An Empirical Study On The Relationship Of Ownership Structure And Dividend Policy Of Listed Companies In China

Dividend policy is the decision by which a listed company allocatesits earnings. According to the agency-cost theory, a proper dividendpolicy can reduce the agency-cost of company effectively. Reasonabledividend policy can set up creditable reputation of a listed company in themarket and inspire investors' passion. Capital-stock structure is the baseof corporate governance, and one of the most important factors thatinfluence the dividend policy. For the special capital-stock structure andshareholder in China, there are different agency problems and dividendpolicy.The thesis discuss the relationship between the dividend policy andthe capital-stock structure. The empirical anlysis shows that dividendpolicy in China does not accorded to the western agency-cost theory. Theresearch comes up with the conlusion that the dividend policy can not bethe effective method to sovle the agency-cost problems but aggravates theconflict of interest.