China's Listed Companies Ownership Structure On Dividend Policy Implications Of Empirical Research

The paper focuses on the two questions much concerned on the Chinese stock market, that is, the dividend policy and the capital structure of listed companies. Combining the present theoretical development as well as the practice, the paper defines the dividend policy as the result of the cooperation and the competitive negotiation among different interest entities. It also points out that the capital structure is the key element to decide the competitive power, of which quantity and quality lead to the discrepancy of the distribution level.On the basis of the relevant references, it analyses the motive on dividend distribution of the entities that hold the balance in policy making. What's more, it constructs a mature-dividend-deciding pattern and proposes the general relationship between the capital structure and the distribution level. On different stockholder's controlling level, there are different cash dividends. The paper testifies the conclusion on the basis of general descriptive statistics and classified comparison of capital structure and dividend distribution of the listed company. As a result, the relationship between them is not consistent with the analysis. The discussion about reason shows that dividend policy mainly satisfies the private need of internal stockholders and coiporate management. Stockholders do not think much of the effects of reducing the agency costs to increase the value of the companies. In fact, it is the special system of our country that increase the incoherence and unconditionally of all the stockholders and the lack of the true investors. These two elements increase the stockholders" dissimilated behavior. In dividend policy, the difference of payment level resulted from the variance of the controlling degree embodies not the difference of stockholders" decision making to increase the company' value but the particular preference of the nonnegotiable shareholders and the management. By qualitative analysis, the difference of decision making of the entities equivalent to true stockholders who seek for the company's value is invalid.Finally, the author selected some representative financial indexes concerned about dividend policy, applied stepwise regression to build cash dividends models in the framework of different control degree. The model clearly described the motive changes of the dividend payment of different capital structure and the rationalization of distribution plan. By comparing the models, the above viewpoints are better demonstrated.