Empirical Study On The Impact Of Ownership Structure On Dividend Policy Of State-owned Listed Company

Most of our state-owned listed companies do not pay dividends to the state for a long time,dividend distribution policy arbitrarily strong,state-owned shares "one dominance"and can not be listed on the circulation,due to historical and realistic factors.The split share structure reform made the non-tradable shares available for circulation in 2005,which changed the phenomenon of "shares with different rights" withcirculation of shares and non-tradable shares.Therefore,it is of great significance to study the influence of the ownership structure of state-owned listed companies on dividend policy in the new period.To construct the Theoretical Premise of Studying the Relationship between Ownership Structure and Dividend Policy,this paper takes the theory of enterprise property right,principal-agent,corporate governance and dividend as the theoretical basis.Based on the special background of the split share reform,using China's Shanghai and Shenzhen A shares of state-owned listed company's panel data of the year 2010 to 2015.On the basis of controlling the company's characteristic factors,this paper makes a descriptive and empirical analysis on the dividend payout from the three aspects of ownership concentration,equity attribute and equity balance.The results show that the ownership concentration of state-owned listed companies is positively related to the level of dividend payment;State-owned shares,corporate shares and tradable shareholders prefer low-dividend policies;There is a significant positive correlation between management shareholding and dividend distribution,and the incentive mechanism for management has achieved the expected effect.The correlation between the proportion of institutional investors and the distribution of dividends is not significant,the strength of institutional investors is still weak;Second to third largest shareholder of the largest shareholder can play a certain checks and balances,While the balance effect of the second to the tenth largest shareholder to the largest shareholder is not obvious.Finally,according to the research conclusion,this paper puts forward relevant policy suggestions:further optimize the ownership structure,cultivate the diversified shareholder subject,perfect the internal governance of the company;State-owned listed companies should establish the concept of sustainable dividend to maximize the value of enterprises;Strengthen the market supervision and improve the information disclosure to solve the remaining issues of the split share reform;From the constitutional point of view to give the dividend system of state-owned enterprises rigid principle,dividends should be give more benefit to people's livelihood;Perfect the protection system of minority shareholders' rights and interests,ordinary investors should establish long-term investment philosophy.