China's State-owned Shares Accounting For Empirical Analysis Of Distributional Impacts On The Cash Dividends Of Listed Companies

During recent two decades, the enterprise saving of China has enjoyed a dramatically growth, however, these profits were not distrubited to investors, Chinese investors suffer longterm low dividend payout ratio, this situation affects residents income improvement directly. The retained earnings enter into investment section, thus stimulate China GDP growth, depress consumption department and reduce redsidents'welfare utility at the same time. In this paper, we conduct a dividend research basesd on the listed companies'data from 1992-2008 in China's capital market.From our reasech, we notice the ownership structure has great impact on dividends policy of listed companies. The dividend payout ratio is lower in state-owned-enterprise than non-SOEs. This paper makes an empirical study on factors influnced cash dividends, we also use sub-samples for further empirical study to see how SOE ownership affect cash dividends payout. The result shows SOE ownership has negative correlation with cash dividends. Compare to other ownership companies, the SOEs prefer to keep profit in hand rather distribute to investors.Finally we make recommendations to perfect China's ownership structure and cash dividend policy from theoretical and empirical research in this paper.