The Impact Of Ownership Structure On Cash Dividend Policy Of Listed Companies

Dividend policy is a very important part of enterprise financial management. Appropriate dividend policy is advantageous for enterprise to reduce agency costs. At the same time dividend policy also has the important influence on company’s future development. Equity structure has important influence on control of the business decisions for shareholders and managers. Therefore, the research from the perspective of ownership structure on cash dividend policy has a strong theoretical and practical significance. It can provide a comprehensive reference for enterprise managers related to cash dividend policy and it help to find out the attitude of shareholders in cash dividend policy.The methods in the article include empirical research and normative research. The data is financial statements of listed companies from2002to2012.This paper firstly describes the research background, significance, innovation points and the shortcomings of this article. The second chapter introduces relevant theories and research results at home and abroad. The third chapter and the fourth chapter are center sections. The third chapter introduces the change and development trend of ownership structure and cash dividend policy after the reform of non-tradable shares. These changes are:current shares increased year by year, the increasing proportion of cash dividends of listed companies. But the dominant phenomenon is still serious and still has a low degree of checks and balances. The fourth chapter is the empirical part of this article. In this part five hypotheses are proposed. They are:1. The first shareholder’s proportion of shareholding positively related to the cash dividend payment rate;2. The second to fifth shareholders’ shares are positively correlated with cash dividend payment rate;3. The proportion of state-owned shares is positively related to the cash dividend payment rate;4. Management shareholding and cash dividend payment rate showed a negative correlation;5.Institutional investors shareholding has a negative correlation with cash dividend payment rate. One of them has not been tested, there is no significant negative correlation between the management shareholding and cash dividend payment rate. The fifth part summarizes the conclusion of this article and come up with some suggestions to solve some problems. Firstly, strengthen the supervision of large shareholders to protect minority shareholders. Secondly, actively introduces institutional investors. Thirdly, give full play to the role of the independent directors. Fourthly, regulate the operations of the large shareholder. In the end, take further steps to adjust the policy of stock taxes on dividend.One innovation is that the data is updated in time. Another one is that I introduce the proportion of shareholding of institutional investors to the empirical analysis.