The Research On The Influence Of The Company's Growth And Ownership Structure On The "High Transfer" Dividend Policy

The development of China's economy has shifted towards the development mode of the medium-and high-speed,and more emphasis has been placed on the development of quality.Since the economic development entered the new normal period,changes in the macroeconomic environment have brought about changes in the company's micro-policies.As one of the company's financial policies,the dividend distribution policy has always been the focus of domestic and foreign scholars,and it is also the focus of regulatory supervision.In recent years,China's listed companies have experienced a phenomenon of sending shares and transferring shares to the market in the event of dividend distribution-"high transfer",what are the reasons for this phenomenon,and the operating conditions and governance of listed companies?Whether the structure is relevant or not,what factors need to be taken into account in the implementation of the "high transfer" dividend policy,and these issues have yet to be explored.Since the company's development has a life cycle,its development shows a certain law.In this process,companies with good growth have strong profitability and bring sufficient cash flow to the company.How to choose a reasonable dividend policy has become the focus of effective allocation of surplus funds,and it has also become a hot topic for companies and scholars.Based on the theory of signal transmission,principal-agent theory,preferential financing theory,dividend-fitting theory and equity expansion theory,this paper analyzes the status quo of China's listed companies to implement the "high transfer",and makes assumptions based on the research and theoretical basis of scholars,Selecting 674 listed companies in China's Shanghai-Shenzhen stock market to implement the "high transfer" dividend policy from 2015 to 2016,selecting the company's growth and shareholding structure as explanatory variables,and using multiple regression analysis to analyze these variables for "high transfer".Turn to the extent of the dividend policy.The research results show that there is a correlation between the growth of the company and the "high transfer" dividend policy,but the impact is not significant;the ownership balance has an important impact on the "high transfer" dividend policy,and it shows a significant positive correlation.The proportion of shares held by the largest shareholder is related to the "high transfer" dividend policy,but the effect is not significant.Non-state-owned controlling shareholders are more inclined to implement the"high transfer" dividend policy.Based on this,this paper proposes to follow the life cycle of enterprise development,rationalize the implementation of the dividend policy,rationally allocate the proportion of equity,exert the corporate governance effect of the "high transfer" dividend policy,and specific implementation strategies for equity structure;and enhance the continued profitability of the listed company to ensure the safety of cash flow,etc.Recommendations provide reference for listed companies to implement reasonable dividend policies.