Ultimate Ownership Structure And Cash Dividend Policy

With the introduction of the "Made in China 2025" strategy and the manufacturing industry policy system has gradually formed,the optimization and upgrading of the manufacturing structure has increasingly become an important support for the high-quality development of China's economy.The development of manufacturing industry is inseparable from capital agglomeration and technological innovation which is different from agriculture and service industry.The development of the manufacturing industry not only requires the government's policy support but also the orderly development of the capital market and the continuous improvement of the social financing environment.China's manufacturing enterprises can be maximally satisfied in terms of financing,technological innovation and market development through the optimization of capital market structure and the improvement of social financing environment.lt can create corresponding conditions for the improvement of the international competitiveness of China's manufacturing industry.The equity financing policies of listed companies will change investors'expectations and affect the capital flow.The cash dividend policy plays an important role in improving the operational efficiency of the capital market,the efficiency of corporate governance and the effective allocation of funds.Scholars have done plenty of research about cash dividends and their influencing factors.Along with the changes in corporate governance structure,the research has gradually penetrated into the field of ultimate ownership structure.The first chapter is the introduction part.Firstly,the research background and significance of this paper are briefly introduced.Then we expound the contents,methods,innovation points and shortcomings of this paper.The second chapter is the literature review section,which combs the relevant literature and traced the discussion about the ultimate ownership structure and dividend policy.The third chapter is the theoretical analysis part.We put forward several research hypotheses for the empirical test which are based on the relevant corporate governance structure theory and agency theory.The fourth chapter is the statistical characteristic analysis part.In this part,we collects the data of listed companies in A-share manufacturing from 2006 to 2017,in order to describe the current situation of the ultimate ownership structure and dividend policy.for the reason of refinancing policy linked to cash dividends the strength of manufacturing cash dividends is gradually increasing.Some manufacturing industries have a situation of excessive separation of powers and irrational dividend.These phenomena have a negative impact on the development of manufacturing enterprises.There is still room for improvement in policies and market mechanisms.The fifth chapter is the empirical analysis part.We constructs an econometric model of test hypothesis which is based on the partial adjustment model proposed by Lintner.And we estimates the model through regression methods such as systematic generalized of moment estimation.The sixth chapter is the conclusion of the study and related recommendations.Empirical results shows that the ultimate ownership structure has a significant impact on the cash dividend policy.There is a positive "U"relationship between the control rights and the cash dividends.The separation of the two rights has a negative impact on the level of cash dividends.There is no clear correlation between the Cash flow rights and dividend policies.And we provides a theoretical basis for listed companies to improve governance efficiency,and we also provides a policy reference for government to regulate dividend.