Empirical Study On Inpact Between Shareholding Structure And Dividend Policy Of Listed Company In China

Ownership Structure affect dividend policy is the most important one of the reasons.Dividend policy is an important element of the company's financial management,which is the focus of attention to listed companies and investors.After several decades of development,there are a lot of the literatures on Modern Dividend Policy.They have very broad perspective and in particular the results of research on foreign scholars.However,these theories of the establishment abroad are based on relatively mature capital market,and don't have a unified conclusion.Since China's special conditions,there is a special enterprise system and shareholding structure in China's special market environment.The special ownership structure of China's listed companies make the Dividend Policy Research is more meaningful.The thesis mainly from the perspective of the shareholding structure to study its listed companies on China's dividend policy implications.The main consists are two parts.First,the theoretical analysis,this part introduces the characteristics of listed companies' shareholder structure at home and abroad and causes of different ownership structure and the impact of dividend policy.The focal point is the special listed companies market environment and its special dividend on the equity structure of the impact of the policy under this market environment.Second,the empirical analysis,this part is divided into three steps.The main contents of the first step includs sampling space,sample analysis,assumptions,set variables and analysis of relevant variables.The secend step is the feasibility regression analysis in impact between shareholding structure and paid dividends in China's listed companies,including the relevant indicators of significant statistical test,building model and doing model-year regression analysis,the final results analysis and to verify assumptions.The main contents of the third step is the shareholder structure of listed companies in China affect dividend policy options regression analysis,including examination on significant indicators,the model building and regression analysis,interpretation model and test assumptions.The results show that listed companies' special shareholding structure has a significant impact on the feasibility of dividend payment and the choice of dividend policy form.First,the dividend ratio of the company,which has ownership structure of relatively concentrated,is gradually increasing,special the cash dividend,but the amount of its dividend payment has been relatively low in absolute terms.At the same time the company is not issuing dividends are increasing proportion too.Second,the ownership structure of the companies generally tend to focus on payment of cash dividends,in particular the controlling shareholder of the greater proportion of shares held,the more likely the company paid cash dividends.This study still have many limitations,but also have some issues for further in-depth study.