Research On The Influence Of Equity Structure On Cash Dividend Of Listed Food And Beverage Companies

The ownership structure of listed companies is the basis for shareholders to balance their interests,while dividend policy is the result of shareholders to balance their interests.Therefore,the characteristics of ownership structure have a great influence on the choice of dividend policy.Combined with the current situation of the capital market,cash dividend has become the mainstream choice of listed companies at home and abroad because it can directly reflect the profitability of listed companies.However,China’s listed companies are generally less cash dividend distribution,although the implementation of compulsory dividend policy since 2003,the effect is still not obvious.Through industry data analysis,this paper finds that the improvement of cash dividend distribution in food and beverage industry from2016 to 2020 is particularly obvious compared with other industries.Therefore,it is of great practical significance to explain the influence mechanism of cash dividend from the perspective of equity structure for food and beverage industry.Based on the financial data of the food and beverage industry from 2010 to2020,this paper adopts the method of literature research and archive research to explain the influence mechanism of cash dividends from the perspective of equity concentration and equity balance,and further studies the moderating effect of the nature of controlling shareholders and the shareholding of institutional investors on the above effects,and concludes: Under the sample of listed companies in China’s food and beverage industry,ownership concentration is positively correlated with cash dividend distribution tendency,and positively correlated with cash dividend distribution intensity;Equity balance is negatively correlated with cash dividend distribution tendency and cash dividend distribution intensity.Further research shows that compared with non-state-owned shareholders,state-owned shareholders have a more significant positive relationship between ownership concentration and cash dividends,and when institutional investors have a lower proportion of ownership,the positive relationship between ownership concentration and cash dividends is more significant.Compared with state-owned shareholders,the negative relationship between equity checks and balances and cash dividends is more significant in non-state-owned shareholder holding companies,and the negative relationship between equity checks and balances and cash dividends is more significant when the proportion of institutional investors is higher.Based on the above conclusions,and combined with the equity structure of listed companies in China’s food and beverage industry,from the perspective of internal and external supervision and system improvement,the following suggestions are put forward to improve the cash dividend distribution of companies in the industry: strengthen the management of the controlling major shareholders;Improve the legal protection system for small and medium investors;Strengthen the training of small and medium investors;Encourage institutional investors to hold shares and optimize the ownership structure;Encourage stable cash dividend distribution;Strengthen the incentive and supervision of management;We will improve the information disclosure system for listed companies.