-share market in2000-2010, which distributed dividends as the research object; by using the Logit regression method, it empirically researched the impact of share concentration and equity attributes to the dividend distribution preference (cash dividend or stock dividend), and particularly explored whether this effect is improved accordingly after the share structure reform and entering into the full circulation environment.By analyzing and developing some relevant research hypotheses, using the logit regression model, and take the companies listed in the A-share market in2000-2010, which distributed and did not distribute cash dividends as the Research object, this paper empirically studied the influence of the equity structure (including equity concentration and equity attributes) to the cash dividend payment tendency (i.e., whether to pay cash dividend), and especially probed the difference between the non-full-circulation and the full circulation.This paper creatively studied other non-cash dividend payment forms as stock dividend distribution and escalating commitment, observed the impact of equity structure of the listed companies to the non-cash dividend payment behaviors under the full circulation environment, and to provide empirical evidence for the impact.The research effects of this article will have certain theoretical significance and practical value to enrich the dividend theory and regulate the dividend payout behaviors of listed companies in China, promote the healthy development of Chinese listed companies, perfect the signal transmission mechanism of dividend distribution, and enhance the resource allocation efficiency in the Chinese capital market.