Analysis On The Causes And Effects Of Ultra-ability Dividends Payout Of Listed Companies

Compared with the West,China's capital market is relatively late and not perfect,so the dividend policy and other aspects are not reasonable.Before 2000,most enterprises in China did not have the awareness of issuing cash dividends,and the situation of ultra-ability dividends payout basically did not exist.After 2000,the CSRC introduced a series of semi-mandatory measures to force companies to issue cash dividends.The number of companies that have been dispatched has increased,and the situation of ultra-ability dividends payout has also followed.Although the CSRC's series of regulations have effectively promoted the distribution of cash dividends,there is no relevant restriction on the enterprises that are super-capable.The ultra-ability dividends payout has led to a reduction in the company's subsequent cash flow,which not only has a great impact on the company's sustainable and stable development in the future,but also harms the interests of small and medium-sized investors.Therefore,in-depth research on the ultra-ability dividends payout will help deepen its understanding and thus warn the companies and supervising departments of China's ultra-ability dividends payout.This article takes the ultra-ability dividends payout of listed companies in China as the starting point.The selected case enterprises are Guo dian nan zi,which was once ultra-ability dividends payout for three consecutive years from 2012 to 2014.This paper firstly sorts out the related literatures of ultra-ability dividends payout at home and abroad and expounds the theoretical basis.Secondly,the case enterprise has carried out various research and analysis.In the analysis of the genesis of Guodian Nan's ultra-ability dividends payout,it is divided into two parts: internal and external.In the analysis of the ultra-ability dividends payout distribution effect,the event research method is used to explore the market reaction of Guodian Nan's ultra-ability dividends payout.Comparing the current three-year data of Guodian Nan's self-existing ultra-ability dividends payout with the data of the period without Guodian Nan's ultra-ability dividends payout,comprehensively analyzed the impact of ultra-ability dividends payout dispatch on Guodian Nan's financial performance,corporate value and financial strategy.Finally,it proposes to improve the ultra-ability dividends payout supervision system,optimize the company's shareholding structure,and attach importance to the rights of independent directors.The conclusions drawn from the above research are as follows: First,the cause of ultra-ability dividends payout is the transmission of the interests of major shareholders,the transmission of signals of good future development,and imperfect regulatory policies.Second,the market has reacted negatively to the ultra-ability dividends payout dispatch,and the ultra-ability dividends payout dispatch has a negative impact on various financial indicators such as measuring corporate profitability,growth capability,and corporate value,and to a certain extent,the financial strategy has an adverse impact.The above conclusions all indicate that ultra-ability dividends payout is an unreasonable dividend policy,which affects the future development of enterprises.