Analysis For Dividend Policy Comparison Of Different Ownership Structure Of Trading Enterprises

Dividend policy as an important part of the corporate governance of trading enterprises, it’s essential for enterprises’ management and development. For investors, the main source of investment income is dividends.For this reason, any change in the dividend policy will directly affect the interests of investors. As trading enterprises, the development of sustainable and stable dividend policy not only passed to the outside good information, enhance the original investors in the company’s trust, but also allows the company has a good image to attract more investment, there help reduce the volatility of stock prices in the stock market.Through dividend policy, we will find that the distribution of dividends is affected by various factors, including its impact was undoubtedly the most significant interests of the company’s stakeholders. Starting at the perspective of the ownership structure of the trading enterprises’ departure, divided trading enterprises into different sample group from the ownership of the p roperty, ownership concentration and equity balance degree three aspects, based on the different groups of the dividend policy of trading enterprises, in order to prove the ownership structure of different effects on the dividend policy of trading enterprises.At first, it is introduction of selected topic background and research significance, proposed to explore the necessity of the relationship between ownership structure and dividend policy, and the related concepts to define; then to research ideas and research methods will be described.Then the relevant theory and theories reviews are introduced, on the theory of ownership structure, it introduces the transaction cost theory and principal-agent theory, and related theories on dividend policy introduction primarily covers the MM dividend irrelevance theory, dividend related theory, differences in tax theory, signal theory and hypothesis party influence theory. In addition to describing dividend policy theory, this paper also briefly introduces the various types of dividend distribution. then the review of researches on the ownership structure on dividend policy, which focuses on property and from the perspective of equity ownership concentration to summarize explained. Based on the related theories and literature review, the article has carried on the related theoretical analysis, and accordingly put forward the article research hypothesis.After that is the empirical research part of the article, the first is the description of the sample, we can find that study sample described herein is selected all the A-share listed companies in Shenzhen and Shanghai(not including the simultaneous release of B shares and H shares company), after passing through screening and sorting according to the nature of the largest shareholder of state-owned and non-state divided into two categories, the sample data obtained after its descriptive statistics, correlation test and least squares regression analysis, thereby We proposed the hypothesis tested.Finally, according to the empirical analysis research conclusions. Results of this study show that a non-state-owned listed company’s dividend payout ratio is higher than the state-owned listed companies, and whether it is state-owned companies or listed companies, the impact of non-state ownership concentration of listed dividend payout ratio is significantly positive correlation Shareholders the degree of influence on the dividend payout ratio is significantly negatively correlated. But for non-state-owned listed companies, related to its dividend policy by the impact will be more significant. Results for dividend distribution of listed companies the status quo and empirical research, this paper presents suggestions from perfect laws and regulations, optimizing the ownership structure and dividend distribution optimization three, the last article is inadequate research.