Research On Corporate Dividend Policy Based On Sustainable Growth

At present, Chinese companies are facing fierce competition. In the complicated market environment, how to improve the development of the company has become an issue concerned by the operators and managers. For a company, the internal resources determine its stable growth rate and development in the long term. Either growing too fast or increasing too slow will bring serious problems for the development of the company. With Robert Higgins presenting sustainable growth model for the first time in 1977, the idea of sustainable growth has been approved extensively abroad and it is applied in big company, such as HP, IBM, etc. In domestic, a lot of listed companies regard growth as primary problem of company's strategic management, but ignore the sustainable growth, then it result in over-estimating the capacity of sustainable growth. Other companies under-estimating the capacity of sustainable growth, it makes the company be lack of the growth power. Dividend policy as an important strategy of financial management in a company can determine how to divide the financial resources between dividend payment and retained earnings. It has an impact on the ability of refunding and reinvestment of a company and finally influences the sustainable growth of the company.This paper is concerned with how to work out a reasonable dividend policy in order to keep sustainable growth of a company. First theory of sustainable growth and dividend policies were introduced,then Explained the dividend policy considerations, And Sustainable Growth in the dividend policy of restraint and guidance.It has discussed the relationship between sustainable growth and dividend policy secondly, then use the case of Vanke dividend policy to illustrates the dividend policy on the role of business support for sustainable growth, and then combining dividend policy theory, Pointed out that when companies how to adjust the dividend policy due to imbalance growth.it works out a dividend policy met the requirement of sustainable growth which can be applied to state-owned company's profit-sharing system.The whole thesis takes the theory study as breach, and inflects to application Analysis; stresses on the standard research with the explanation of statistics data, and Makes every effort to form an entire system.