ABSTRACT
Cash dividend, as a general dividend method, has an important influence not only on individual economic benefit but also on a firm’s investment and financing policy, as well as, companies’ market image and enterprise value. Actually, dividend policy is decided by specific investors, because according to the hypothesis of rational humans, each one tries best to seek the best dividend policy for themselves, that is to say, the cash dividend policy is the result of a dynamic game. The ownership structure just reflects the relationship and power distribution of all interest parties. So ownership structure must have an eect on the cash dividend policy.
