A Study Of High Cash Dividend About CSEC

Since its birth,"dividend" has attracted wide attention from domestic and international academic circles,and has become a hot topic in the research and discussion of scholars.As one of the three core of corporate financial decision,dividend policy should not only consider the return of shareholders,but also pay attention to the future development of the company.Scholars at home and abroad have put forward different theories from different perspectives,trying to analyze the "mystery of dividends",yet they still fail to reach a consensus conclusion.Domestic scholars usually do research combined the special economic environment of China with the listed company's dividend payments,and the results of empirical dividend policy influence factors are different,therefore,Using the case analysis dividend payments has its necessity.Since dividend policies are often influenced by internal and external environmental factors,the method of case analysis can further explore the influencing factors of Chinese corporate dividend policies.The recovery of coal prices in 2016 has resulted in a substantial increase in net profit for many coal companies.Some coal companies are generous and pay dividends to investors,but some are still stingy.According to Wind information data statistics,in 2016,15 coal enterprise intends to dividends to the investors a total of 63.2 billion yuan,of which the most heroic is CSEC,CSEC is not only the most profitable companies,coal enterprises are the most generous dividends.What is the motivation for CSEC to adopt a cash dividend policy that is significantly different from previous years?This article is based on the research achievements of domestic and foreign scholars for dividend policy influence factors,adopts the method of case analysis,CSEC,for example,the 2016 annual cash dividends phenomenon from the policy basis,financial characteristics,ownership structure,investment situation,regulatory policy level conducted in-depth research and analysis.The results show that :(1)the company has sufficient cash flow and strong sustainable development ability,and cash dividends can be used to optimize the allocation of cash resources;(2)the company's financial fundamentals are sound,and its profitability is outstanding compared with that of the same industry.With a large amount of monetary capital,high cash dividends can increase the return on equity of the company.(3)using STATA measurement software,it is concluded that events in the future 30 days of the cumulative abnormal return on the CAR were positive,there is no holding shareholders encroach on motivation,the market higher cash dividend behavior reacted positively;(4)a sharp decrease in investment projects,low asset-liability ratio,and the redundancy of cash flow.Cash dividends can be better rewarded to investors,and the management is not prone to excessive investment.(5)CSEC is a central enterprise under the administration of the asset size,cash dividend behavior guided by regulatory effect is obvious,as the coal industry giants,high cash dividend behavior can guide the industry to raise the level of cash dividends,drive state-owned enterprises to pay cash dividends,cultivate long-term value investors of the capital market.Cash dividend policy is influenced by the internal and external characteristics of the company,and the listed enterprises need to ensure that they choose the appropriate dividend policy on the premise of continuous and stable development.