Research On The Motivition And Results Of High Cash Divided Policy Of Gree

Dividend policy is an important financial decision for listed companies.Cash dividend,as one of the methods of dividend distribution,has always been the focus of dividend policy research.This article revolves around Gree's high dividend payout policy and studies the causes and consequences of its current faction,which has practical significance for other listed companies in formulating dividend policies.This article adopts the normative research method,case analysis method,and event research method,also combines the classic theory of dividend policy of the Life Cycle Theory,Agent Cost Theory and Signal Transfer Theory to analyze the current high dividend policy of GREE.Research shows that investment opportunities,corporate governance factors and anti-merger tactics are the driving factors for its policy.The conclusions are consistent with Life Cycle Theory and Agent Cost Theory.Besides,This article analyzes the impact of its policy from the perspectives of the investment efficiency,corporate value and market response.The conclusion shows that the high dividend payout policy has a positive impact on investment efficiency.From 2007 to 2012,the company value changed in the reverse direction,and from 2012 to 2016,it showed a positive trend.At the same time,the policy caused a positive market reaction in the past five years and was welcomed by investors.The conclusions are in line with the Agent Cost Theory and Signal Transfer Theory.In addition,based on the above research,this article also proposes corresponding suggestions for GREE's future dividend policy formulation,and provides some inspirations for the formulation of dividend policies of other listed companies and the protection of the interests of minority shareholders.