An Analysis Of The Influence Of The Ownership Structure On The Dividend Policy

As one of the three financial administrative policies in modern enterprises, thedividend policy plays a special role in the operation of a company. On the one hand, itis the logic continuity of companies' fund collecting and investing activities, and alsothe certain result of them. On the other hand, the suitable dividend policy can not onlyhelp establish good images of companies but also stimulate the investors' enthusiasmto keep their investment to the company, so that the company will get moreopportunities and condition for long-term and steady development. That is to say, thedividend policy is not only the result followed by companies' operation and value, butalso the reason which can affect the companies' achievement and value in the future.While the ownership structure is so specially formed by the special situation of ourcountry, it will have important theoretical and practical significance.The main contents of this paper as follows:Charter 1, the introduction part, mainly reviews the domestic and foreignresearch findings about the ownership structure and the dividend policy, evaluates thepresent research level and criticizes some weaknesses in the former studies. By theend of this part, the thesis proposes the research frame and this article's innovationpoint.Charter 2 is the part of theory review and the defining of research objects. Itgenerally includes the review of the theories related to the effects that the ownershipstructure has on the dividend policy. Besides, the thesis defines clearly the researchobjects in the related papers.Charter 3 analyses the effect that the ownership structure exerts on the dividendpolicy from the theoretical perspective. It mainly concerns the analyses of themotivations and the characteristics of different stockholders' actions of investment aswell as those of the influences on the formulation of the dividend policy exercised bythe shares circulation and the ownership collecting.Chapter 4 is facts-analyzing part. Based on the special state of our country, thispart analyzes the influence of the ownership structure of the listed companies on the formulation of the dividend policy from the two aspects of stockholders' property andthe ownership collecting after studying the statistics and data from A-share listedcompanies.And the result shows that the cash dividend in listed companies has closerelationship with the proportion of incurrent stocks, nation-owned stocks andshareholder collecting. While because of the distempered dividend market, therelationship between the stock dividend and the ownership structure isn't close. Thestudy result shows that in our country the ownership affects the dividend policy by thecorrespondences between the main shareholder and the manager, and this shows thatthe ownership and dividend policy are not perfect in listed companies in our country.According to the study result of the previously testified factual examples and thetheoretical analyses, Chapter 5 offers some suggestions on policy-making about whatto do to optimize the ownership structure and forecasts the future study.The feature and also the most creative point in this thesis lies in the extension ofthe definition of the ownership structure to the combinations of the ownershipproperty and the ownership collecting on the basis of the analyses of the relatedtheories and papers. It theoretically studies the different shareholders' variousinterests demands based on their motivations of investing actions and then makespractical analyses from the two aspects of the ownership property and the ownershipcollecting according to the latest statistics from the listed companies in Shanghaistock market. Besides, the thesis forecasts the related future researches in accordancewith the changes in the dividend policy after the Split share structure reform. In aword, this thesis is of much instructive significance to optimizing the ownershipstructure of the domestic listed companies and perfecting the dividend policy.