| As one of the three major financial policies of enterprises,dividend distribution policy is also one of the important ways for listed companies to repay investors.Dividend distribution mainly includes cash dividend,stock dividend,property dividend and debt dividend.Whether the dividend distribution policy and implementation method of listed companies are scientific and reasonable determines whether the company can develop continuously,healthily and stably.Unscientific and imperfect dividend distribution policy will not only lead to the rise of the company’s financial risk and affect The long-term healthy and stable development of the company also violated the interests of small and medium shareholders,causing external investors to lose confidence in the company’s development prospects.Therefore,the dividend policy of listed companies has always been a hot issue in the capital market,especially small and medium shareholders,and it is also a hot issue studied by domestic and foreign experts.The development of China’s securities trading market is relatively backward.According to the statistics of guotai’an database,before 2000,only a few listed companies in China chose to pay cash dividends.At the end of 1999,only 28% of the listed companies chose to pay cash dividends.For this reason,the regulatory authorities have issued a series of policies to urge listed companies to actively pay dividends.The situation of non dividend and low dividend of listed companies has improved.By the end of 2019,the proportion of listed companies that choose to pay cash dividends has reached about 72% of the total number of listed companies.However,as a new phenomenon,"abnormal high cash dividend" also appears frequently in the capital market.Based on this,this paper selects Hubei Taiji Semiconductor Co.,Ltd.,which has abnormally high cash dividend behavior in the semiconductor industry,as a case study.Firstly,the literature research method is used to sort out and comment on the relevant literature on dividend policy and abnormally high cash dividend.On the basis of literature research and theoretical research,two methods are used to judge the cash dividend behavior of the case company,that is,based on the traditional judgment of abnormally high cash dividend,the judgment indicators such as profit distribution boundary and cash ratio are introduced to judge.On this basis,this paper analyzes the motivation of high cash dividend from three aspects: major shareholders,management and institutional investors.Then,using empirical research method,event research method and financial index analysis method,this paper studies the financial effect of abnormally high cash dividend on agency cost,investment ability and financing ability;And enterprise value effects such as short-term market value and long-term market value.The research shows that Taiji shares had abnormally high cash dividends in 2010,2011,2013 and 2018.The main reason is that major shareholders and management meet their own interest needs through high cash dividends.From the perspective of agency cost,agency cost has a significant negative correlation with abnormally high cash dividend,but the agency cost of Taiji shares increases after abnormally high cash dividend;From the perspective of financial effect,abnormally high cash dividend will reduce its financing ability,solvency and investment ability;From the perspective of value effect,high cash dividend can improve the stock price of enterprises in the short term,but when investors doubt the rationality of high cash dividend,the stock price will fluctuate sharply,and abnormal high cash dividend will reduce the long-term value of enterprises.Finally,aiming at the negative effects of the abnormally high cash dividend of the case company,this paper puts forward suggestions from three aspects: further improving the equity check and balance mechanism,developing institutional investors and optimizing the cash dividend policy. |
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