The Influence Of Split Share Structure Reform Of Domestic Listing Corporation Ownership Structure And Dividend Policy’s Analysis

In2005April, in the system For purpose of recycling the domestic capital market with respect to the system, the Commission began to implement the reform of equity in April,2005. So far, this reform has been completed, with the development of the capital market, the domestic securities market has reached "with shares of the same benefits", the stock market has entered into the full circulation period, the listed unit of ownership structure, dividend policy has been shown before the reform of different characteristics. Therefore, the research on equity changes before and after the reform of domestic listed equity structure and dividend policy are studied systematically.In this research, the split share structure reform as the background, by reading a large number of domestic and foreign literatures, brought into the reform of domestic listed unit of ownership structure and dividend policy based on role, to review relevant theory premise in the reform of ownership and dividend policy, followed by a large number of the data and charts to change the ownership structure and dividend policy to the split share structure reform to be studied systematically. The results show with the deepening of reform has brought the huge impact on the domestic equity structure and dividend policy.Before executing the split share structure reform, domestic listed unit ownership structure has "only one big share" as well as sharing the characteristics of the tradable and non-tradable. Because of the domestic listed unit has the ownership structure so, make domestic companies also have a dividend distribution policy different from abroad, these policies often change, dividend distribution interrupted from time to time, manipulated by the large shareholders, in order to get more private interests as its; after the reform, the ownership structure is greatly different from before, so the dividend policy caused many previously not the same content.In ownership structure, circulation stock increase greatly, the state-owned shares and legal person shares proportion dropped substantially, the proportion of the first largest shareholder holding the top five shareholders and the proportion tends to be more reasonable, ownership structure rationalization. At the same time, the dividend policy is also different from before the number of shares, cash dividend increase overall emissions, listing Corporation cash dividend level improves, cash dividend is continuous and stable, we gradually reduce the abnormal phenomenon.The reform so far, although China’s capital market has entered the full circulation of the times, however, the reform still needs to optimiz the ownership structure and dividend policy, needs to constantly improve the corporate governance system,needs to form a regulatory mechanism so as to protect the investor interest,needs to establish reasonable norms for the domestic capital market,needs to improve the environmental laws and regulations,and needs to perfec the different market mechanisms.