The Impact Of Corporate Governance Structure On Dividend Policy

Dividend policy of listed companies will not only affect the company's share price,but also affect the company's refinancing policy formulation.Scientific,reasonable,sustained and stable dividend policy is an important indicator of the normal operation of listed companies.It is also the best way to encourage investors to invest their enthusiasm and maintain the good image of listed companies.After nearly a decade of development,China's capital market system has made significant progress and made major breakthroughs in the fields of market operation efficiency and market price transmission mechanism.However,the capital market of our country is still at a low stage.The construction of the modern corporate governance system is still not perfect,and the internal management level is still lagging behind.The listed company's decision-making still will appear inefficient behavior.In this context,the study of dividend policy of listed companies is extremely important.Based on the perspective of corporate governance and taking the dividend policy of listed companies in our country as the research object,and based on the theories of corporate governance and dividend policy,this paper analyzes the status quo and existing problems of the governance structure and dividend policy of listed companies.Based on the use of multiple regression analysis methods,from the board structure and ownership structure,respectively,two aspects of the impact of dividend policy empirical research.The influence of the board structure on the dividend policy The result of the actual analysis shows that: Shareholding ratio of controlling shareholders(CR1),operating cash flow per share(OCFPS),GDP growth rate(HG),rate of occurrence of economic events(AJ)and dividend payout ratio are positively correlated,while ratio of circulating shares(CIRC),net The return on assets(ROE),debt ratio(ADR)and dividend payout ratio were significantly negatively correlated.In addition,the empirical analysis of the influence of the board structure on dividend policies shows that the ratio of managers to board members(MP),The proportion of board members(MP)is positively correlated with dividend payout rate.There is no correlation between the proportion of independent directors(DR)and the position ofchairman of the board of directors and the position of general manager(DMP),with a negative correlation between ROE,ADR and dividend payout ratio,operating cash flow per share(OCFPS),GDP growth rate(HG)and the incidence of economic cases(AJ)is positively correlated with the dividend payment rate.Finally,from the perspective of internal and external governance structures,this paper proposes ways to standardize the governance behavior of listed companies and implement consistent and reasonable dividend policies from the aspects of“optimizing the ownership structure of listed companies,strengthening the functions of the board of directors,and creating a good external regulatory and macroeconomic environment”.