Equity structure, equity refinancing preference and cash dividends

The following two problems are analyzed by the empirical analysis: one problem is whether the equity structure can directly affect the cash dividend policies of the listed companies in China, the other is whether the equity structure can indirectly affect the cash dividends policies by equity refinancing preference. Taking A shares listed companies distributing cash dividends in 2002 as the samples for analysis, the conclusion is both the equity structure and the equity refinancing preference can affect notably the dividend policies of the listed companies in China.