Does Ownership Structure with Controlling Shareholders Influence the Cash Dividend Policy of Listed Company?

This paper empirically studies the relationship between equity structure's characteristics and the cash dividend of listing corporation with controlling shareholders based on semi parametric model. The results show that negative correlation exists between shareholdings of controlling shareholders and payment rate of cash dividend, while there is an obvious "U" correlation between the payment rate of cash dividend and the stakes of top five shareholders. In addition, we also find that the correlation between equity balancing degree and cash dividend payment rate presents an inverted "S" shape.