The Relationship Between The Stockholder's Rights Structure And Dividend Distribution Policy After Equity Separation

The dividend policy is one of modern corporate finance management core contents, always is the academic circles and the practical realm attention focal point question. The dividend assignment as a result of its complexity, has been included the corporate finance one of ten big difficult problems, has the scholar to become it "riddle of the dividend". Not only the dividend policy relates the company various shareholders' economic interest, also affects development. The dividend policy formation is the divergent interest community cooperation or the. competition situation gambling result, but the stockholder's rights structure is decides various benefits community strategy choice the key aspect.Since long ago, our country special ownership structure and the dividend policy always are the important question which the domestic and foreign scholars study, all quarters scholar act according to own theory and the real diagnosis research in abundance, has proven between both relational question from the different angle, but so, still has not achieved until now regarding both between relations consistently.Consummates unceasingly in the China money market, economic restructuring thorough today, Chinese listed company took day by day the vigorous development the strength and even is in the world stage takes the increasingly vital role in our country's market economy. But, stockholder's rights structure regarding Chinese listed company dividend policy choice influence aspect correlation attention then few. The author in is connected the literature to the domestic and foreign scholars to carry on the summary and in the analysis foundation, by "Chinese listed company ownership rights structure regarding the dividend policy choice positive research" took own master the paper, is in the stockholder's rights minute take Chinese listed company to set reforms this special historical stage the empirical data as a foundation, describes our country to go on the market enterprise's related stockholder's rights structure and the dividend policy condition, examines and attempts to prove between both the reciprocity, and thorough analysis reason, by time rich correlation theories, then instruction practice.Our country stock market under the special system arrangement, Chinese listed company overwhelming majority comes by the state-owned enterprise remanufacture, when artificial divides into to be listed stock the state shares, the legal person stock, the social public stock and so on, going on the market may circulate besides the social public stock, the state shares, the legal person stock and so on does not circulate temporarily, has like this then formed the same stock different power phenomenon, this is the so-called stockholder's rights minute sets, at the reform in the stockholder's rights minute to implement day after day, the size must lifts a ban the footsteps gradually the line has edged, like this changes suddenly whether the stockholder's rights structure does affect the company each behavior and the enterprise achievement? These questions are similarly this article selected topic significance are at.The west has carried on many years regarding the stockholder's rights structure and the dividend policy research, but basic all is the real diagnosis research and the theoretical analysis which And so on the Developed country Enterprise's environment carries on based on Europe and America, has not considered the Chinese special system background; China had the literature although at the model overseas research experience and in the achievement foundation, unified China's special system environment and the special economic phenomena, but basic all is sets at before the reform background based on the stockholder's rights minute. The related stockholder's rights minute sets at in the reform background then elaborates unusually, the stockholder's rights minute sets at the reform to carry on this special stage to be listed stockholder's rights structure in particular to a policy-making line of influence, then does not have the special elaboration basically.This article through the theoretical analysis and the real diagnosis examination, thought to be listed implements the stockholder's rights minute sets at after the reform implementation, our country special stockholder's rights structure condition had the change, the existing stockholder's rights structure presents the characteristic has the various synthesis influence to the dividend policy choice. Through this article research, expected for our country general investor, specially the young investor or the potential young investor further analyzed Our country To be listed stockholder's rights structure and the dividend policy choice has provided a new angle of view, thus avoided the market risk well; At the same time, for in the supervising and managing organization standard major stockholder behavior, the protection the young investor benefit has provided a pointed direction.