Research On The Influence Of Equity Structure On Dividend Payment

Dividend policy has always been a hot topic in the theoretical and practical circles.Among them,the choice of dividend payment methods and the level of dividend payment are two important issues in dividend policy.The paper will based on China's imperfect capital market and the institutional background of the semi-mandatory dividend policy,trying to reveal the equity scale and the proportion of managerial ownership how to effect the preference between cash dividend payment method or stock dividend payment method,especially how to effect the preference of stock dividend payment methods,and the equity property,the equity concentration,the equity balance degree how to effect the level of cash dividend payment after the reform of non-tradable shares.In this paper,taking A-share listed companies of taking dividend distribution from 2010 to 2015 year when after the reform of non-tradable shares as samples,using the Logit regression method to examine the equity scale and the proportion of managerial ownership how to effect the dividend payment preference(cash dividend payment or stock dividend payment).The study found that compared with the cash dividend payment method,the company with a small share size preferred stock dividend payment method.Compared with the cash dividend payment method,the company with high management stake preferred stock dividend payment method.On the basis of studying the preference of equity structure to dividend payment methods,this paper further examines the impact of the equity property,the equity concentration,the equity balance degree on the level of cash dividend payment through multiple regression after the reform of non-tradable shares.The study found that the state holding companies' cash dividend payment level is lower than the non-state holding companies;The higher the ownership concentration is,the higher the cash dividend payment level is;The influence of the equity balance degree on the payment level of cash dividend needs further examination.