A Research On The Relationship Between Listed Companies' Ownership Structure And Cash Dividend Policy

It shows that the ownership structure can affect the dividend policy by the related study before. The listed companies in China are born out of traditional enterprises, especially state-owned enterprises, and have developed in the transition from the planned economy to the market economy. Under the special economic system, the characteristics of China's ownership structure of listed companies are different from the characteristics of Western developed countries: there are flow shares, non-flow shares and the diversity of equity property. So cash dividends policy of listed companies decided by China's ownership structure has the thick Chinese characteristic.Under related literature search foundation, this article first carries on to discuss the dividend policy theory; Through to analysis the ownership structure and cash dividends policy of our country's listed companies, this article chooses 1189 companied in Shenzhen and Shanghai Stock Market as samples .Then we build the regression models to get the empirical conclusions: (1) There is positive correlation between the proportion of state-owned shares and cash dividends and is a significant negative correlation between the flow of shares and cash dividends paid .(2) There is positive correlation between the ownership collecting and cash dividend and is negative correlation between the second and largest shareholder stake in the ratio and cash dividends paid.(3)The relation between Cash dividends and the second largest shareholder of shareholding ratio is open down the parabolic shape, that is inverted "U-type."(4) With the split share structure reform, the ownership structure appears that the ownership collecting gradually declines and the proportion of state-owned shares gradually reduces. We think that the split share structure reform has achieved initial success. Changes in ownership structure of listed companies have driven the cash dividend policy changes. At last, according to the study result, article gives some advices, such as optimizing the ownership structure, improving the capital market.