The Impact Of The Shareholding Structure On The Stability Of Dividends

Smooth dividend policy helps investors to form their stable expectations,and thus better promote the business to improve its business decision-making.Since 2001,China's Securities Regulatory Commission has introduced a policy,the refinancing conditions and dividend distribution level linked to the listed companies for the dividend behavior taken by the "laissez-faire" gradually transformed into"semi-mandatory dividends","mandatory dividend guidelines" The regulatory policy.Therefore,it is of great theoretical and practical significance to carry out the study of dividend stability and to explore its driving factors deeply in China at this stage.It is of great theoretical and practical significance to promote the sustainable development of listed companies and even the economic transformation and upgrading.Paper with Zhejiang medicines and health Yuan as the research object,using multiple case study of double case comparative analysis method,from the perspective of qualitative and quantitative two compares the two enterprise shareholding structure,a parameter calculation method that using free model detailed analysis of the two corporate dividend stability,system verify the effect of ownership structure on dividend stability,and found that the effect of ownership structure on dividend stability mechanism,namely the ownership structure defines the structure of the corporate control,dividend distribution policy can make a difference in different control structures,and ultimately affect the dividend stability state.Research shows that the more concentrated the equity,the lower the degree of checks and balances between the shareholders,the low dividend stability;Equity is more dispersed,the higher the degree of checks and balances between the shareholders,makes the high dividend stability.Research conclusion for an enterprise to improve the equity structure,improving governance mode,thus improve the dividend stability,positive message to the market,has a guiding significance to attract more investors,for the long-term development of the enterprise is crucial.