| In the study of dividend policy has been the hot topic of empiricalresearch among the western scholars. Especially in recent years, there is anupward trend of the number of family listed corporations, therefore manydomestic and foreign scholars begin to concentrate on this field. On theresearch of dividend policy, topics are usually focused on the influencefactors of dividend policy and proxy cost.On the basis of summarizing the previous research literatures, I foundthat few scholars compare family listed corporations with state-owned listedcorporations, specifically in the strength of dividend distribution and theimpact of ownership concentration degree. This thesis firstly introduce thedefinition of family listed Corporation, state-owned listed corporation andother related concepts, and then choose all the family listed corporation andstate-owned listed corporation as the sample data for five consecutive yearsfrom2007to2011to study this thesis. According to these data, compare thedividend policy of these two kinds of property right nature corporation.Empirical analysis is mainly divided into two parts: the first section,using descriptive statistical analysis method compares these two kindscorporation’s strength of divided distribution respectively. In the othersection, using StataSE software analyzes the influence factors of thedividend payment rate in different equity structure.The results of this study are as follows:1family listed corporation cashdividend payment rate is lower than the state-owned listed corporation’s;2family listed corporation ownership concentration degree is negativelycorrelated to cash dividend payout rate;3state-owned listed corporationownership concentration degree is positively correlated to cash dividendpayment rate. Finally, this thesis put forward some politicalrecommendations from regulating listed corporation dividend policy andoptimization of listed corporation ownership structure. |
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