Empirical Analysis On The Influence Of The Equity Structure On The Cash Dividend Policy Of Mining Listed Companies In China

Dividend policy is a very important financial decision, is the logic continuation of financingand investing activities. Issuing amount of cash dividend can not only establish a good corporateimage, but also stimulate the enthusiasm of investors, providing a solid condition for the stabledevelopment of company. At the same time, the dividend policy is also a very important problem ofthe shareholder, have a close relationship with shareholder interests. Different shareholder usuallymake dividend policy from their own interests in the listing Corporation through a certain way.Ownership structure is the basic position in the corporate governance activities, different ownershipstructure reflects the relationship between different stakeholders, so ownership structure is one ofthe important factors that influence the dividend policy.China’s listing Corporation are born out of the state-owned enterprise and produced throughthe reform of state-owned enterprises, which leads to the special ownership structure of Chineselisting Corporation: tradable and non-tradable shares coexist, the high concentration of shareholding,equity property diversification. The special ownership structure determines that the dividend policyof China has a strong Chinese characteristics. In2005, China launched the split-share reform, whichproduced major effect on the ownership structure of China’s listing Corporation, and could affectthe cash dividend policy in china. So far, the split share structure reform has been completed for aperiod of time, the relationship between ownership structure and cash dividend policy as well astwo, compared with before have some important changes, which provides new research subject onthe impact of China’s listing Corporation ownership structure on cash dividend.This paper, on the basis of the research and the results, by using the method of combination ofempirical research and normative research, from two aspects of ownership concentration degree andshareholder constitute,study the relationship between ownership structure of China’s miningindustry listing Corporation and cash dividend policy. Firstly, the descriptive statistics of the Chinamining industry listing Corporation during the period of2007to2011of ownership structure andcash dividend policy, generalize the present status of Chinese mining industry listing Corporationownership structure and cash dividend policy, and then to the cash dividend as dependent variablesto construct multiple regression model to study the influence of ownership structure on cashdividend.