An Empirical Study On The Relationship Of Ownership Structure And Cash Dividend Policy Of Listed Companies Of China

Dividend policy arises from the formation of joint-stock companies. At the beginning it was only a primitive distribution activity of profit. The company distributed those earned profit to shareholders. With the joint-stock company to developed and matured, distribution of profits and investing, financing, fund operation rose to an equal status with the company's financial decisions,.The choice of dividend policy on the company concerned, from a single financial decision-making becomes multi-game results within the major shareholder, small medium shareholders and the i of operators. while outside,it's taken as the wind vane by outside investors to convey the company's operating performance and market presence.Equity structure is the basis of corporate governance.It's the key factor which determines the control ability of the company among the major shareholders, small shareholders and operators. Dividends as a shareholder return on investment, the shareholders would be very concerned about the company's dividend policy formulation, and through a certain way affect its development. Therefore, ownership structure has a significant impact on the cash dividend policy. So the study of the relationship between the two is meaningful.About the relationship between cash dividend policy and ownership structure,it has been a lot of research results based on the mature Western captital market,and formed a systematic theories. But because China's capital markets and listed companies have some special circumstances, can not be explained by mechanically appling the he foreign theories. However,domestic research did not form a systematic theory.Starting in 2005, China began to split share structure reform.In order to change the difference with the stock price and the shares of different weights, a large number of non-tradable shares became tradable in the process.listed companies'sharehold structure will be inevitably changed.These changes of the internal ownership structure will lead to the adjustment of power among shareholders.. Would it result in a listed company dividend policy changed? If That might affect dividend policy, how would they affect it? To think. and answer these questions is the original intention of writing this paper. The existing domestic researches most chose the data before the start of the share reform.this paper select the data after the share reform.The study also hopes to do some contribution to the capital market researching.This article has five main parts. The first part is the introduction of why I write this paper. The second part is the literature review. It is a brief description of the research literatures. The third part is the theoretical part. And the fourth part is the empirical part. In this part I use some models for analysis. The last part is the conclusion of the study.Studies have shown that the proportion of state-owned share ratio and the largest shareholder ratio were positively correlated with the cash dividends per share. The proportion of corporate shares and the cash dividends per share have a significantly negative correlation. The proportion of outstanding shares and the cash dividends per share are negatively correlated. The results are consistent with the original hypothesis.