An Empirical Study On The Ternary Relationship Between Ownership Structure,Dividend Distribution And Enterprise Innovation Performance

Ownership structure is a restructuring part of corporate governance.The difference of ownership structure directly affects the company’s operating status,dividend policy and innovation performance.Multiple regression analysis is used to empirically analyze the relationship among ownership structure,dividend payment and innovation performance.The results show that there is a U-shaped correlation between the shareholding ratio of the largest shareholder and the company’s innovation performance.The higher the shareholding ratio of the largest shareholder and the square sum of the shareholding ratio of the top ten shareholders,the more inclined the enterprise is to pay higher dividends.There is no positive correlation between high dividend payment and enterprise innovation performance,and there is a positive correlation between whether dividend payment policy includes mid-year distribution and enterprise innovation performance,but it is not significant.Finally,the author puts forward some policy suggestions to improve the equity structure and dividend policy.