Research On The Factors Affecting The High Dividend Policy Of Listed Companies

Dividend policy is one of the three major financial policies,and it is an important way for listed companies to make investment returns to shareholders.Therefore,how to formulate a reasonable dividend policy has always been a widely discussed issue for Chinese and foreign scholars,and it is also a key research field and direction for scholars at home and abroad.Before 2000,the dividend policy of listed companies in China was mainly based on the increase and delivery of shares.There were fewer listed companies that chose to distribute cash dividends.For example,listed companies that chose to distribute cash dividends in 1999 accounted for only 28.71% of A-shares.Therefore,the issue of non-distribution or less distribution of cash dividends by listed companies has attracted the attention of the CSRC.Since then,the CSRC has continuously introduced policies to guide listed companies to pay dividends and urge listed companies to return investors.Under the guidance of the policy,listed companies that distribute cash dividends increased significantly.In 2017,2,748 listed companies launched cash dividend plans,accounting for 79.26% of the total number of A-shares,and the cash amount exceeded RMB 1,066 billion.In addition,the guidance of the policy has also made the phenomenon of “high dispatch” of the capital market increasingly prominent,which has aroused the attention of all parties.Therefore,this paper starts from the current hot spot of dividend policy research,which is the high-profile dividend policy of listed companies,and takes the leading Yutong bus of China's commercial passenger car industry as the research object,combining theoretical research with case analysis.Under the special background of the securities market,combined with relevant theories,the influencing factors behind the high-dividend policy are analyzed from various aspects.This paper first summarizes the domestic and foreign research on dividend policy and high-distribution,and gives clear high-disciplinary standards.Combined with the theory of high-dividend policy,it pays dividends from financial factors and non-financial factors.The theoretical analysis of the influencing factors.Then take Yutong Bus as a case,first summarize the characteristics and problems of its high-profile,and then analyze the factors affecting its high-dividend policy from the aspects of financial factors,ownership structure,investment opportunities and business life cycle.Finally,the event research method was used to analyze the results of the high-dividend policy.The conclusions drawn in this paper are as follows:(1)Yutong Bus' s ability to implement high-dividend policy for many years is due to its strong profitability and abundant and stable cash flow,but its dividend policy still has the problem of unstable dividend payment.(2)The shareholding structure will have a significant impact on the current high level of listed companies.The actual controller of a listed company may be more inclined to pay for its own interests.(3)Investment opportunity factors will have a significant impact on the high dividend payout policy of listed companies.(4)The life cycle of the enterprise is also the main factor affecting the listed company's policy of formulating high dividends.Companies in maturity are generally more capable of issuing high cash dividends to investors because of their strong profitability,stable development,and abundant cash flow.It can be seen from the case of Yutong Bus that the implementation of the high-dividend policy of listed companies is the result of a combination of factors.The formulation of dividend policy should combine the current and future business conditions of the company,and consider factors such as shareholding structure and investment opportunities.Only a stable and reasonable dividend policy can be implemented.