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The formation and implementation of the dividend policy of Russian companies with state participation differ from the policies pursued by the public and non-public joint-stock companies owned by private investors. The state, being a special shareholder, affects the dividend policy from the position of the owner and the regulator, who has the ability to set certain restrictions and rules for companies that are not in the power of other categories of shareholders. Systemic risks and the uncertainty of the development of the Russian economy objectively require an in-depth study of the regulation of dividend policy in public companies with state participation. It is generally accepted that with a decrease in the number of dividends paid to owners of ordinary shares, the weighted average cost of capital becomes lower, while at the same time the financial performance of a business and the amount of retained earnings become higher. Therefore, the company's dividend policy is an important element of financial management and relations with the owners. The question of the importance of dividend policy for public companies with state participation is the most controversial and little studied today. The price of shares, the structure of equity capital, and the need to attract borrowed capital are directly dependent on the size of dividends. However, the payment of dividends reduces the amount of profit that can be reinvested in the development of the Аннотация Формирование и реализация дивидендной политики российских компаний с государственным участием отличаются от политики публичных и непубличных акционерных обществ, принадлежащих частным инвесторам. Государство, будучи особым акционером, влияет на дивидендную политику с позиции владельца и регулятора, который имеет возможность устанавливать определенные ограничения и правила для компаний, которые не находятся во власти других категорий акционеров. Системные риски и неопределенность развития российской экономики объективно требуют глубокого изучения регулирования дивидендной политики в публичных компаниях с участием государства. Общепринято, что с уменьшением количества дивидендов, выплачиваемых владельцам обыкновенных акций, средневзвешенная стоимость капитала становится ниже, в то же время финансовые показатели бизнеса и сумма нераспределенной прибыли становятся выше. Поэтому дивидендная политика компании является важным элементом финансового менеджмента и отношений с собственниками. Вопрос о важности дивидендной политики для публичных компаний с государственным участием является сегодня наиболее спорным и малоизученным. Цена акций, структура 67 Associate Professor of the Department of Finance, Money Circulation and Credit, Candidate of Economic Sciences, Ural State University of Economics, Yekaterinburg, Russia. 68 Senior Lecturer of the Department of Public Law, Candidate of Law Science, Ural State University of Economics, Yekaterinburg, Russia. 69 Associate Professor of the Department of Public Law, Candidate of Law Science, Ural State University of Economics, Yekaterinburg, Russia.

Dividend Policy of Russian Companies with State Participation as a Mechanism of Relations with the Owners