An Empirical Study Of Cash Dividend Distribution Policy Based On Equity Structure

Dividend policy is one of the three cores of modern financial management. It is not only the logical continuation of a company's financing and investment activities, but also have far far-reaching impact on it. Reasonable and stable dividend distribution policy can create a good corporate image, stimulate investors'continued enthusiasm and lay a solid foundation for the company's long-term, stable development. In contrast, improper dividend distribution policy will not help to enhance value of corporate. It may make the company into financial distress and even bankruptcy. Therefore, a study of dividend policy has far-reaching theoretical and practical significance.Since the founding of the Shanghai Stock Exchange in Dec 19 1990, China's capital market has gone through the course of a short span of ten years. Most listed companies are reshuffle of state-owned enterprises. During the few 10 years, China's securities market started from scratch, from small to large, now has become an important component of economic life of the people, and is playing an active role in economic construction of China. But at the same time, we've also seen, China's securities market is still very young. Compared with foreign mature markets, there are still many issues to be resolved. Therefore, the research on the dividend policy of listed companies in China has drawn wide attention of people in financial community and economic community. This paper has a in-depth study in the influencing factors of listed companies'cash dividend distribution policy from the perspective of controlling shareholders. And there will be a certain degree of practical significance.This paper elaborates on the theoretical development of the dividend, reviews the relationship between the controlling shareholder and the cash dividends, and summarizes the current status of the dividend distribution policy and the influencing reasons. This paper adopts the method of combining theory and empirical to research on the impact of controlling shareholder's own characteristics upon the tendency and effort of cash dividend distribution in our country.