A Research On The Relationship Between Listed Companies' Cash Dividend Policy And Equity Structure

The paper focuses on the two questions much concerned by all circles on theChinese stock market today - the dividend policy and the equity structure of listedcompanies. Combining the present theories developing trend with the practice, and found on previous study outcomes, this paper develops and deepens the research about the dividend policy that influenced by the special equity structure of listed companies.Firstly, this paper backdates the dividend theories skeleton, and then analysis the actualities of cash dividend distribution and the equity structure of listed companies. Afterwards, it finds that the corporate equity concentration has close relation with the cash dividend decision-making in the correlation analysis. And different shareholders have distinct interest in the cash dividend payout. Then the stepwise regression method is applied to build cash dividend models in the framework of different control degree. The models clearly describe the motive changes of the dividend payment of different equity structure. The results testify that the variation of the holdings of the largest shareholder will lead to fast variance of the dividend payout ratio. And the larger holdings of the largest owner processes, the greater dividend payout ratio is.Thereafter, the paper compares the dividend payout ration that under different equity structures transversely and lengthways, in order to explore the distinction and persistence of cash dividend policy. It verifies that the dividend payout rations of the companies that totally controlled by large shareholder were higher and fluctuated more greatly than other types. But there were no apparent distinctions among other types. Then, the Lintner model is used to predict the dividend policy in each year, and combined with the actual dividend payout to verify above viewpoints again. Forever, the regression finds that there exists great bias between the model result and fact in the companies that hold by disperses shareholders.Finally, the paper integrates the foregoing study outcomes, analyzing the underlying reasons thoroughly, which lead to dissimilar dividend policies in different equity structures. Then based on the fact in China, it studies the problem of shareholders' choices on behavior, probing the impacts exerted on the dividend policy by equity distribution from the angles of characteristics and preferences of shareholders.