Research On The Impact Of China's Listed Companies' Equity Structure On Cash Dividend Payment

Dividend policy is an important part of financial decision-making of listed companies.It is not only related to profit distribution decision,but also closely related to its survival and development.Dividend policy is not only the guidance of the company's dividend distribution activities,but also closely related to the company's investment and financing decisions.The interests of shareholders are closely related to it.Dividend distribution is an important source of shareholders' investment income.At present,the dividend policy formulated by the company is not a purely financial decision.It is essentially the result of continuous competition between different stakeholders in a cooperative or competitive manner,that is,the result of multi-stakeholder equilibrium of major shareholders,minority shareholders,managers,etc.The equity structure is the key factor determining the competitive strength of each subject.Therefore,this paper attempts to study the cash dividend payment of listed companies from the perspective of ownership structure,and explores the impact of ownership structure on the cash dividend payment of listed companies in China.This paper mainly studies the impact of shareholding structure on cash dividend payment from the perspectives of equity concentration,equity balance and equity attributes.Firstly,through the related literatures,the research results of the impact of shareholding structure on cash dividends in recent years are reviewed.Secondly,based on the theoretical analysis of the impact of different shareholding structure on the cash dividends of listed companies,this paper puts forward the corresponding research hypotheses and uses the Shanghai and Shenzhen Stock Exchanges.The panel data of A-share listed companies in 2008-2017 is a sample,and the impact of ownership structure on cash dividend payment of listed companies is discussed.The relationship between equity structure of listed companies and cash dividend payment level is empirically studied by multiple linear regression.The results show that the concentration of equity is significantly positively correlated with the level of cash dividend payment;the balance of equity does not play a necessary role;the proportion of state-owned shares is significantly negatively correlated with the level of cash dividend payment,the proportion of legal person shares and management shareholding and cash dividends The correlation of payment levels is not significant.The results of the study reveal the different degrees of preference of different types of shareholders for cash dividends of listed companies Research shows that the shareholding structure has an important impact on the cash dividend payment of listed companies.Finally,aiming at the empirical research results of the relationship between the shareholding structure and cash dividend payment of listed companies in China,the corresponding countermeasures and suggestions are put forward,which has certain positive significance for strengthening the normativeness of cash dividend payment of listed companies in China and protecting the interests of small and medium shareholders.