Under The Mixed Ownership The Influence Of Ownership Structure On Dividend Policy

Dividend policy is one of the important financial activities of enterprises. It not only affects the dividends of the corporate shareholders and creditors, but also related to the future prospects for the development of enterprises. On the one hand, the reasonable dividend policy can evoke many investors interested in the long-term investment of enterprises, on the other hand, it can also help enterprises to establish a good corporate image. Thereby corporate can achieve sustainable growing opportunities. Because of this, the domestic and foreign experts and scholars has been focus on this academic issues for many years.In recent years, the development of the capital market is gradually improving. China’s relevant policies are also continue to improve. In 2013, Third Plenary Session of the Party’s eighteen repeatedly raised, not only to admit that mixed economic system is the main form of the current basic economic system in our country. We should vigorously promote the development process of the mixed economic system. The rapid development of domestic mixed-ownership economy promoted the continuous improvement of the ownership structure of listed companies, and through the influence of ownership structure on dividend policy, it also make the dividend policy of listed company get further improvement.This article is based on the rapid development of mixed-ownership economy. First of all, to study the domestic and international research literature of the relationship between ownership structure and dividend policy, and it has an extensive and in-depth study of well-known domestic and foreign scholars research thought and conclusion. Second, it briefly review of the theory of dividend policy and its development. On the basis of the characteristics of the ownership structure of listed companies, under the mixed ownership, this article analysis that how ownership structure affect the dividend policy from the theory level. Mixed shareholders of the listed company includes mixed property ownership, shareholders of listed companies as well as its stake, equity balances and so on. Third, according to the theoretical analysis of the proposed research hypotheses, I collected research data from 2009 to 2013 of listed companies in China, and the data was reasonable sorting and filtering. By building the multiple linear model, this paper analysis the data of these five years. Research results:After achieving tradable shares, the proportion of state-owned shares is significantly reduced. And the cash dividend is positively correlated, but the influence coefficient is small. Ordinary investors prefer the idea based on speculative capital gains rather than cash dividends. Controlling shareholder ownership hold a significant positive correlation with the cash dividend policy. That big shareholders still exist to grab the interests of the company by cash dividend. Equity balance degree was associated with cash dividend distribution policy, which shows that, the checks and balances between large shareholders is weak, listed companies in our country is more interesting in the joint interests.