| Investment decision-making,financing decision-making,business decision-making and dividend distribution decision-making are the modern enterprise financial management of the four core content.The dividend policy is a trade-off between the company’s reinvestment and return on investors,which is related to the effective interests of most shareholders and affects the long-term development of listed companies and capital markets.The implementation of the appropriate dividend policy,on the one hand,helps to improve the corporate governance structure,optimize the capital structure,reduce the cost of capital,to improve the company’s market value is important;on the other hand to the market to convey the company’s future prospects of the correct information is conducive to establish a good The company’s image,to stimulate the majority of investors on the company’s continued investment enthusiasm,the company received long-term,stable development conditions and opportunities.Therefore,in the financial management decision-making of listed companies,the dividend policy has always occupied an important position.In recent years,the dividend policy of listed companies in China has aroused widespread concern and discussion in theory and practice.At present,most of the listed companies in China’s dividend payment level is unstable,preferring the high dividend pay dividend payment form,can continue to send dividends to the listed companies less,and even some companies since the market has never been distributed dividends,But in the overall distribution of listed companies is not ideal state,but there have been a number of companies continue to send high,FSL dividend policy is one of the typical cases.As of 2015,has been 23 consecutive years to adhere to the annual dividend dividends,the cumulative distribution of up to 3.65 billion yuan,the company since the listing has been financing 3times,a total of 890 million yuan.Is the only company with cash dividends over stock financing.The amount of the amount of fund-raising accounted for 408.65% of all the A shares in the 50 th,the level is much higher than the average level of the entire market.So,does the company really have a high capacity? What is the motivation for the company’s profit distribution? What is the release of cash dividend? What is the impact on the company’s value? In order to analyze the "cash dividend of the mystery",it is necessary toFSL dividend policy research.This paper takes the high dividend policy of FSL as the research object,mainly adopts case study method,mainly analyzes the ability and motive of dividend policy and its influence.This paper first summarizes the research background and research significance,and introduces the research ideas and framework contents of this paper.And then through the introduction of the basic situation of FSL and dividend distribution over the years to describe the status of the dividend distribution of the lighting industry.And then analyzes the ability of FSL from the financial point of view,from the corporate governance level analysis of its high sent will now,as well as the company’s corporate value,and found that the development of high dividend policy may arise,Suggestions for improvement.Finally,on the basis of the research on the distributed dividend policy of FSL,this paper gives some enlightenment,and puts forward the research of this paper,and looks forward to the future,hoping to have some reference for perfecting the formulation of dividend policy in China’s capital market. |
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