An empirical research on distribution of cash dividends — Based on the data after the completion of split-share structure reform

Abstract

Based on the listed companies that have completed the split-share structure reform, attempting to examine the relationship between consideration and cash dividends, this paper established four hypothesizes and used ordinary multiple regression methods. The empirical results show that the relationship between the two aspects has a negatively correlated relationship. The higher the consideration, the lower cash dividends after the split-share structure reform, whether the enterprises are state-owned or non-state-owned. But the cash dividends are apparently different between state-owned and non-state-owned. The results also reflect a fact that after the completion of the split-share structure reform, the interests of two kinds of shareholders are becoming more and more consistent. So the split-share structure reform can be regarded as successful.