Study On The Impact Of Governance Structure On Dividend Policy Of Chinese Listed Companies

As one of the core financial management, dividend policy is very important. The appropriate dividend policy can reflect the profitability of enterprises, help to set up good corporate image, and attract investors to invest. Dividend policy is the result of the game between stakeholders, so Corporate governance structure has important inlluence on dividend policy. So from the perspective of corporate governance structure. I study the relationship between dividend policy and corporate governance structure comprehensively and systematically.This paper mainly consists of two parts: The first part, the theory research. This article in detail elaborates the basic concept and related theories of dividend policy and corporate governance structure, from multiple angles, sums up the research results, which laid a solid theoretical foundation for the empirical study. And emphatically introduces the British and American. Japanese, two more successful model. This paper analyses the dividend policy characteristics of the two kinds of model. The effect of corporate governance structure on dividend policy and enlightenment to our country. Then introduces the characteristics of dividend policy of listed companies in China and the impact ol’ corporate governance structure on dividend policy. The second part, the empirical analysis. To collect the available data of listed companies, establish multiple linear regression model, then analyze the empirical results, last, draw a conclusion. The third part, according to the result of empirical analysis. This paper puts forward the proposal of improving dividend policy and corporate governance structure, and hopes to find a road to improve dividend policy and corporate governance structure.The innovation of this paper embodies in the test of multicollinearity. First, through the correlation analysis, conducts a preliminary judgment. And then the regression model is established to test the independent variables. According to the significant of regression equation, we can judge multicollinearity between the independent variables, the thinking of analvsis is innovative...