Empirical Analysis Of Stock Ownership Structure And "High Ratio Stock Splits"

Dividend policy,as one of the three major issues in the field of corporate finance,has been attached great importance by academia.As an important part of information disclosure of listed companies,dividend distribution is regarded as the direct embodiment of the operating performance and the external performance of the real value of listed companies.For listed companies,dividend policy is a bridge linking investment policy and financing policy,which directly affects the capital cost and external financing amount of the company;for investors,it is an important way to gain your due in the process of company growth.However,for a long time,the A-share listed companies in our country have the phenomenon of "light cash dividend,high ratio stock splits",and the proportion ofconversion shares is higher and higher.It is worth noting that in recent years,the vast majority of companies'stock price rapid rise after them launched the " high ratio stock splits " scheme,butthe introduction of "high ratio stock splits" scheme of listed companies governance is uneven.Therefore,as an important indicator of corporate governance,it is of great significance both in practice and in theory to conduct a comprehensive on the "high ratio stock splits" behavior of listed companies from the perspective of equity structure.This paper analyzes the influence factors and methods from the view of equity structure.This paper takes the A-share listed companies of China from 2013-2017 as the sample,and selects the ownership concentration,institutional shareholding ratio,tradable share ratio and equity scale as the explanatory variables.This paper discusses the possible influence of equity structure on dividend policy.The research results show that:(1)There is a positive correlation between ownership concentration and "high ratio stock splits ".The higher the degree of ownership concentration,the higher the level of "high ratio stock splits".(2)There is a positive correlation between institutional shareholding ratio and "high ratio stock splits ".However,the ratio of circulating shares was significantly correlated with"high ratio stock splits " under the condition that per 10 shares were split to more than 10 shares.(3)There is a significant negative correlation between the ratio of circulating shares and "high ratio stock splits".That is,the higher the proportion of circulating shares,the higher the company tends to use the high level of dividend policy.(4)There is a significant negative correlation between the scale of equity and the "high ratio stock splits ".The larger the size of the companyequity scale,the more inclined the company uses a low level of stock split policy.According to the results of the empirical analysis,this paper puts forward the policy recommendations and prospects for A-share listed companies from three aspects:first,managers need to optimize the ownership structure.Secondly,investors should make objective analysis and make investment to avoid falling into the trap of delivering benefits.Finally,the regulator should establish a perfect legal mechanism to strengthen the legal consciousness of investor protection.