Research On Dividend Policy On The Basis Of Reform Of Non-tradable Shares

On the basis of previous research, this paper points out that how dividend policy is affected due to stock structure which is changed by reform of non-tradable shares. Through it, the change on dividend policy is analyzed gradually.First of all, the review to the development process in reform of non tradable share and dividend policy in order to lay basis of further analysis.Secondly, in theory, begin with unreasonable phenomenon in dividend policy before reform. The dividend policy is analyzed from views of stock and corporate structure which is affected by reform.Thirdly, in quantity, the problem about dividend policy is analyzed .form statistics, we can find that the cash dividend in 2005 is abnormal which is not correspondent with the normal rule, but it can prove in opposite point that big shareholder is conscious that after reform of non-tradable shares dividend policy can satisfy with most of shareholders and they benefit from it. As result of it, they want to take advantage of the last chance to get profits in cash dividend. In empirical study, under the ground of this reform, the empirical result indicates that the dividend policy is not changed a lot by this reform, it is possible that the first shareholder still do harm to the other shareholders through dividend policy. But if the other shareholder can get together, the big shareholder can be limited by them.At last, this paper arrived at conclusions and point out some advice. Though this reform will be finished smoothly, many measures need to be built .Because of it in the future Dividend policy can be changed by them.