The Empirical Study On The Dividend Of The Listed Companies In China Under The Split Share Structure Reform

The Chinese Economy System has experienced the transition from the planned economic system to a market economy.While the Chinese stock market the was born out of the traditional planned economy.Then because of the social and political factors, the Chinese securities market as a "birth" to with its inherent weaknesses-the split share structure was born.So the chinese stock market always showing up the special ownership structure and having the institutional deficiencies. It makes the total shares of listed companies in China has been artificially fragmented non-tradable shares to tradable shares in two parts, and its governance was built on a distorted ownership structure from the beginning. The ownership structure of listed companies in China caused by an irrational serious deficiencies in management structure, thus affecting the listed company's business performance and behavior.Now the economy system is market economy in China. The ownership structure is not only the basic premise of the formation of the stock market and corporate governance of the logical starting, but also one of the most important factors what affect the dividend policy. In China, due to the special ownership structure and the main shareholders, accordingly there are different agency problem and dividend policy with the West. Ownership structure and dividend distribution are mutual influences, and the interactional influence between them show us the relationship between the internal and the external manifestation of corporate governance manifestations essentially. Due to the split share structurthe,the dividend policies of listed companies in China must also exist some irrations.To solve the problems that was caused by the split share structure on the chinese stock market, in 2005 the work of the split share structure reform launched.The purpose of the split share structure reform was to slave the unreasonable in view of ownership structure of listed companies and the core of it was to reducte, transfer and circulate the state-owned so that the non-tradable shares achieve circulation. While through the split share structure reform,how would the chinese ownership structure change? If the irrational elements that were shown up in the dividend distribution has been improved or not? What relevance would the special ownership structure and corporate dividend policy appear after the split share structure reform compear with the before? Here we will use the empirical study method to try to find out the factorse and give some suggests to put forward the dividend policy recommendations.First,the paper describes the background and significance of the artcle and the foreignal and home research literature about the correlation between ownership structure and the dividend policy; Second, we analyzed reasons that caused the split share structure, their impact on chinese securities market constraints and relevant theoretical knowledge to the dividend distribution policy; subsequent,we analyzed the impaction what the reform had show up to the listed companies ownership structure and performance, and further leads to impaction on the dividend policy, and then analyzethe impaction reform of listed companies dividend policy; Finally, we share reform of listed companies the impact of dividend policy relevant conclusions drawn from the analysis, and according to the reasonable conclusions proposals for economic development in the future be able to fully embody the role of split share structure reform.Together the theoretical and empirical results in this article, we can get that the split share structure reform had made chinese ownership structure get better and better, after the share reform the listed company's performance had been increaser than the before, after the share reform the listed company's dividend distribution policy is towards a more healthy direction development, and that the share reform is maturity necessary in the development of Chinese stock market in the future.I believe that the share reform on the development of Chinese capital market will play a more positive role.