Motivation And Value Analysis Of Listed Companies Distributing High Cash Dividends

Dividend policy has always been an important research object for domestic and foreign scholars,because the distribution of dividends will reduce the company's cash flow,not only will affect the company's operating conditions will also affect the external investment and financing activities.Since the establishment of China's securities market,many listed companies have problems such as non-payment or low cash payments.In order to solve this problem,the China Securities Regulatory Commission and the Shanghai and Shenzhen Stock Exchanges have issued a series of regulatory mechanisms.More and more listed companies have begun to conduct high-value assignments.The continuity and stability of the distribution are gradually increasing.The phenomenon has become widespread.However,with the prevalence of high school facts,more and more scholars have begun to study the real motives of high school and the impact it has had on companies.Some scholars have found that many companies that perform high-payout do not have the economic basis and external environment for distributing high dividends.Instead,they have behaviors such as non-performing distributions and transfer of funds by major shareholders,which seriously damages the value of the company and violates the The original intention of the return of small and medium-sized investors will even cause a waste of resources in the securities market.Youngor,as the leader in the apparel industry,has been consistently paying a high cash dividend for more than a decade in the listing and is naturally concerned by people from all walks of life.This article is based on Youngor Group Co.,Ltd.and conducts in-depth research on the issue of the high dividend dividend policy.Firstly,this article summarizes the domestic and foreign literature research results on dividend policy,and summarizes the classic dividend theory,such as life cycle theory,agency cost theory,signal transmission theory,etc.,and then defines the frequently used high distribution definition.The case analysis section first summarized the dividend policy of Youngor over the years,and compared with the Shanshan shares of the same industry in terms of profitability,operational ability,debt repayment ability and development ability,and focused on the analysis of Youngor's continuous payment.Financial factors for cash dividends.Then analyzes the influence of Youngor's equity structure,market positioning and investment opportunities on Youngor's dividend policy.Then this paper uses data to analyze the secondary market's response to Youngor's dividend policy,and finds that small and medium shareholders do not favor high school cash flow.Then it analyzes the relative value of the company and finds that there is no phenomenon that the relative value of the company is underestimated.Therefore,this article concludes that although Youngor's dividend policy plays an active role in the long-term development strategy,it is still not welcomed by the secondary market.Youngor's current high allocation policy needs to be improved from the following aspects.First,the formulation of dividend policy must be combined with the development stage of the company;second,avoid the absolute control of the dividend policy of major shareholders of the company;third,determine the dividends.Is the issuance reasonable? Fourth,improve the investment quality of the minority shareholders.Fifth,improve relevant laws and regulations.