A Study On How The Ownership Structure Affects The Dividend Policy Of Chinese Listed Companies

The paper focuses on the two questions much concerned on the Chinese stock market, that is, the dividend policy and the ownership structure of listed companies. Combining the present theoretical development as well as the practice, the paper defines the dividend policy and the ownership structure and researches the relationship of the dividend policy and the ownership structure of listed companies. The property of shareholder and the ownership collecting decide the discrepancy of distribution level together. On the basis of the relevant references, it demonstrates the different behalf requisition of the varying shareholder through analyzing the behalf motive of the different shareholder. It analyzes how the ownership structure affect on the dividend policy applying the model of the game theory. What's more, it proposes the general relationship between the ownership structure and the dividend policy. On different stockholder's controlling level, there are different distribution levels. The paper testifies the theoretical conclusion on the basis of general descriptive statistics and classified comparison of ownership structure and dividend distribution of the listed company. Then, the author selected some representative financial indexes concerned about dividend policy applied stepwise regression to build dividend models in the framework of the different property of shareholder and the different ownership collecting. The model clear described the motive changes of the dividend payment of different ownership structure. By comparing the models, the main viewpoints are better demonstrated.Finally, the author gives some policy suggestions about what to do to regulate the dividend policy, combining the property of shareholder and the ownership collecting.