Research On The Influence Of Ownership Structure Of Listed Companies On Cash Dividend Policy In China

As a listed company,the financial strategy of the listed company to rationally allocate the after-tax income between cash distribution and retained earnings is not only a hot issue in the research of corporate finance theory,but also an important part of the financial activities of listed companies,and the survival and development of listed companies.It is very important.It is directly related to the vital interests of investors and shareholders,and is therefore one of the focuses of investors.How a listed company formulates a reasonable dividend distribution policy has important practical significance:a stable dividend distribution policy is conducive to a good image of the stable operation of listed companies,and transmits positive and positive information to the capital market,enhancing the confidence of investors in the company's operations.The ownership structure will directly affect the formulation and implementation of the dividend policy.Therefore,to study how the listed company formulates the dividend policy,it needs to start from the equity structure.The main features of the shareholding structure of listed companies in China are high concentration of equity and low balance of power.In addition,there are also outstanding problems in China,such as "one big share",high proportion of non-tradable shares,and high proportion of state-owned shares.The influence of different shareholding structure on the formulation of listed company's cash dividend policy has led to the author's thinking.The analysis of "dividends mystery" in this paper improves the governance of listed companies,protects the interests of small and medium shareholders,and improves the securities market.Has an important meaning.This paper introduces the theory of dividends through literature review,and then studies the impact of existing shareholding structure on cash dividend policy at home and abroad.The latest financial data of China's A-share listed companies from 2013 to 2017 is used for empirical analysis.The changes in the shareholding structure and cash dividend policy of listed companies make the study more time-efficient and realistic.In addition,this paper will establish a model to study the relationship between equity structure and cash dividend policy from the perspective of equity concentration,equity attributes,and equity balance.Finally,it is concluded that:(1)the more concentrated the equity of the listed company,the higher the level of cash dividend distribution;(2)the higher the cash dividend payment level of the non-state-owned ultimate holding company compared with the state-owned ultimate holding company;(3)the equity balance It is still low and cannot form effective checks and balances,and has less impact on the cash dividend policy.On this basis,the relevant policy recommendations are proposed:(1)Standardize the behavior of major shareholders and protect the interests of small and medium investors.(2)Standardize the information disclosure system and improve the internal supervision functions of the company.(3)Focus on increasing the shareholding ratio of management.(4)Ensure the compliance operation of the board of directors.