Research On The Impact Of Cash Dividends On The Performance Of Manufacturing Enterprises Under Differentiated Dividend Policie

Dividend policy plays a pivotal role in corporate governance,and it is a key topic for scholars at home and abroad.The continuous and stable cash dividend policy can weaken the agency cost of the enterprise to a certain extent,improve the resource utilization rate of the enterprise,and achieve the goal of improving the performance growth of the enterprise.However,China’s research on dividend distribution started relatively late compared with other countries,and the development of the capital market is not mature enough.The semimandatory dividends promulgated in 2008 increased the willingness of listed companies to pay cash,but the "one-size-fits-all" policy is easy to cause a "regulatory paradox",which brings pressure to enterprises with refinancing needs,and then the differentiated dividend policy promulgated in 2013 has increased the overall dividend amount of the market,and the total dividend of A shares in 2020 will reach 1.5 trillion yuan,compared with 1.36 trillion yuan in 2019,an increase of 12%,which shows that the policy has effectively improved the level of cash distribution in the capital market.In this paper,taking China’s 2013-2021 A-share manufacturing listed enterprises as the research object,through the double-effect regression model,according to the characteristics of the differentiated dividend policy,the enterprises are divided into high dividends,medium dividends,and low dividends to investigate the impact of cash dividends on the performance of enterprises in the next period,and add the intersection of executive shareholding and cash dividends as a regulatory variable,and investment efficiency as an intermediary variable to enhance the stability of the model.The empirical results show that under the low dividend level,the impact of cash dividends on corporate performance is not obvious,and even executive shareholding will affect the negative correlation between cash dividends and corporate performance;at medium and high dividend levels,cash dividends have a significant positive impact on corporate performance.Finally,Gree Electric Appliances has been implementing high dividends for a long time,and the dividend ratio of Gree Electric Appliances in 2020 is even as high as 102%,so this article analyzes the impact of differentiated cash dividends on corporate performance from the perspective of Zhuhai Gree Electric Appliance Co.,Ltd.(hereinafter referred to as "Gree Electric Appliances")combined with financial analysis and other perspectives.In summary,the main innovation of this paper is reflected in: different from the previous scholars to study the effectiveness of differentiated dividend policy,this paper mainly studies what kind of impact different proportions of dividends under the differentiated dividend policy will have on enterprises,and at the same time adds executive shareholding as a regulatory variable and investment efficiency as an intermediary variable for a more comprehensive study.