An Empirical Study Of Ownership Structure And Dividend Policy

Dividend policy is one of the three core content of financial management of the company, the shareholders of a company is wealth maximization, decided to size and investment returns of investment risk is an important factor. At the same time, the reasonable dividend policy will help enhance the vitality of capital markets, long-term and attractive to investors, to cultivate and strengthen investors’long-term investment philosophy.This article selects 2008-2014, the Shanghai and shenzhen two city a-share non-financial listed companies as samples, starting from the ownership concentration and equity balance degree, first of all, the article studies the relation between ownership concentration and the cash dividend policy; Second, the research on equity balance degree and the correlation between the cash dividend policy; Third, the study on the further implementation of the listed company cash dividend announcement concerning the matters for the relationship between ownership structure and cash dividend policy have any adjustment.Through the research, this paper draw the conclusion:the higher the proportion of the first largest shareholders of listed companies, the company the more inclined to distribute cash dividends, and the cash dividend payment rate is higher, shows that the first big shareholders tend to distribute cash dividends. The second to the higher than the sum of the top ten shareholders ownership, the company is more inclined to distribute cash dividend, cash dividend payment rate is higher, shows that the second to the tenth largest shareholder of the first big shareholder is not able to form effective checks and balances, and also reflects the preference for cash dividend. (2) after joining on the further implementation of the listed company cash dividend announcement concerning the matters after the policy factor, the effects of variables on ownership structure and cash dividend policy is not obvious, the formation of the reasons may be because the sample data time is shorter, make samples failed to reflect the influence of the "notice".The innovation of this article is that in the article studies the relation between ownership structure and cash dividend policy included in the study on the further implementation of the listed company cash dividend announcement concerning the matters of policy indicators, quantification, the country’s attitudes towards cash dividends on the analysis of the ownership structure and cash dividend, analyzed the influence of the "notice" before and after the release. Finally based on the influence of ownership structure and cash dividend policy and China’s special National Day out constructive Suggestions, from regulating the behavior of major shareholders, strengthen supervision, improve the management of the controlling shareholder shareholding aspects, such as making on the further implementation of the listed company cash dividend announcement concerning the matters play better results.