The Empirical Study On The Cash Policy Of The Listed Companies Before And After The Split Share Structure Reform

The dividend is the Stock company gives investor’s repayment, however the Dividend Distribution Policy has been called a modern financial management is one of the three core financial strategy, which has been a hot topic of academic research. Although the Dividend Policy theory development has reached half a century, but national experts and scholars did not reach consensus on it.In China’s capital market, there is a special "dual ownership structure" and "the biggest shareholder" of the problem, making the dividend policy of "a mystery within a mystery".The paper sets at the reform take the stockholder’s rights minute as a breakthrough point, take during2001-2010year to be listed as the sample, from dividend assignment wish and dividend payment level two aspects, comparative analysis of the share reform of listed companies in China before and after impact of the dividend distribution policy factors, similarities and differences, as the"Circulation" era of China’s listed companies how to develop a reasonable dividend distribution policy put forward specific recommendations of great theoretical and practical significance.Empirical studies have found that the split share structure reform of China’s listed cash dividend distribution policy have a significant impact, the largest shareholder can effectively improve the cash dividend policy through the occupation of the interests of other shareholders, with the "sale of non-tradable shares"the lifting of the ban, gradually increase the proportion of outstanding shares, after the share reform the largest shareholder and the proportion of dividend distribution will influence the level of dividend payments are less than the share reform front. Before and after the share reform on the profitability of dividend and dividend payment levels will have a significant positive correlation, indicating that China’s listed companies to improve the distribution of dividends, we must first solve their profitability. Scale before and after the share reform companies with dividend payout and dividend distribution will significantly positive correlation, while the share reform and debt levels before and after the dividend and the dividend payout levels will negatively correlated. Does not influence the ability to grow the dividend distribution will affect the dividend payments are level, indicating that the growth stage of the distribution of a listed company is not willing to cash dividends, in order to meet the financing conditions stipulated by the Government, and a low dividend policy, In brief, after the share reform of listed company’s cash dividend policy to gradually return to rational, but the share reform is a gradual process and can not solve the dividend distribution policy in the presence of all the problems, also need to take further optimize Listed Companies structure, to enhance the dividend policy oversight, improve the profitability of listed companies and institutional investors and other aspects of positive development to curb irrational cash dividend policy.