An Empirical Study On The Influence Of Ownership Structure Of Listed Companies On Dividend Policy In China's Second Board Market

Dividend policy is an important part of the research on enterprise management decision-making for many years.To a large extent,it determines the investment tendency and scale of investors to listed enterprises and directly affects the stock price and corporate image of listed enterprises.Therefore,a reasonable dividend policy has become one of the sectors that listed companies and investors attach importance to together.The secord board market and the main board market show different performance in terms of development speed,system perfection degree and enterprise characteristics.Therefore,this study chooses the enterprises listed on the secord board market as the object,which has profound theoretical significance for the improvement of our country's equity structure and dividend policyThis paper first sorts out the domestic and foreign literatures on dividend policy,equity structure and their correlation,reviews the theory of dividend policy,and on this basis,puts forward four research hypotheses combined with the theory.Then it describes and analyzes the current situation of equity structure and cash dividend policy of listed companies in secord board market.Finally,a multiple linear regression model is established,and the data of 657 listed companies on China's Secord Board Market after screening are taken as samples to study the four explanatory variables of equity balance,equity concentration,management shareholding ratio and institutional investor shareholding ratio influence on cash dividend distribution level of listed enterprises.The results show that:the concentration of equity in secord board market listed companies will have a significant positive impact on the level of cash dividend distribution;The degree of equity balance will have a negative impact on the level of cash dividend distribution,and this impact is significant.;The proportion of shares held by institutional investors will have a significant positive impact on cash dividend payment;The proportion of management shares will have a positive effect on cash dividend payment,but this effect is not significantAccording to the research conclusion and the actual situation in our country,some suggestions are put forward:standardize the governance structure of secord board market enterprises,strengthen the gradual improvement and implementation of information disclosure system,and attach importance to the embezzlement of the interests of major shareholders of listed enterprises;Vigorously attract institutional investors,and gradually build a mutually balanced equity structure to promote the rational formulation and implementation of dividend policy;We will guide secord board market listed companies to distribute dividends rationally and include growth ability,asset liquidity,profitability and company size into the scope of differentiated consideration,so as to improve the universality and rationality of the semi-mandatory dividend policy.