Research On The Motivation And Influence Of High Cash Dividend Of Yangyuan Beverage

The dividend policy of listed companies has always been a research and concern issue for scholars and investors at home and abroad.In recent years,with the promotion of a series of semi mandatory dividend policies by the China Securities Regulatory Commission and increasing public attention to investor returns,more and more listed companies have joined the dividend distribution team,cash dividend has gradually become the main form of dividend distribution.Nowadays,more and more listed companies are implementing high cash dividend,and some even do not consider their own actual situation to implement high cash dividend.This not only increases the company’s financial pressure and risk,but also has a negative impact on its future development.Therefore,the reasons and impacts behind high cash dividend by listed companies are worthy of attention and research.This paper takes Hebei Yangyuan Zhihui Beverage Co.,Ltd.as the research object,and uses the literature research method,case study method,event study method,entropy TOPSIS method and financial index analysis method to analyze the motivation and influence of Yangyuan Beverage’s high cash dividend for many consecutive years.The paper reviews the research on dividend theory,high cash dividend motivations,and the influence of high cash dividend at home and abroad,defines the concepts of dividend policy,high cash dividend,and abnormally high cash dividend,and sorts out the relevant theories of dividend policy.Based on the implementation of high cash dividend of Yangyuan Beverage over the years and a comparative analysis with companies in the same industry,the characteristics of its high cash dividend are analyzed.The motivations for high cash dividend of Yangyuan Beverage are analyzed from both internal and external perspectives.It is found that the high cash dividend of Yangyuan Beverage is related to factors such as profitability,cash flow status,life cycle,equity structure,and macro policies.Analyze the impact of high cash dividend on the company from four perspectives: market response,financial performance,company value,and shareholder interests.Research has found that in terms of market response,the high cash dividend of Yangyuan Beverage has brought positive short-term market reactions in most years,and some years have brought negative influence;In terms of financial performance,the high cash dividend of Yangyuan Beverage has limited the company’s growth potential,and deteriorated cash flow quality,but the profitability advantage among industries is stable;In terms of company value,it has been found that high cash dividend have increased the company’s value in the short term,but the long-term influence cannot be determined at present;In terms of shareholder interests,the high cash dividend of Yangyuan Beverage more safeguards the interests of major shareholders,and excessive cash dividends are not conducive to protecting the interests of small and medium-sized shareholders.Based on the analysis results,summarize the problems existing in the high cash dividend of Yangyuan Beverage,and propose improvement suggestions from the company’s perspective and external regulatory perspective,hoping to urge the company to optimize the high cash dividend.Meanwhile,strengthen the protection of the rights and interests of small and medium-sized shareholders through regulatory supervision,in order to promote the sustainable development of Yangyuan Beverage.