股利政策实质上是不同利益群体以合作与竞争的形式不断博弈的结果,而股权结构正是决定各主体竞争力的关键因素。我国的股权结构呈现出股权主体多样化、国有股在总股本中占绝对优势、流通股与非流通股共存等特点。这在很大程度上造成了我国上市公司股利分配行为的不规范。因此, Dividend policy is essentially the result of continuous gaming by different interest groups in the form of cooperation and competition, and the ownership structure is the key factor that determines the competitiveness of each subject. The ownership structure of our country shows the diversification of ownership, the absolute advantage of state-owned shares in the total share capital, the coexistence of non-tradable shares and other tradable shares. To a large extent, this has caused the non-standardization of the dividend distribution of listed companies in our country. therefore,