A Study Of The Effect Of Ownership Structure On The Cash Dividend Policy

With the continuous development of Listed Companies in China,dividends should be the main source for investors to share the growth of the stock market,and it is also the basis for guiding investors to carry out long-term value investment.The scientific and reasonable cash dividend policy not only helps to dissolve the conflict between the demand for the growth of the listed companies and the demands of the shareholders' return,but also helps to reduce the market speculation,establish the rational investment expectation,and create a healthy and stable market environment.Compared with the mature western capital market,China's GEM market is too young,and few Chinese scholars have studied the cash dividend policy of gem.At present,most of the GEM market in China is a family owned private enterprise.With the growing popularity of investment institutions,equity incentive is also rising with the rise of the wave of entrepreneurship,and the shareholders under the supervision of policy tend to be favored by different dividend policies because of different interests and shareholding motives.Therefore,the higher cash dividends of the GEM listed companies may be closely related to the particularity of the ownership structure.Through the analysis of the theory of dividend policy both at home and abroad,this paper takes the data of the cash dividend of the gem company as the research sample for 2013-2016 years.From the two angles of the Shareholder's shareholding ratio and ownership property of the ownership structure,we choose the ownership concentration,the equity balance,the proportion of the institutional investors and the proportion of the managerial ownership.As an explanatory variable,this paper studies the effect of these 4 factors on whether the cash dividend is distributed and the level of distribution.The logistic model and multiple regression model are established respectively,and the regression analysis is carried out accordingly.The results show that the ownership concentration of the GEM listed companies is positively related to the payment tendency and the level of cash dividends;the equity balance degree has little influence on whether the cash dividend is paid or not.When the equity balance is higher than 1,there is a negative impact on the cash dividend payment level and the balance degree is less than 1.There is a positive impact;institutional investors do not affect the payment tendency and level of cash dividends;the proportion of managerial ownership has a positive impact on whether to pay cash dividends and the level of payment.According to this conclusion,this paper proposes to improve the governance structure of the gem by revising the governance standards of listed companies or establishing a specialized agency,and strengthening the supervision of the interest embezzlement behavior of the large shareholders of the listed companies by improving the internal and external supervision functions of the company.We should actively introduce institutional investors,establish institutional standards and information sharing platform for institutional investors,and also regulate the executive equity incentive system.And we should continue to improve the dividend system of the GEM listed companies,use the means of marketization to form the upside down mechanism of the enterprise dividend,and strengthen the supervision of the information disclosure of the dividend policy of the GEM companies,and establish the system of responsibility for the company with the ability to share dividends but have no dividend on the listed companies for a long time.