Research On China Construction Dividend Policy From The Perspective Of Sustainable Growth

China’s economy has gone through a tortuous and long development path,from the pursuit of high speed and catching up with developed countries’ development path to the stability and prosperity of the economic situation in recent years,especially the emergence of economic crises in recent years that has dealt a heavy blow to the world economy and caused people to Realizing that blindly pursuing high-speed development may turn a blind eye to the crisis faced by enterprises,leading to the economy as fragile as glass,lack of risk response capabilities,inability to withstand accidental and sudden blows,and ultimately loss of development capabilities and competitive advantages.On this basis,the Chinese government has learned lessons,changed the national policy focus and attention orientation,and guided scholars and business managers to pay more and more attention to the importance of sustainable development.After the economic system reform,people’s understanding of the market has become deeper and deeper.The development of the national economy also incorporates sustainability into the scope of strategy formulation.At the same time,companies also realize that the long-term failure to balance the consumption of financial resources and their own growth rate will also drag down their own operating efficiency and even lose their competitive advantage and be eliminated by the industry.Dividend policy is one of the three major financial policies of an enterprise.On the surface,it is only a policy for the distribution of internal funds within the enterprise.It plays a role in returning cash to shareholders as a return on shareholder investment.In fact,it is a means of financial resource allocation.It can transmit information to investors and the market through dividend payment methods and payment status,and influence investors’ decision-making and even affect the smooth realization of corporate strategy.Therefore,scientifically formulating a dividend policy is of positive significance for companies to achieve sustainable growth and maintain the healthy,stable and orderly development of the capital market.How to formulate a reasonable dividend policy requires measuring whether the dividend policy promotes the sustainability of corporate growth.Dividend policies that lose the guidance of sustainable growth strategies are prone to problems that are too radical or too conservative.Therefore,dividend policies can only be guided by sustainable development.At the same time,the dividend policy also provides support and adjustment for the sustainable growth capacity.It can be said that the sustainable growth capacity and the choice of the dividend policy are complementary and inseparable.The research object selected in this article is China Construction.The basic framework of writing is to evaluate and analyze China Construction’s dividend policy from the perspective of sustainable growth after expounding the relevant theories of sustainable growth and dividend policy.Based on the analysis of China State Construction’s 2010-2019 dividend policy,the article considers special events and analyzes the impact of changes in the dividend policy on corporate value.At the same time,using the Higgins sustainable growth model to calculate the sustainable growth rate of Chinese construction,analyze the difference between the sustainable growth rate and the actual growth rate,and find that the dividend payment rate is inversely related to the sustainable growth rate,and the dividend is found The policy is jointly affected by the external macro environment and internal operating policies,and the rationality of the dividend policy is evaluated in combination with the above-mentioned influencing factors.The analysis believes that China Construction’s dividend policy choice is relatively stable and cautious,and it is also actively using the dividend policy to adjust the sustainable growth rate to adapt to the actual growth rate that changes with the market environment and operating level.The article finally puts forward relevant suggestions on the choice of dividend policy based on the case study of China Construction,hoping to provide some inspiration for the research and practice of the choice of dividend policy and the realization of sustainable growth goals.