Analysis On The Influence Of The Ownership Structure On The Dividend Policy Of Listed Companies In China

The dividend policy is a major financial decision. It is the key of survival and development of listed companies. Because the dividend policy is closely related to stockholders' own benefit, stockholders pay attention to the dividend policy of listed companies and affect the dividend policy by certain way. It is being in a period of the reform of ownership disseverance in our country. Because a large number of non-circulation stocks existed, the formulation of the dividend policy in our country is not on the basis of rationalization. In the process of gradual realization of the entire circulation stocks, the research of the influence of the ownership structure on the dividend policy of listed companies in China is extremely significant.The problem of ownership disseverance not yet completely solved in our country. The different benefit main bodies participate in the formulation of the dividend policy in listed companies by different ways. The provision of the cash dividends reflects the relations of major stockholders and minor stockholders. It also reflects the relations of stockholders and managers. Our research pay attention to combine the ownership structure in our country with the research results of other countries to analyze the dividend policy in China.My analysis show that, the percentage of the first major stockholder, the percentage of legal-person shares are positively related to cash dividend per share. The percentage of the percentage of state shares, are negatively related to cash dividend per share. Although there are many factors related to the dividend policy, there are only a little factors remained after the step-regression. The factors remained are different from each other.