Empirical Study On Ownership Property, Equity Size And Stock Dividend Policy

The shareholders should enjoy the return of the use of equity capital. However, in current, the dividend policy of listed companies in China lacks the continuity and stability, and the situation where the dividend is not distributed is very common. The stock dividend policy of listed companies will not only affect its own development but is related to whether the shareholder’s require for the return of the investment can be met, even affecting the normal operation of the stock market. However, the mapping out of the stock dividend policy is affected by many factors and is very complicated, so the study on the stock dividend policy is quite meaningful.First, based on the arrangement and analysis of relative theories on the Western stock dividend policies, this article sums up results of the theory circle’s study on factors affecting the stock dividend of listed companies in China and conducts the feature analysis by combining the special national conditions and the distribution of list company’s stock dividend in China to point out the assumption on the relation among the ownership property, equity size and stock dividend policy of the listed companies in China.Then, by selecting the listed companies distributing the stock and dividend from 2010 to 2012 as the research cases, and organizing relative data and adopting the binary Logistic regression model and the multiple linear regression model, this article analyzes the influence of such non-equity factors as the ownership property of the ultimate controller and the equity size etc. on the stock dividend distribution willingness and intensity of listed companies in China. The empirical results show that the ownership property of the ultimate controller and the equity size exert significant influences on whether the listed companies will distribute the stock dividend and the intensity in distributing the stock dividend.Additionally, by combining cases and from the ownership property and the equity size, this article studies and analyzes the reasons why Suning takes the dividend policy since the list in 2004, i.e. the transformation from the mixed dividend policy of the high stock dividend plus the cash dividend to the only distribution of the cash dividend.Finally, this article analyzes factors in empirical results that affect the listed companies in China to map out the stock dividend policies, and puts forward relative suggestions with the hope to benefit the healthy development of the stock market in China.