Our study develops existing models to analyze the relations among share holding structure, share holders' preference and cash dividend policies.

笔者对已有的模型进行拓展，来分析股权比例、控股股东安全偏好和现金股利政策的关系。

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Ownership structure appears diversification, and formed state-owned share, enterprise share and the public share, which state-owned shares is in a holding position.

股权结构呈现多元化，形成了国有股、法人股和公众股，其中国有股处于绝对控股的地位。

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