| As an important part of the company's financial strategy,dividend policy is one of the decisive factors to judge the value of the company's investment,which has attracted the attention of scholars both at home and abroad.At the beginning of the establishment of China's securities market,enterprises tend to pay less dividends,and the rate of dividend payment is far lower than that of foreign listed companies.In order to change this situation,since 2001,the SFC has issued relevant policies to promote the issuance of cash dividends for listed companies.However,these mandatory regulations not only improve the current situation of China's non distribut dividend,but also trigger abnormal cash dividends,including high cash dividends.As the ownership structure of the listed companies in China has the characteristics of Share Separation and ownership concentration,the agency problem between the controlling shareholders and the small and medium shareholders is particularly prominent.China's listed companies generally have "one share" ownership structure,resulting in the cash dividends of listed companies when controlling shareholders' earnings are much higher than those of small and medium-sized shareholders.In the process of dividend policy making,controlling shareholders also have the motivation and capability to influence the company's high cash dividends and infringes on other shareholders' interests.High cash dividends also become a controlling shareholder's interest conveyance tool.In this paper,using the principal-agent theory,tunneling theory and corporate governance theory,based on a review of the research literature at home and abroad system,combined with the institutional background of China,selected Guidong electric power company as a case,the cause and effect behind the transfer of benefits of the listed company of the high cash dividends.The study found that,due to the imperfect corporate governance,Guidong electric power company more obvious with high dividend transfer benefits to the controlling shareholder of the problem.The main reasons are as follows:(1)To meet the cash needs of the large shareholders and(2)To meet the needs of the refinancing policy.From the point of view of the impact on the company,the dividend announcement period,the market has negative reactions to the company's high cash dividends interest transmission behavior,which seriously infringes the interests of small shareholders,and has a negative impact on the company's financial performance and continuous operation ability.In the part of case analysis,the cash dividend distribution of Guidong electric power company,the company operating condition,the allocation of control rights and dividend distribution characteristics of understanding,according to this definition to the high cash dividends,the high cash dividends found in Guidong electric power company.The in-depth analysis of the case,found Guidong electric power company in high cash dividend is now at the same time,does not exist good profitability and the high cash dividends is now matched.The dividend distribution,which is far higher than the industry level,and the current shortage of funds in the enterprise further indicate that there are signs of interest delivery in the enterprise.The Guidong electric power company high cash dividends is now the reason of transfer of interest analysis,found that the major shareholder of the company operating in poor condition,there is demand for cash;shareholder ownership structure makes the large shareholders have the ability to develop high dividend dividend policy;refinancing policies encourage the high cash dividends is now in line with the policy requirements,high this has become a major shareholder Guidong electric power company tunneling tool.Finally,the high cash dividends is now considering the transfer of benefits of Guidong electric power company stock market impact,financial performance and shareholder: Guidong electric power company's dividend announcement market negative performance,does not meet the expectations of minority shareholders;high cash dividends is now lead to a decline in corporate profitability,solvency,operation ability and growth ability,have a negative impact on the company's financial performance large shareholders;through high dividends obtain excess returns and damage the interests of small shareholders.The case analysis is summarized.The imperfect corporate governance structure leads to the prominent agency problem between controlling shareholders and small shareholders.High cash dividends become a tool for controlling shareholders tunneling.High cash dividends make the retained earnings of listed companies decrease,promote the external financing of listed companies,increase financial risks,and damage the sustainable development capacity of enterprises.Through the cause and effect behind the transfer of benefits of Guidong electric power company's high cash dividends case analysis,this paper thinks that take measures from the following aspects of the protection of minority shareholders and the interests of the listed company from large shareholders: first,constantly improve the content of the legal protection of minority shareholders,improve law enforcement efficiency,the cash dividend policy of listed companies to formulate a legal,reasonable and scientific clear guidance.Second,optimize the ownership structure of the listed companies,reduce the proportion of the state-owned shares,promote the diversification of the ownership structure,and improve the equity balance mechanism.Third,the introduction of external supervision institutions,the internal governance mechanism of listed companies,and strengthen the internal supervision of the company.Fourth,to the principle of maximizing shareholder value as the basis,combined with the company's equity scale,development prospects,investment arrangements,profit growth,cash flow and other factors make the profit distribution plan conforms to the requirements of sustainable development and the interests of the principle of optimization,improve enterprise value.In this paper,using the principal-agent theory,tunneling theory and corporate governance theory,based on a review of the research literature at home and abroad system,combined with the institutional background of China,selected Guidong electric power company as a case,the cause and effect behind the transfer of benefits of the listed company of the high cash dividends.The study found that,due to the imperfect corporate governance,Guidong electric power company more obvious with high dividend transfer benefits to the controlling shareholder of the problem.The main reasons are as follows:(1)to meet the cash needs of the large shareholders and(2)to meet the needs of the refinancing policy.From the point of view of the impact on the company,the dividend announcement period,the market has negative reactions to the company's high cash dividends interest transmission behavior,which seriously infringes the interests of small shareholders,and has a negative impact on the company's financial performance and continuous operation ability.In the part of case analysis,the cash dividend distribution of Guidong electric power company,the company operating condition,the allocation of control rights and dividend distribution characteristics of understanding,according to this definition to the high cash dividends,the high cash dividends now found there Guidong electric power company.The in-depth analysis of the case,found Guidong electric power company in high cash dividends is now at the same time,does not have good profitability and the high cash dividends is now matched.The dividend distribution,which is far higher than the industry level,and the current shortage of funds in the enterprise further indicate that there are signs of interest delivery in the enterprise.The Guidong electric power company's high cash dividends is now the reason of transfer of interest analysis,found that the major shareholder of the company operating in poor condition,there is demand for cash;shareholder ownership structure makes the large shareholders have the ability to develop high dividend dividend policy;refinancing policies encourage the high cash dividends is now in line with the policy requirements,high this has become a major shareholder Guidong electric power company's tunneling tool.Finally,the high cash dividends now considering as the transfer of benefits of guidongdianli company stock market impact,financial performance and shareholder: Guidong electric power company dividend announcement market negative,do not meet the small and medium-sized shareholders... |
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