The Case Analysis Of High Cash Dividend Of YOUNGOR

As we know,enterprise financial strategy is mainly divided into three large pieces of content: financing,financial strategy and dividend distribution strategy,investment,financial strategy.The dividend distribution policy is still with problem of academia.As a listed company management and the focus of investors: If you want to study of dividend policy clearly,you have to understand how what factors influence the dividend policy.In China in recent years,the listed companies in the spread of the "cash amount gradually increase trend,so the phenomenon of high sent now also caught the attention of the people in each layer.Therefore,thought our country listed company dividend policy formulation and implementation to provide the reference for the purpose of this article from the study of influencing factors of high cash dividend policy,to try to solve part of the mystery.This article first to define relative term concept,introduced the classic theory of dividend policy,and with company internal and external influencing factors on high send present for specific analysis.And then to the company's "high sent now" case is introduced,including the basic situation of the company,the dividend policy,the content of the calendar year and at the same time with the same industry in other companies dividend policy,this paper compares and analyzes and sums up the characteristics of the dividend policy.Then from the company's financial situation,ownership structure,enterprise life cycle,high information transfer effect of case company makes reason analysis to the formation of the cash dividend policy.Finally,the paper summarizes this study,it is concluded that our country can implement high cash dividend policy of listed companies of various motivations.With the reality of our country,and how to cash dividend,the listed companies in China and regulators put forward opinions and Suggestions.According to the theory of interpretation and case study carefully and found:(1)In practice,there will be all kinds of factors affecting the dividend policy of listed companies,and one of the most important prerequisite is the high profitability of accumulated a lot of money and its abundant cash flow.(2)The actual control of listed companies for their own interests are more inclined to high cash dividend policy.At the same time,there is "a dominant" governance mode of the management of listed companies may transfer funds tend to use the high cash dividend.So the change of ownership structure of listed companies in high send current,have a decisive influenceon it.(3)When the company in the enterprise life cycle of the mature stage,according to the interpretation of the enterprise life cycle theory,the company at this stage tend to be high cash dividend distribution.So,the enterprise life cycle is also influence high cash dividend policy of listed companies to establish one of the main factors.(4)According to the theory of signal transmission through high cash dividend policy of listed companies to transfer company has good prospects for future development of capital market information,at the same time in order to avoid the dividend policy abnormal fluctuations cause adverse effect to the company,the company also tend to maintain the continuity and stability of the dividend policy.(5)The listed company profit ability is stronger,has abundant cash flow,but the lack of good investment opportunities in the future,companies tend to choose high cash dividend policy.Through the YOUNGOR for several years high cash dividend policy influence factors analysis,we know,the listed company to formulate scientific and rational dividend policy from the overall must give full consideration to the company's financial situation,ownership structure,investment opportunities,such factors as the enterprise life cycle,and the profit of the company's short-term and long-term interests.