| Cash dividend is one of the ways in which listed companies will return profits to investors,as well as it involve the most liquid assets,so it has been focused by people.If the companyies have long-term non-dividend,investors will appear speculative psychology,and lead to confusing in the securities market.Therefore,in order to maintain the stability of the securities market,it is very important to analyze the cash dividend policy.The main work of this paper is taking Jinbei which has never been implemented the cash dividend policy as the background.And then from the financial situation and corporate governance that combined with the condition of cash dividends to analysis why it never implemented the cash dividend.And found that Jinbei does not dividend cash long-term,the main reason is that the heavy debt,so that enterprises have been undertaking a greater financial risk;and the market environment changes resulting in the market share of Jinbei was deprived,coupled with the frequent reorganization of enterprises,managers can not understand the specific situation within the enterprise,so that enterprises into a certain financial difficulties.In addition,from the corporate governance point of view,Jinbei has been the existence of "a dominance’" phenomenon,government and enterprises are not prominent,and the relationship between the board members are complex,with Jinbei incentive incentives in the enthusiasm is not high,so that executives for their own interests to encroach on corporate funds,over-investment,resulting in a shortage of funds.Through the analysis of the reasons for the long-term non-dividends of Jinbei and found that cash dividends are not applicable to each enterprise,and cash dividends are not the better,listed companies and investors can not blindly respect the cash dividend policy.For regulators,it should be based on local conditions,to take a variety of cash dividend policy constraints for different enterprises to distinguish the specific situation. |
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