A Study On The Impact Of Ownership Structure Of China 's Listed Companies On The Development Of Its Dividend Policy

Dividend policy is an important content of the listing Corporation’s financial activities, it is directly related to the vital interests of investors and shareholders, thus it becomes one of the focus of the investors. The ownership structure can have a direct impact on the formulation and implementation of the dividend policy, so if we want to study how the listing Corporation make dividend policy, we need to analyze from the perspective of stock ownership structure.Once upon a time, the ownership structure of China’s listing Corporation was very special, and because most listing Corporations were formed from the changing of state-owned enterprises, the formation of tradable shares and non tradable shares coexist, it was totally different from foreign ownership structure which is relatively based on mature capital market, it makes the interpretation of China’s ownership structure has more significance. The special equity structure has had a significant impact on the dividend distribution, the dividend level of listing Corporation was very low, while the interests of small shareholders is damaged in some degree.In2005China launched the reform of non tradable shares, up to now, the stock market has basically entered "the time of full circulation", and realize that "the same stock with the same rights", the non circulation stock basically disappeared. Major changes have taken place in the ownership structure, in this case, man-made barriers which restrict the original stock circulation have been basically removed, through this reform, what new changes will happen on dividend distribution? And how will the ownership structure influence dividend distribution? These are the problems we want to study and solve.In this paper, after our study, we have reached the following conclusions:1. No matter in the time before or after the reform in ownership, China listing Corporation "existing high concentration of ownership structure ", the phenomenon of controlling shareholder in the dominant position is significant, he interests of small shareholders were infringed seriously as they were in a relatively weak position in the listing Corporation.2."Split share structure reform" implementation eliminates the liquidity differences between the circulation stock and the non circulation stock, to achieve "the same share, the same rights", aiming to improve the interests of small and medium-sized shareholders.3. At the present stage of the whole China securities market, there exist many problems, such as the dividend level is low, the stock market is not standardized, poor supervision, listing Corporation’s unstable dividend policy and so on. The solution to these problems can be:1. Strengthen the supervision and regulation of the listing Corporation, constrain the behavior of large shareholders, and gradually solve the problem of highly concentrated ownership structure.2. Laws and regulations should regulate the listing Corporation act, make its behavior more reasonable standard, solve the unstandard behavior of listing Corporation in its actual operation.3. Absorbing the beneficial enlightenment from western mature market to improve Chinese securities market.