Research On The Dividend Policy Of JOEONE’s Continuous High Cash Dividend Distribution From The Perspective Of Family Involvement

The organizational form of "family" is accompanied by the various stages of the development of human society,whether it is the clan system in the primitive society,or the clan inheritance in the slave society,or the gentry and family in the feudal society.Even in today’s society,"family" is deeply integrated with politics,economy and culture.It is no exaggeration to say that the development history of human society is also the development history of family.If you want to study an enterprise well,the key factor of family involvement cannot be bypassed all the time.Under family involvement,enterprises have both unique advantages and unmasked defects.Especially in the current global economic downturn,family businesses are finding it harder to succeed.Therefore,how to make family business sustainable and healthy development has become a hot topic in the academic world.Similarly,dividend policy not only plays a role in coordinating the relationship between the enterprise itself and its stakeholders,but also plays an important role in the stable development of the enterprise.However,due to the different preferences and demands of different stakeholders,the dividend policies ultimately implemented by listed companies are also different.Among many researches on dividend policies,scholars are enthusiastic about the relationship between family involvement and enterprise high dividend policy.In general,from the perspective of family involvement,it is imperative and unavoidable for enterprises to continue to pay high dividends.Based on nine animal husbandry listed companies as the object of case study,the king of involvement,governance rights from ownership involvement,family culture involvement and family involved in the perspective of involved in the analysis of the implementation of continuous high cash dividend policy incentives,and then make a comprehensive evaluation,find its advantage lies in the short term market reacted positively,investors are welcome degree is high,and with its own values match each other,Not only in line with Lin Congying family interests maximization orientation,but also in response to the national call to encourage dividends;But it also has many deficiencies,sustained high sent now that nine animal husbandry king elder depressed share prices,poor long-term market reaction,and consumes a lot of net profit and cash flow,reduce the risk of industry system resistance,external shareholders have also been a certain degree of the infringement,and adhere to a single form of cash,It also affects the financing strategy and financing strategy of Jiumu King,which is very unfavorable to its expected development in the future.In view of this,some suggestions are put forward.It is believed that Jiumu King should optimize the shareholding structure and strengthen the checks and balances on family shareholding.Reduce overlapping of governance and management members and avoid overlapping functions;Reasonable introduction of professional managers,weakening the sense of existence of family members;The family should take a long-term view and formulate dividend policy according to the reality.Finally,the conclusion is of theoretical and practical significance to the sustainable and healthy development of family enterprises and China’s capital market.