The Effect of Split-share Structure Reform on Cash Dividend Behavior of Listed Companies in China:Based on Difference-in-Differences Method

摘要

Studies on Chinese listed companies before the Split-share Structure Reform have shown that ownership concentration is positively related to cash dividend,which is different from studies about that of Britain and the U.S.,and seems against Agency Cost Theory of cash dividend policy.Some argue the specificity between cash dividend behavior and ownership structure is due to split share structure.To examine this argument,the paper uses the data of A-share non-financial listed companies to analyze the influences of Split-share Structure Reform on cash dividend behavior of the listed companies under the framework of Heckit model and two-part model by adopting the difference-in-differences method.Results show the reform reduces the propensity of cash dividend,but doesn't negatively influence the positive relationship between ownership concentration and cash dividend,which means the split-share structure does influence the cash dividend,but not the main reason causing the specificity between cash dividend behavior and ownership concentration.