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基于上市公司股权结构与股利政策关系的实证研究 Title:AnEmpiricalStudyontheRelationshipbetweenStockOwnershipStructureandDividendPolicyofListedCompanies Abstract: Thispaperaimstoinvestigatetherelationshipbetweenstockownershipstructureanddividendpolicyoflistedcompanies.Dividendpolicyplaysacrucialroleindeterminingthedistributionofacompany'searningstoitsshareholders.Stockownershipstructure,ontheotherhand,referstothedistributionofsharesamongdifferentshareholders,suchasinstitutionalinvestors,individualinvestors,andmanagement.Byexaminingtheinterplaybetweenthesetwofactors,thisstudyseekstoshedlightonhowownershipstructureaffectsdividenddecisionsandtheimplicationsforshareholdersandinvestors.Theempiricalfindingssuggestthatownershipconcentration,institutionalownership,andmanagerialownershipsignificantlyinfluencedividendpolicy. 1.Introduction: Dividendpolicyisacriticalcomponentofacompany'sfinancialdecisionsandhasadirectimpactonitsshareholders'wealth.Dividendsrepresentacashdistributionofprofitstoshareholders,whichcanenhanceshareholdervalueandsignalthecompany'sfinancialhealthandstability.Consequently,thedeterminationofdividendpolicyisacrucialdecisionformanagementandakeyconsiderationforinvestors.Meanwhile,stockownershipstructurereferstothedistributionofsharesamongdifferentshareholders,whichcaninfluencethecontrolanddecision-makingpowerwithinthecompany.Understandingtherelationshipbetweenownershipstructureanddividendpolicyisessentialforinvestors,managers,andpolicymakers. 2.LiteratureReview: Numerousempiricalstudieshaveinvestigatedtherelationshipbetweenstockownershipstructureanddividendpolicy.Thesestudiessuggestthatownershipconcentrationhasasignificantimpactondividendpolicy.Higherownershipconcentrationtendstoresultinhigherdividends,ascontrollingshareholdersseektoextractprofitsfromtheirinvestment.Moreover,institutionalownershiphasbeenfoundtohaveapositiveinfluenceondividendpolicyasinstitutionalinvestorsoftenprefercompanieswithstableandpredictabledividendpayouts.Managerialownershipisperceivedtoaligntheinterestsofm