Study on the Influence of Equity Structure to the Cash Dividend Payout Tendency

This paper takes the listed companies in the Chinese A share capital market, which only paid cash dividend and did not pay any other forms of dividends during the year of 2000 to 2010 as the research object, by using the Logit Regression Method, to probe the influence of equity structure in listed companies to their cash dividend payout tendency under the full circulation environment. The study shows that equity concentration and cash dividend payment tendency significantly positive correlated, while after the listed companies went into the full circulation, the positive correlation significantly reduced. From the perspective of ownership attribute, compared with the state-owned listed companies, non-state-owned listed companies more tend to pay cash dividend, but the difference between the two is not significant. After the realization of full circulation, the preference degree of cash dividend payments in both state-owned and non-state-owned listed companies, are also significantly reduced. In addition, when the private listed companies face higher debt levels or more investment opportunities, they are more tend to pay cash dividend; Compared with other companies, private listed companies with poor profitability have more cash dividend payment propensity.