| As one of the three major financial decisions of enterprises,dividend policy has always attracted attention。With the continuous development of my country’s capital market,dividend policy has gradually matured。Since 2000,my country’s Securities Regulatory Commission has continuously issued and improved policy documents related to dividend distribution,which has made my country’s listed companies gradually change from a low-level cash-distribution phenomenon to a high-level cash-distribution,and the distribution of cash dividends reduces the freedom of enterprises.Cash flow may affect the future business development of the company,and at the same time,it can also transmit relevant information to the outside world and attract more investors.In recent years,more and more listed companies have adopted high-paying behavior,which has attracted close attention from the outside world.On the basis of combing the domestic and foreign literature and related theories,this paper systematically studies the motivation and effect of Yanghe’s high cash dividend policy with Yanghe as the research object.First,introduce the basic situation of Yanghe,including the shareholding structure,dividend distribution and characteristics of Yanghe.Then,on this basis,it analyzes the motivation for Yanghe to implement the high cash dividend policy,and finds that Yanghe has been in progress for many years.The behavior of high pay is to satisfy shareholders’ equity,management’s self-interest in holding stocks,effective use of idle funds,and to enhance corporate value.Secondly,the analysis of the mechanism of Yanghe’s implementation of the high cash dividend policy effect mainly includes three aspects: stabilizing investor relations,improving brand value and restraining the development of business operations.Finally,it systematically analyzed the effects of Yanghe’s high cash dividend policy,including market effects,financial effects,enhancing corporate value,restraining corporate overinvestment,and attracting institutional investors.Based on the analysis of the present phenomenon of Yanghe shares,the following conclusions are drawn:,the following conclusions are drawn: Yanghe shares’ high-paying behavior for many years has aroused a positive response from the market to a certain extent,and can transmit information about the company’s good business operations to the outside world and attract the attention of outside investors;Yanghe’s high-paying behavior for many years has only improved the profitability of the company,inhibiting the company’s ability to operate in the future,with low operating efficiency and weakened solvency;the high-paying behavior can promote the improvement of enterprise value;under the trend of increasing total cash dividends,it inhibits The growth of free cash flow of enterprises has not been effective in restraining the investment activities of enterprises;Yanghe’s high-paying behavior attracted the involvement of institutional investors to a certain extent.In view of the above research conclusions,this paper puts forward the following countermeasures and suggestions:(1)In terms of Yanghe shares,firstly,Yanghe shares need to optimize the shareholding structure,reduce shareholding concentration,form an effective supervision and balance mechanism,and secondly improve the efficiency of capital use and treat investment projects with caution.(2)Yanghe shares have attracted the attention of investors and improved the value of enterprises,but the distribution level of listed companies in liquor industry is generally low.Therefore,this paper also puts forward some suggestions to other listed companies in liquor industry.Other listed companies in liquor industry need to strengthen the return to investors and improve the willingness and level of cash distribution.And according to their own operating conditions to formulate a reasonable cash dividend policy.(3)In the securities market of our country,there are still many phenomena of random distribution or super ability distribution.At the same time,the behavior of Yanghe shares is harmful to the interests of minority shareholders.Therefore,this paper also puts forward some suggestions on market supervision.The securities market needs to strengthen supervision and management,improve the information disclosure of cash dividend policies,and strengthen the protection of the interests of small and medium shareholders. |
