An Empirical Study On The Relationship Of Ownership Structure And Cash Dividend Policy Of 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. 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 shareholder structure has features as follows : state-owned shares in high proportion, uncirculated shares in high proportion, high equity concentration and complicated kinds of equity. In the separation of equity, uncirculated shareholders'way of benefits is different from circulated shareholders .The uncirculated shareholders control a big proportion of shares and they may make decisions benefit themselves. When there is conflict of interest, uncirculated shareholders'chooses will hurt the interest of small investors. The article investigates the A stock market list companies'data from year 2000 to 2004, and there are so many regression equals that the conclusions can be described as followed:1,The relationship of payout and the first large shareholder's proportion can be described as"inverse U"shape.2,If the proportion of the tradable shares is higher, then the pressure of the firms will be heavier. It is same to this that if the second large and the third large shareholder'proportion increase, the firms will decrease the dividends.3,The firms with large size tend to pay out more dividends, the firms with high leverage tend to pay out less dividends. The profits of firms can't affect the payout ratio significantly.The Chapter Five study the dividend policy of our country's listed companies after the Reform of Non-tradable Shares. The paper studies the characteristics of the dividend policy after the Reform of Non-tradable Shares and the reasons of the situation.