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

Dividends are the company's profits distributed to shareholders based on their shareholdings.Dividend policy is a strategy of reasonable allocation between shareholders' dividends and retained earnings,and cash dividend policy is a very important part of the dividend policy.It refers to The company decides whether to distribute net profits in cash to investors and how much to distribute after retaining earnings.The distribution of cash dividends can represent the real profitability of enterprises.Cash dividends are also the most popular form of dividends for investors and the most important form of dividends for domestic and foreign companies.As one of the three maj or financial management policies of the company,cash dividend policy has always been one of the academic hotspots.Ownership structure refers to the proportion of the shares held by shareholders of different nature and the relationship between them,which determines the relationship and needs of various stakeholders within the company,is a key part of corporate governance,and generates dividends for the company's interest.Important impact.China's securities market started late and has its own characteristics in the development process.Although China has carried out shareholding reforms in response to the special phenomenon of"shareholding split",the shareholding structure in China still has a special nature,and foreign research theories still do not adapt to the real situation in China.Therefore,such special and complicated shareholding in China Under the structural background,studying the impact of equity structure on cash dividend policy has strong theoretical and practical significance.As one of China's "big consumer" industries,the home appliance industry has witnessed the development of China's industry commercialization.It has a relatively high degree of marketization and a fast restructuring process.It is representative of the development and reform of Chinese enterprises.Therefore,this paper chooses the influence of the equity structure of the home appliance industry on cash dividend policy as a research theme.On the one hand,it can optimize the equity structure of listed companies,improve the operating efficiency of listed companies,and promote the long-term and healthy development of the company;on the other hand,it can regulate the market management authority.Listed companies' cash dividend distribution behaviors provide policy reference and provide some practical guidance for other companies.This article first reviews the literature and theories related to the research theme of this article,including the relevant theories of equity structure and cash dividend policy.This article mainly measures the impact of company equity on cash dividend policy from the aspects of equity nature,equity concentration and equity balance.MM dividend irrelevant theory and dividend related theory form part of traditional dividend policy theory,customer effect theory,dividend signal theory,Life cycle theory,agency cost theory,and dividend catering theory constitute part of modern dividend policy theory.This article is mainly based on agency theory to carry out the later research,and the combing of the theoretical part has paved the way for the empirical research later.After analyzing the process and current situation of China's home appliance industry after theory,the data of 53 listed companies in China's home appliance industry(Shenwan Industry Classification)from 2014 to 2018 were selected for collation,and some characteristics of the equity structure of China's home appliance industry were obtained.Afterwards,according to the analysis of cash dividend policy,it was found that the distribution of dividends is mainly based on cash,the distribution is discontinuous,and it does not have some characteristics of cash dividend policies.Because the dividend policy of China's home appliance industry is mainly based on cash dividends,and combined with the fact that foreign countries are also mainly based on cash dividends,this article mainly studies cash dividend policies from the aspects of whether to carry out cash dividend distribution and cash dividend payment levels.After the data integration,this article selects whether to pay cash dividends and dividend payment rate as the dependent variables,with the proportion of circulating shares representing the nature of equity,the largest shareholder's shareholding ratio representing the concentration of equity,the degree of equity check and balance Z index representing the degree of equity check and balance as Independent variables,the natural logarithm of the company's total assets,earnings per share,asset-liability ratio,revenue growth rate,and net cash flow per share of operating activities are used as control variables to study the impact of equity structure on cash dividend policies.China's home appliance industry is a relatively mature industry,so based on agency theory,the following assumptions are proposed:1a The higher the proportion of circulating shares,the more inclined the company is to not pay cash dividends;1b The higher the proportion of circulating shares,the less cash dividends the company will issue;2a The higher the concentration of equity,the more the company tends to pay cash dividends;2b The higher the concentration of equity,the more cash dividends the company will issue;3 a The higher the equity balance,the more inclined the company is to not pay cash dividends;3b The greater the equity balance The higher,the less cash dividends the company pays.Then,we conducted regression analysis based on the hypothesis to draw conclusions.Finally,we put forward relevant policy recommendations for listed companies,regulators and investors in China's home appliance industry.