The Study Of Relationship Between The Equity Structure Of Listed Companys & The None Distribution Of Dividends

The dividend distribution is a focus of the listed companys, and one of the important content of financial management activities。It concern enterprise remain quantity of income ,will influence enterprise price of stock。But the listed company of our country has not caused enough attention to the policy of the dividend,distribute phenomenon very much serious dividend among them ,already 60.61% of the listed companies adopted the dividend policy not distributed by the year 1999。The phenomenon attack the masses of investor enthusiasm of long-term investment , make them become a short-term speculator。 For prevent from this kind continuation of phenomenon worsen, China's Securities Regulatory Commission is it is it send the interest regard essential terms that the listed company reinvests as to share out bonus cash to put forward in the end of 2000。But the annual report form studying the listed company carefully will be found under forcing the policy, great majority of listed companies still adopt perfunctory investors' distribution policy, that is to say that the mandatory policy has not solved the problem fundamentally 。 This text from analysing that the factor influencing dividend distribution sets out, and combine the differences of Chinese and foreign listed companies, have investigated the impact on dividend distribution of the stock right structure of listed company especially, adopt and measure and analyse accurately , the conclusion got is: The stock right structure of the listed company has influence of significance on the distribution policy of the dividend, whether is it assign important reason of phenomenon to result in, concrete to influence as follows: (1) Country bursts of proportion and dividend distribution incline to be in direct radio, this is the same as the stock right holder's will, but distribution phenomenon opposite with what reality grow in intensity, this explains "controlling ultraly and weakly" of the administration structure of listed company caused by irrationality of the stock right structure, make the layers of management of the listed company not represent the stock right holder's will; (2) The proportion of the corporate share and dividend distribution incline to be inversely proportional to, this accords with the stock right holder's characteristics of "rational people"; (3) The proportion of circulating stocks and dividend distribution incline to be inversely proportional to, accord with the stock right holder's characteristics of "rational people"。...