Author(s)

Chenlu Dang

Corresponding Author

Chenlu Dang

Abstract

Dividend policy is one of the core contents of financial activities of listed companies. In addition, whether there is correlation between ownership structure and dividend payment is an important issue in the field of financial theory research. Therefore, based on the securities market, the author makes an empirical study and analysis on the relationship between capital cost and dividend policy of listed companies. The results show that there is a positive correlation between the proportion of state-owned shares, the proportion of legal person shares, the shareholding ratio of the largest shareholder and the dividend payout ratio. The proportion of outstanding shares, asset-liability ratio and dividend payout ratio were significantly negatively correlated. It further explains that the insiders of listed companies in China have the effect of using the dividend policy to encroach on the interests of small and medium shareholders. The shareholders of tradable shares have capital gain preference and do not pay attention to the company's dividend policy.

Keywords

Securities market, capital cost of listed companies, empirical evidence of dividend policy