The Research Between Family Enterprises' Listed Ownership Structure And Cash Dividend

Academic members are paying close attention to quoted company of family business, because the development of it affects the stability of China's capital market. The ownership structure is the foundation of governing a company, and the dividend policy which forms the three core contents of the company's financing activity together with the investment decision and financing decision is an important decision of governing the company. The formulation of a reasonable cash dividend policy can improve the competition and quality of family business's quoted company itself. It is helpful to the remission of conflict between controlling shareholders and other shareholders and the communication between the family shareholder and company.This thesis analyzed and explained the relative relations between ownership structure and cash dividends policy in accordance with the Agency Theory and Stewardship Theory. Basing on different application border of these two theories, the Agency Theory is adopted to the non-founded type family business and the Stewardship Theory to the founded type family business. According to the analysis to different theories, the ownership structure of these two kinds of business has a significant impact on the company's dividend policy.In this thesis, the statistics of family business from 2007 to 2009 have been selected to make empirical study. At first, depending on empirical demonstration, through distinguishing the difference of character between non-original family business and original family business, which will affect Cash dividends, it turns out to be fact that original family business intends to keep more cash profits than non-original family business in order to leave enough Capitals for the future development of company. In this case, original family business prefers to slow down the release of Cash dividends while non-original family business only possess majority of non-tradable stocks,which means family business shareholders fail to make profits in the capital market, so they prefer to distribute more cash profits than original family business by which the resources of company will be hollowed out. And then family business will be divided into two groups, respectively original family business and original family business to study the differences that both of the different Concentration Rations make an effect on Cash dividends. It is discovered that as Concentration Rations in original family business goes up, it intends to keep cash dividends. Whereas the strong stockholder's Concentration Ration in non-original family business fails to affect cash dividends. When in non-original family business the Concentration Ration of family shareholders increases, it intends to distribute cash dividends. While the Concentration Ration of non-family shareholders is close to the negative correlation of cash dividends per share. If so, the family shareholders are more able to get profits by releasing cash dividends.At the end of this article, the writer provided some related advice in policy and hope that related supervised and administrative sector can formulate related policy for protecting the benefits of un-family shareholders.