The Influence Of Ownership Structure On Dividend Policy After Non-tradable Shares Reform Of Listed Companies In China

Dividend policy has long since been the hot topic of scholars, which is not only one of the most classic study field among modern financial theories, but also one of three"mysteries"in finance, enjoying the saying of"dividend mystery"in western academic community. Dividend policy is not only able to manifest the operation achievement in the past, also foretell company's sustainable developing capability in the future, therefore more and more attention was drawn on it in public company, while many problems of dividend policy still exist in public company of china, such as extreme irregularity, severe non-distribution, obvious discontinuity and instability, thereby what is the main factors influencing public company's choice of dividend policy has come to the high light for our study.Author thinks ownership structure is the most basic problem of stock market, and the Chinese characterized ownership structure in public company of China is the most important factor influencing its dividend policy. The China securities regulatory commission started not-tradable shares reform in April of 2005, attempting to restructure Chinese capital market by policy. The reform has been finished till now, and the stable development shows that in our country the securities market has achieved"same shares, same benefits"and the stock market has come into full-circulation time. Compared with non-tradable time, ownership structure and dividend policy in public company must present new features. Before not-tradable reform, the main character of dividend structure in public company of our country is the"one share dominates exclusively"and the dualistic structure of tradable and non-tradable shares coexisting. Due to this special ownership structure, the dividend distribution in public company of our country is different with other countries, which is Chinese characterized. The dividend policy is lack of stability and continuity, which becomes the tool for majority share holder benefiting. After reformed, great change of ownership structure takes place, which must bring a series of variations to dividend policy. Therefore this thesis will completely probe into the influence of ownership structure on dividend policy after non-tradable reform.On the basis of large quantity of domestic and foreign document reading, adopting the method of theory and empirical study combination, this paper will documentarily recollect the development of related theories of ownership structure and dividend policy firstly, then on the basis of integrating the concrete situation in our country profoundly analyze the present status of ownership structure and dividend policy in public company after non-tradable reform, and then analyze the influence of ownership structure on dividend policy by multiple linear stepwise regression model, draw the following demonstrative conclusion: all indexes of ownership structure has obvious influence on dividend distribution policy; circulated stock proportion has no obvious relation with dividend policy, the share holding proportion of the largest shareholder is obviously positive related to cash dividend distribution policy; the sum of share holding proportion from second to fifth shareholder has no obvious relation with cash dividend policy; natural logarithm of total shareholding equity is obviously positive related to cash dividend distribution policy. Finally some suggestions would be proposed according to the demonstrative conclusion.