The Split Share Structure Reform Of The Research On The Impact Of Dividend Policy

Before the reform of non-tradable shares, the special ownership structure of both tradable shares and non-tradable shares existing and the phenomenon of the one stock dominance is a great problem. Because of this,the dividend policy in our country exhibits the Chinese characteristics .And the controlling shareholders rob media and small shareholders by cash dividends, so the dividend policy is irregular in our country.Dividend policy can influence the investor's passion and the company's reputation, and it is the important aspect of financial management for a listed company, and it serves to the final financial purpose of a listed company.On the basis of previous research, this thesis points out how dividend policy is affected by stock structure influenced by reform of non-tradable shares. Through it, the change on dividend policy is analyzed from two aspects: equity ownership structure and corporate governance. It analyzes whether the dividend policy reflects its nature, delegates the most shareholders'benefits and become normal and regular after the reform.After reviewing to the forefather's research about the reform of non tradable shares and dividend policy, in theory, analyze the influence in equity ownership structure and corporate governance by the reform and studies the change of the dividend policy caused by these influences.The paper offers the latest statistics of the dividend policy and the related important factors about equity ownership structure and corporate governance. In empirical study, analyze the influences using the linear regression method. As the result of them, the paper discovered that as the proportion of tradable shareholders rises, the reform changed the dividend policy in a style of companies and solves some problems.At last, we come to the conclusion and mention some proposals, though the reform has been successfully finished, we still need to build some related measures. The proposals mentioned are feasible and will play positive role to the reform.