From our reasech, we notice the ownership structure has great impact on dividends policy of listed companies. The dividend payout ratio is lower in state-owned-enterprise than non-SOEs.

分析发现，上市公司的股权结构与公司的分红政策制定有着密切关系，国有控股的上市公司分配比例明显低于非国有控股上司公司。

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The British Treasury may yet take a hand in detailing the bonus payout structure at RBS for many years to come.

FORBES: Magazine Article

This structure resembles a GRAT except that the initial payout is to one or more charities rather than to you.

FORBES: Expert View