Study On The Influence Of Ownership Structure On Cash Dividend Policy

The paper focuses on the two questions much concerned on the Chinese stock market, that is, the dividend policy and the ownership structure of listed companies. Combining the present reform of assort shareholders in our country as well as the practice in other country, the paper defines the dividend policy and ownership structure and researches the relationship of the dividend policy and the ownership structure of listed companies.On the basis of the relevant references, the paper emphasize on influence of ownership structure through analyzing factors of cash dividend policy. What's more, it proposes some hypothesizes between the ownership structure and the dividend policy. The paper testifies the theoretical conclusion on the basis of general descriptive statistics of ownership structure and dividend distribution of the listed company. Then, the author selected some representative financial indexes concerned about dividend policy applied stepwise regression to build dividend models in the framework of the different ownership concentration and the different ownership circulation. The model clear described the motive changes of the dividend payment of different ownership structure .By comparing the models, the main hypothesizes are better demonstrated.The practice shows that ownership structure has effect on cash dividends in our country. First non-floatable shares prefer cash dividend policy; second the controlling shares shifts cash from a listed company by cash dividend policy; at the same time, the influence on dividend policy has very big changes after reform of assorted shareholders.Finally, the author gives some policy suggestions about what to do to regulate the dividend policy, combining the property of shareholder and the ownership collecting.