Analysis On The Reasons And Effects Of High Dividend Payout Policy Adopted By Henan Shuanghui Investment And Development Co.,Ltd.

As one of the important modules of financial management,dividend policy has always been one of the key research fields of domestic and foreign scholars.Scientific and reasonable dividend distribution policy is helpful to enhance the confidence of investors and cultivate the long-term investment concept of capital market.In order to solve the problem of irregular profit distribution of listed companies,protect the legitimate rights and interests of minority shareholders and promote the healthy development of the capital market,the regulatory authorities have successively introduced many semi-compulsory dividend policies to guide listed companies to conduct profit distribution.However,due to the limitations of the policy,such as the lack of universality,so although the policy to A certain extent to improve the listed companies' willingness to dividends,but failed to fully solve the listed companies'dividend less disorderly dividends and other problems,many listed companies still do not pay dividends.Under such an environment,Henan Shuanghui Investment&Development Co.Ltd.,since 2000,has continuously carried out high and stable cash dividends for nearly 20 years,becoming a typical representative of dividend payout and attracting strong attention of the market.Therefore,the study of its behavior has important reference value.Based on the theory of principal-agent dividend signaling theory on life cycle theory and shareholder theory,combined with dividend policy empirical research results at home and abroad,adopt literature research comparative analysis and case analysis method,studies the Henan Shuanghui Investment&Development Co.,ltd.of the causes of high cash dividend policy and its late effect.Firstly,through the analysis of the industry background and the company's dividend distributions over the years,it is found that the high dividend payout policy of Henan Shuanghui Investment&Development Co.,Ltd.Is characterized by continuous and stable dividend policy with cash dividend as the main dividend payment rate.Secondly,through specific analysis,this paper holds that the reasons for the high cash distribution of henan shuanghui investment and development co.,ltd.are concentrated in four aspects:concentration of equity,controlling shareholders can influence the company's dividend distribution policy;The company is mature and has few investment opportunities;To respond to the call of regulatory authorities;Send a good signal to the market.Finally,a comparative analysis of listed companies in the same industry is introduced,and it is found that the influence of high pay on the company is two-sided.Based on the above research,this paper analyzes the reasons for the insufficiency of Henan Shuanghui Investment&Development Co.,ltd.in implementing the dividend policy of high dividend payout,and puts forward optimization Suggestions in terms of improving financial support capacity,adjusting shareholding structure and improving information disclosure system.It is hoped that it can bring enlightenment to the listed companies to implement the high dividend policy and provide some reference for the improvement of the minority shareholder's equity system in China.