Research Of The Relationship Between The Equity Structure And The Dividend Policy Of The State-owned Listed Companies

Dividend Policy is one of core contents of financial management in modern companies. Appropriate dividend Policy cannot only set up good company reputation, but also arouse enthusiasm of many investors thus making companies acquire long and stable development opportunities and conditions. Western countries conducted research into dividend policy in 1950's and have made great achievement after 50 years,study which offers great help to companies'financial management and government's constituting relative rule and law. With the development of stock market, more and more listed companies come forth and their dividend policies are quite different from each other. On the whole, because of imperfect stock market in China, dividend Policy is very unsteady and random. Capital-stock structure is the base of corporate governance, and one of the most important factors that influence the dividend policy. In China, the agency problems and dividends should be different from the West because there are special Capital-stock structure and shareholders in our country. Capital structure and debt structure have the influence to the policy of dividend distribution. This paper will define the rights structure as different right constitution proportional relationships which relevant persons or organization enjoy to the enterprise assets, including its capital structure, ownership structure and debt structure these three elements. This paper mainly use the empirical research method to research the relationship between the equity structure and the dividend policy.The first part of this paper introduces the research background and its significance, the concept defined, technical route, the research contents and the research innovation. The second part carries on a literature summary on the dividend distribution policy and the rights structure of the domestic and foreign as well as the dividend policy relations. The third part is the theoretical foundation. Its elaborate the theoretical foundation of the rights structure and dividend distribution policy. The fourth part introduces the material collection and processing, the statistical method, the research supposition and the variable choice. The fifth part is the empirical research. The paper applies the descriptive statistics, correlation analysis and regression analysis to the research on the rights structure and the dividend distribution policy of the state-owned listed companies. Descriptive statistics come to the following conclusions. The state-owned listed companies have a relatively modest ratio of the assets and liabilities. The state-owned shares, no matter which forms look from, are in the overwhelming superiority, although there is reducing phenomenon of the state-owned shares. The phenomenon of predominant of one shareholder has been very prominent. In 2006, many non-circulation stocks were transferred to the circulation stock, and even some state-owned shares achieved full circulation. The first major shareholder is in the holding position absolutely. There are great differences in proportion of shareholding among the former five shareholders. Generally, the shareholding proportion of the largest shareholder is several times that of second largest shareholder. The balance function what the second to the fifth keep to the first is not obvious. State-owned listed companies generally prefer current liabilities. Its liabilities capital is low and long-term liabilities are few. Regression analysis concluded that: Asset liability ratio, proportion of shares in circulation and current liabilities ratio show negative correlation with the dividend distribution. The proportion of state-owned shares and legal person shares ratio, the largest shareholders proportion, the top five shareholders and the proportion of long-term liabilities show positive correlation with the dividend distribution. But the top five shareholders shows negative correlation with the cash dividends per share. The sixth part is explain of the conclusions and its also tells the suggestion for further study.