An Empirical Study On Relationship Between Chinese Corporation's Dividend Policy And Ownership Structure

In the 21st, Chinese economy keeps fast developing every year, which provides good environment for the development of capital market. Reform of non-tradable shares brings great change to the capital market and remove the political barrier for the development of capital market.One of the core financial questions in listed companies is dividend policy. At first, the writer analyzes the facts which may affect dividend policy. After then, Empirical whether the special equity structure affect assigning.This paper deeply research dividend policy on the basis of data. On contract to the data before, the changing of the second biggest shareholder mean that the structure can affect the dividend policy.On the account of the data, the write expect to find the difference and take some measures to take care of shareholders. In this paper,the author explain equity structure,the debt,developing which may affect the dividend assignment policy. The date of 2003-2004 and the date of 2007-2009 prove it.During the reform of non-tradable shares, structure and government both affect dividend policy. Empirical prove that second biggest shareholder can restrict the biggest shareholder. At last, the author gives some advisement.