Research On Dividend Policy Of Listed Companies Based On Reform Of Non-tradable Shares

Dividend policy is one of the three major financial decisions of concern in odern financial theory. Dividend policy not only as an external signal operating results, and its own investment is related to the interests of shareholders and the company's own long-term development, from the result point of view, the company's stock price also has a direct impact. Because of the early state-owned enterprises listed companies are mostly in the early stock market, the control of state assets in order to protect the status and safety, for such corporate shares of listed companies and state-owned shares made to ensure that the status of their control and prohibit flow requirements, which makes listed companies in China are showing a high concentration of equity shares with different rights and the special circumstances, in which under the influence of ownership structure, but also makes the dividend policy of listed companies in China show very abnormal. For example, dividends are not distributed or abnormal distribution of cash dividends and share placements parallel financing, dividend policies lack continuity and stability. In order to clear away obstacles to the system, and promote the healthy development of capital markets, since 2005 China launched the split share structure reform, in theory point of view, optimization of the split share structure reform, the equity structure of listed companies, is conducive to the level of corporate governance Increase, but also to promote healthy and stable development of capital markets have a role.This article attempts to analyze the share reform of listed companies for the impact of dividend policy, compared before and after the split hare structure reform the ownership structure of listed companies and dividend policy-relevant factors, analysis of the share reform of listed companies to make dividend policy toward Health reasonable direction, whether we can make the level of corporate governance of listed companies improved. From the results of the analysis of the effect of split share structure reform is really apparent, which further improve the relevant system,standardize the behavior of listed companies, and promote the healthy development of securities markets has important practical and theoretical significance.In this paper, firstly, the dividend policy of domestic and international theory and empirical research to understand and review the results, combined with China's share reform process in the background and history, as the theoretical basis of this follow-up study, and then to our listed company before the split share structure reform The general characteristics of dividend distribution, and the share reform of listed companies and their dividend policy to the theoretical analysis of the impact, on this basis, for the before and after the split share structure reform of listed companies related to dividend policy Empirical factors were analyzed and compared, from the data that the share reform of listed companies the impact of dividend policy, concluded that the split share structure reform and capital market can not solve all of the defects and problems, and improve the market mechanism from Improve the corporate governance structure, the dividend behavior of listed companies to make recommendations to China's securities market towards a more healthy direction.