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Study on Shareholding Structure and Dividend Policy of Listed Companies Based on Share Splitting Reform

Author: ZhangShan
Tutor: HuangDengShi
School: Southwest Jiaotong University
Course: Business management
Keywords: Cash Dividends Corporate Governance Split share structure reform Ownership structure
CLC: F275
Type: Master's thesis
Year: 2009
Downloads: 142
Quote: 0
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Abstract


The dividend is a return to investors has been academic research hotspot , known as the \China's capital market due to the late start , the stage of development with the West is completely different , so the theory and practice of the relevant dividend is still in the exploratory stage , the big difference with the mature western capital market . Split share mode due to the special historical background on the existing problems in China's capital market since the birth of the date , the direct result of the non- tradable shareholders with the interests of the small shareholders of tradable shares is inconsistent , so that a high concentration of equity caused by the controlling shareholder against impulses in the interests of minority shareholders . From April 2005 to September 2009 , China launched the equity division reform directly shaken popular due to the dominance of \Based on the background of the split share structure reform , the relationship between the equity structure of listed companies in China and the cash dividend policy . Ownership Concentration and equity attribute both empirical test of the impact of the ownership structure of the listed company's cash dividend policy . This paper analyzes after the share reform , the stake of the largest shareholder , the second to the tenth largest shareholder equity ratio , the proportion of state-owned shares , the proportion of outstanding shares and per share cash dividends are negatively correlated , indicating that the split share the reform will impact mechanism to improve the degree of concentration of ownership of the cash dividends will equity attributes a positive role in the decision-making mechanism of the cash dividend . To consolidate the split share the fruits of reform , in the analysis of the empirical results , improved and perfected the recommendations of the dividend distribution status of listed companies in China , including to improve the corporate governance system ; establish regulatory mechanisms to protect the interests of investors ; establish and improve various market mechanisms : to regulate the securities market , improve the legal and regulatory environment ; make great efforts to cultivate qualified institutional ownership .

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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