Analysis On The Influnce Of The Ownership Structure On The Dividend Policy Of Listed Company

Dividend policy is one of core contents of financial management in modern companies. Dividend policy is the decision by which a listed company allocates its earnings. Reasonable dividend policy can set up creditable reputation of a listed company in the market and inspire investor's passion. Ownership structure is the base of corporate governance, and one of the most important factors that influence the dividend policy. For the special capital-stock structure and shareholder in china, there are different agency problems and dividend policy.In April, 2005, our country started to implement the Reform of Non-tradable Shares. The condition of "Each stock have the different power" which has disturbed stock market for many years was changed In 2006, the Reform of Non-tradable Shares had already been completed basically. The time when the stocks are completely current has arrived. The change of the ownership structure must make change in dividend policy. Through theoretical and empirical research on the influence of the owership structure on the dividend policy of listed company. We finally concluded: The lower concentration level of owernship structure improved corporate governance, and prompted the reasonable dividend policy to be formulation, and the dividend policy objectives will be "To maximize the interests of shareholders" in the future .