The Research On Dividend Policy Of Cash Based On Different Equity Structure

From the angle of equity structure, the paper systematically studies it influence on dividend policy. The dividend policy of listed companies,is essentially the result of the negotiation among different interest entities. Furthermore, the equity structure is just about the key element to decide different entities' competitive power, of which quantity and quality lead to the discrepancy of dividend policy of cash.On the basis of reviewing the relevant references, the paper first discusses typical theories about dividend policy, and then expounds how the equity structure works on dividend policy of cash. The equity structure has two attributes: the quantity and quality. So the following text first according to the quantitative attribute, analyses dividend policies under three different equity distributions which are dispersive, relative and absolute shares holding, and then verify them by foreign dividend policies under two typical equity structures. Then according to the quality attribute in our country, it divides absolute shares holding into state shares holding, state-owned legal person shares holding and legal person shares holding, and analyses different controlling shareholders' behavior characteristic and dividend preference. Moreover, it also refers to non-controlling shareholders' behavior motivation and distribution tendency.During empirical analysis, based on the fact in Chinese securities business, the paper studies dividend policy of cash under different equity structure by statistical description and classified comparison ,and the results show that dividend policy mainly satisfies the private need of controlling shareholders and corporate management, in other words, it's the outcome of both sides compromising with each other. Then the research selects some representative financial indexes concerned about dividend policy and applies multiple linear regression to concretely analyze factors which influence cash dividend under different equity structure. As a result, it's found that listed companies' dividend policy does not completely consider itself's fact, it means dividend distribution plan is optional in a certain extent. From the angle of the rationalization of cash dividend distribution, relative and absolute holding companies are better than disperser holding companies, the companies of state-owned legal person shares holding and legal person shares holding are better than the companies of state shares holding, the companies of non-circulation stock holding are better than the companies of circulation stock holding.Finally, Integrating the foregoing theoretical studies and empirical results, the...