The Study On Private Placement,Ownership Structure And Dividend Policy

Private placement has been a hot issue in China’s capital market in recent years,resulting in the research on the private placement company has been in the ascendant.In this paper,private placement is introduced into corporate governance,combining with ownership structure and dividend policy.Taking the private placement company as sample,this paper studies how the ownership structure and dividend policy will change after private placement,reveals the above two phenomena,and focuses on studying how the ownership structure of private placement company will affect the dividend policy in order to find the influence mechanism.The study found that after private placement,the changes of ownership structure are reflected in the following three aspects:ownership concentration has increased,the institutional shareholding has risen,and equity balance degree has improved;at the same time,after private placement,listed companies will be more active to distribute dividends and the dividend payout ratio will increase significantly.Through examples,this paper examines the relationship between the three aspects of ownership structure(equity concentration,institutional shareholding,equity balance degree)and the dividend payout ratio.It is found that ownership concentration presents a positive correlation with dividend payout ratio,institutional shareholding has a positive correlation with dividend payout ratio,equity balance degree and dividend payout ratio also show a positive correlation.In order to ensure the rigor of the study,this paper respectively examines the value of each variable at the end of the year and the variation of each variable.This research has both theoretical significance and practical guidance influence to optimize the ownership structure of our country’s listed companies,improve the corporate governance and standardize the dividend policy of listed companies,meanwhile,it has provided evidence and theory support for regulators to perfect relevant provisions of private placement,guide the development of institutional investors,establish the rules to guide dividend policy and other system establishment.Furthermore,on the one hand,on the research of the influence mechanism of ownership structure to dividend policy,this paper provides a new perspective by leading the full sample of Shanghai and Shenzhen stock market into private placement,which is the hot event in capital market,besides,the empirical part not only studies the relationship among each variable’s value at the end of the year,but also uses the variation value of variable to highlight the influence in private placement period;on the other hand,on the research of private placement and ownership structure,this paper expands the research on private placement and dividend policy from common investment decision to dividend policy,and expands the research scope from un-occurred or ongoing private placement to occurred private placement,which has enriched the research literature of private placement to some extent,and expanded the research field of private placement.Therefore,the above two aspects indicate that this paper has certain innovation significance and research value.