Empirical Research On How The Ownership Structure Affects The Dividend Policy Of The Listed Companies In China

It shows that the ownership structure can affect the dividend policy by the related study before; however, there are few people who specially study this subject. The dividend policy has special effect in the operation of companies. On the one hand, it is the logic continuing after companies' financing and investment activity, also the certain result. On the other hand, the suitable dividend policy can not only make good image of companies but also stimulate the investors to keep their investment to the company, so that the company can get more opportunities and good condition for long-term and steady development. That is to say, the dividend policy is not only the result followed by companies' operation and value, but also the reason which can affect the companies' achievement and value in the future. While the ownership structure is so special formed by the special situation of our country, it will be useful to perfect the security market and optimize the ownership structure to study how the special ownership affect the dividend policy.The definition for the"ownership structure"in the dissertation includes two aspects, the shareholder property and the ownership collecting. The former aspect means the compose of the stock owners,expressed by the proportion of current stocks, incurrent stocks, nation owned stocks, corporation owned stocks, etc. The ownership collecting can be expressed by the proportion of the largest shareholder, H index, etc. The definition of the dividend policy means that it includes cash dividend and stock dividend. And it is discussed that the share transfers, re-issuing new shares and add-issuing new shares are all excluded in dividend distribution. According to the definition, at first the dissertation make a theory analysis on how the stock ownership affects the dividend policy on the basis of the dividend-customer effect theory and the dividend distribution surrogate theory, which makes a preparation for the empirical research later.230 listed companies are chosen as the model for study among all the listed companies collected by the "Wind information finance data base" which satisfy the terms all the time from the year 2002 to 2004.Then after the relation-test between the variables by the progressive regression, the independent variables which has obvious relationship with the dependent variables are chosen to process the multiple linear...