Research On The Causes And Consequences Of Vanke A's High-end Cash Dividend Policy

The formulation of dividend policy of listed companies has always been highly valued by scholars at home and abroad,not only because it is closely related to the company's development,but also more closely related to the company's internal management.At home,the relevant formulation of dividend policy is far less mature than abroad,which depends on the development of the capital market.It also shows from the side that the overall structure of China's capital market is not perfect,there are many loopholes,and reasonable solutions are urgently needed.According to some information on the Internet,in recent years,China has also introduced many related policies,and more and more companies have begun to pay attention to the formulation of internal dividend policies.Cash dividends have become the mainstream of listed companies' dividend distribution,and more and more Companies distribute cash dividends to distribute dividends,and some companies have chosen a cash-out policy that exceeds their own capabilities.This affects both the development of the enterprise and the rights of investors,and the formulation of dividend policies.It is related to the progress of the enterprise and will further help how to improve the development of the Chinese capitalist market.After reading a large number of cases and combining the previous research conclusions,this paper finally selected Gao Pai's current company as the obvious one,and took Vanke A,a typical representative of the real estate industry,as an example to study the high-paid dividend policy of listed companies.The main reason is that Vanke is a representative of the real estate industry,and the acquisition of related information is relatively simple.Through detailed analysis of Vanke,it is hoped that it can better formulate cash dividend policies for listed companies and provide references for others.It is divided into seven parts.The first part is the introduction.Including research background and significance,research status at home and abroad,research ideas and methods,and innovation points and limitations.The second part is the definition of concepts and related theories.The concept of dividend policy and Gao Pai is defined,and then the related theories of dividend policy suchas "bird in hand",signal transmission theory,and agency cost theory are introduced.The third part is to study and describe the dividend distribution of the real estate industry in recent years.Take Vanke A as an example to provide a background introduction,including the company profile of Vanke A and the distribution of cash dividends of Vanke A over the years.The fourth part adopts the case analysis method,which is to analyze the influencing factors of Vanke A's adoption of high payout dividend policy,and conduct detailed research on the enterprise by starting from multi-level factors.The fifth part is to analyze the causes and consequences of Vanke.First,use SPSS data software to perform correlation analysis based on the financial analysis data of Part 4,and use the relevant dividend research theory to summarize the drivers of Vanke A's high cash distribution policy.Then,based on theories such as "life cycle theory","agent cost theory" and "signal transmission theory",combined with quantitative analysis to analyze a series of reasons for Vanke's implementation of high-end cash dividend policy,and finally reached relevant conclusions.The sixth part is the optimization suggestions for improving Vanke A's current dividend policy.Through the case analysis of Vanke A,the conclusions are applied to the same industry and other industries,and related to listed companies,investors and regulators are proposed.It is suggested that it has a good reference value for the formulation of corporate dividend policy.The seventh part is the research conclusions and enlightenment.Through the research on the Vanke A dividend policy,the research conclusions are drawn and the industry inspirations are drawn for reference by other companies.The innovation of this article has two aspects: On the one hand,it has a unique research perspective.After reviewing the relevant literature of scholars before this article,it is found that there are few researches on the motivations of implementing high dividend payout policies for real estate companies,and this paper chooses the leading real estate industry.The comparison of companies is representative,and the optimization suggestions are more targeted;on the other hand,the research method is innovative.This article combines casestudies with comparative analysis methods,and adopts a comprehensive analysis of Vanke A to analyze The establishment of corporate cash dividend policy provides inspiration.Based on a case study of the causes and consequences of Vanke A 's high-end dividend policy,this article draws the following conclusions: First,the financial situation is a key factor in the distribution of dividends by an enterprise;The reflection of the policy is also very obvious;the third is that the high dividend payout policy will have a significant impact on corporate investment opportunities,corporate value and investor behavior.