Empirical Studies Of Ownership Structure, Dividend Policy And Stock Value

The stock value are concerned for people from the date of birth, most investors’eyes focused on how to tap the value of the stock of technical analysis, but not fromthe depths of the theory to explain the determinants of share value.The most direct manifestation of Listed Companies is the value of companystock, so the company’s policy must be able to reflect the real value of the stock out.And a positive dividend policy can effectively help investors sort out the ListedCompanies ’ Quality ’, which carry out the purpose of investment.Through the statistical description and panel data on the stock value andownership structure, dividend policy, empirical analysis of the relationship, this paperstudied the sample of SSE180. This paper from the ownership structure, dividendpolicy(the six indicators) to measure the value of the stock. The study found that theproportion of state-owned shares, earnings per share, after-tax amount of cashdividends and stock value of the RMB is positively correlated; H5index, Z index anda negative correlation between stock value; but the proportion of top ten shareholdersand the equity value of no significant relationship.From the empirical results, dividend policy (Cash Dividend) and the stock valueshow a positive correlation. From the industry leader and blue-chip listed companies,a positive dividend policy to give investors the confidence to enable them to operatethe company has enough confidence in the future, so they are more willing to developwith the company.Relative to the existing literature, the innovation of this paper are:(1) This article does not in all of the listed company as the research object, butdirectly takes the SSE180as the research object, which are the fluidity, large-scale,representative of industry leading enterprises and reflect the overall situation China’sstock market value of the stock from the general point of view. You can effectivelyeliminate the interference of those negative factors.(2) The stock value of the previous literature are mainly from the time value ofearnings per share to study the value of the stock, and from ownership structure, dividend policy is mainly to illustrate the value of the company. Because the contentis very rich in the stock value, it must be from a broader perspective to illustrate thevalue of the stock of factors, so this paper is from the ownership structure, dividendpolicy point of view to study the value of the stock.