Study On The Behavior Of Golden Eagle Company’s Ultra-ability Dividends Payout

Compared with the western state securities market,China’s securities market started late,but its development is relatively fast,and it plays an increasingly important role in the national economy.However,before 2000,the dividend distribution of listed companies in China showed the characteristics of “re-financing and light dividends”,which seriously damaged the interests of investors.Therefore,since 2000,the CSRC has promulgated a series of policies and regulations that regulate the behavior of listed companies.At the same time,some irrational distributions have emerged and become more and more serious.This includes super powers.This paper first summarizes the research on the influencing factors,signal transmission theory,dual principal-agent theory and enterprise life cycle theory.The theory related to dividends provides a theoretical basis for the specific analysis below.Secondly,taking Golden Eagle shares as a case study,the company analyzes the current dividend policy of the company vertically,and judges its current status according to the definition of super-capacity distribution.At the same time,it compares horizontally with the dividend policy of listed companies in the textile industry..After research,the following conclusions were drawn:(1)The dividend payout ratio of Golden Eagle shares is at the leading level in the industry;(2)The financial situation of Golden Eagle shares is not good enough to support its long-term super-capacity faction;(3)The motives of Golden Eagle’s super-capacity distribution mainly include the favorable signals of the transfer company,the transfer of interests of controlling shareholders,and paving the way for the transformation and restructuring of the company;(4)The super-capacity distribution of Golden Eagle shares did not bring good wealth effects to shareholders.The secondary market responded poorly and had a certain degree of influence on the company’s value and growth.