Abstract
Dividend payment is a way to monitor and constrain Company. On the one hand the Company’s funds will be reduced when dividend is distributed; on the other hand the chance for Company to raise capital in public will be increased, strengthening external oversight mechanisms. In this study, an ownership concentration company that is a state-owned enterprise is selected to be a case study. Viewing the relationship between dividend policies and operating performance, investigate the effect of ownership structure on operating performance, and demonstrating the different preferences of shareholders of the company's dividend policy.