Research On The Impact Of Relational Shareholders' Dividend Demands On Performance Fluctuations

Business performance is an important index to measure the business results of an enterprise.The influencing factors of business performance fluctuation have always been a hot topic in the field of financial management.Zhangzidao has been carrying out a high dividend policy since its listing in order to meet the dividend demand of relational shareholders.Even in 2011,when the net profit turned from positive to negative,Zhangzidao still paid a high cash dividend to meet the dividend demands of its relational shareholders,and in 2012,its dividend payment rate was as high as 202%.At the same time,Zhangzidao’s business performance has been on a roller coaster.This raises the question of whether Zhangzidao’s volatile business performance is related to the dividend demands of relational shareholders.So far,no scholars have explained this.In view of this,this thesis intends to take the dividend appeal of relational shareholders as the starting point to explore the influence mechanism of the dividend appeal of relational shareholders on the fluctuation of business performance.First of all,this thesis uses the literature analysis method to comb the research status of the factors affecting the fluctuation of listed companies’ business performance,forming the theoretical basis of this research.Then,this thesis used comparative analysis and ratio analysis to analyze the financial data,found that Zhangzidao has the performance status of continuously declining operating capacity,drastic fluctuation of profitability and obvious deterioration of growth capacity.Finally,this thesis uses case study to analyze the impact of Zhangzidao’s relational dividend appeal on the fluctuation of its operating performance,expounds the mechanism of the fluctuation of Zhangzidao’s performance caused by the dividend appeal of Zhangzidao’s relational shareholders.This thesis consists of six parts:the first part is the introduction,which describes the research background and significance,domestic and foreign related research review,research content and methods and innovation;The second part defines the relevant concepts and analyzes the relevant theories.The third part analyses the roller-coaster fluctuations of Zhangzidao’s performance,including the basic situation of Zhangzidao and the roller-coaster performance status.The fourth part analyzes the influence mechanism of performance fluctuation based on the dividend appeal of relational shareholders,including two sections:dividend appeal leads to the limitation of financing and then results in performance fluctuation;dividend appeal leads to the unreasonable investment and then results in performance fluctuation.In the fifth part,from the perspective of dividend appeal of relational shareholders and the long-term development of the company,dividend appeal of relational shareholders and other stakeholders’ demands,and the perspective of regulatory authorities,the author puts forward some suggestions on the adverse impact of performance fluctuations.The sixth part includes research conclusion,case enlightenment,research limitation and prospect.Based on Zhangzidao’s relational shareholder dividend appeal to fluctuations in the performance of mechanism analysis,draw the conclusion:relational shareholder dividend limited appeal can lead to corporate finance,investment is not reasonable,which can cause bad influence to corporate performance,lead to corporate earnings volatility,namely the relational shareholder dividend appeal is another important influence factors of corporate earnings volatility.Innovation point of this thesis is to break the factors impact on corporate earnings volatility in the literature research of mind-set,appeal to the relational shareholder dividend as the breakthrough point,analysis the relational shareholder dividend demands on the fluctuation of listed companies operating performance mechanism,found the relational dividend demands of this new influence factors of listed companies operating performance fluctuations.The innovative viewpoints of this thesis are mainly reflected in the following two aspects:first,"separation of three rights" provides the possibility for relational shareholders to become shareholders of listed companies with the right of management of production materials.This thesis innovatively takes the dividend appeal of relational shareholders as the breakthrough point and deepens the research on the economic consequences caused by the dividend appeal of relational shareholders.Second,based on the perspective of relational shareholders and from the perspective of coordinating the contradiction between dividend demands of relational shareholders and the fluctuation of enterprise operating performance,this thesis proposes suggestions to solve the adverse impact of dividend demands of relational shareholders on the fluctuation of enterprise performance from three aspects,including regulatory authorities.