Analysis Of Motivation And Effect Of “Clearance-Type”cash Dividends In Offcn Education

Dividend policy plays an extremely important role in the financial management activities of enterprises,and cash dividend policy is a common dividend payment method of listed companies,which has also been highly concerned by scholars.With the continuous improvement of the dividend system of listed companies by CSRC,the dividend intensity in China’s capital market has been improved to some extent.According to the statistics of listed companies,in 2019,about 69.56% of listed companies in China’s A-share market released cash dividend distribution plans to the outside world,but the overall intention of dividend is still not strong,and at the same time,there is A more extreme "clearance type" dividend phenomenon.In all the enterprises that release cash dividend distribution announcement,107enterprises’ dividend amount is far more than the net profit of the enterprise in that year,among them,9 enterprises are in the red.The research finds that: in this way of dividend payment,compared with the controlling shareholders,the minority shareholders are in a weak position,which is not an optimistic thing for the capital market.If the listed company in not suitable for using "clearance" under the condition of share out bonus,hard to choose "clearance" of share out bonus,then set the current to belong to the ominous,under such a decision,the enterprise most liquid currency an outflow of funds,may cause the enterprise to meet a good investment opportunity,there is not enough free cash to dominate,at this time will increase debt,through other ways of financing,indirectly increased the enterprise financing costs,at the same time will bring a certain financial risk,and disturbing the healthy development of capital market and orderly operation.Therefore,it can be seen that the motivation behind the "clearance" dividend policy and the possible impact are worthy of academic research and exploration.This thesis mainly uses the method of case analysis,in the public education "clearance type" dividend as the background.First of all,I use the induction and summary method to analyze and summarize the relevant research of predecessors,and find the place that I can make up for on this basis,and then carry out the research.,using comparative analysis to cases with the same industry enterprises,comparing the situation of share out bonus based on the understanding of industry characteristics and enterprise features,combining with the particularity from two aspects of competent and objective research on its "clearance" to share out bonus motivation,and using effect analysis test purpose is to achieve,and whether other aspects of the impact.Study found that positive signals to the market,speed up the big shareholders withdraw funds raised first,big shareholders strong capital requirements,improve the possibility of refinancing of enterprises,the state shall encourage cash share out bonus is in the public education factors,such as "clearance" the main motivations of share out bonus,"clearance" dividend did not bring positive reaction to the market investors,but also damage the small and medium-sized shareholders’ profit and loss;From the perspective of financial effect,it increases the debt repayment pressure of enterprises,aggravates financial risks and affects long-term development.Finally,this thesis puts forward reference suggestions and countermeasures respectively from the external supervision of the capital market and the internal governance of the company itself.First,it provides reference for the regulatory authorities to improve the dividend distribution system,but also further optimize the internal governance structure of the enterprise.