Analysis On The Influencing Factors And The Pros And Cons Of High-dividend Dividend Policy Of Listed Companies

The company’s dividend policy has been a hot issue for scholars to study.On the one hand,it makes part of the funds out of the enterprise,reducing the retained earnings,which may cause the phenomenon of corporate funds shortage,and have a negative impact on the company’s development;On the other hand,due to the role of signal transmission,the dividend policy will convey an information that the company develops well to the majority of shareholders,investors can be implemented according to the company’s dividend policy to determine the operator’s future prospects for the company’s expectations,improve the company’s reputation,Attracting the majority of investors and making the company’s stock price rise.At the same time,because the company’s dividend policy involves the interests of stakeholders,creditors and corporate managers,these stakeholders can participate in the formulation of dividend distribution policies in different ways,due to the interests of stakeholders Conflict,in the process of formulating dividend policy,these stakeholders may maximize the interests of others because of the maximization of their own interests.Therefore,the dividend policy is also the game process of the company’s stakeholders.China’s capital market started late,at the same time due to the special background of the times,making China’s capital market at the same time there are outstanding shares and non-tradable shares,seriously restricting the development of China’s capital market.In April 2005,the split share structure reform was officially started.In September 2009,the split share structure reform was completed,which meant that the split share structure was disintegrated.China Capital Market Officially entered the era of full circulation,the holding cost of large shareholders and the holding costs of small and medium shareholders tend to be consistent,so that under the same conditions,the yield of major shareholders and small shareholders of the same rate of return,ease the same shares of different interests Special phenomenon,can effectively avoid the big shareholder of the hollowing out.Dividend policy is an important way for shareholders to share the company’s operating results,to attract the majority of investors,improve the utilization rate of funds to promote the development of capital markets.Therefore,the appropriate dividend policy is not only conducive to the development of the company,but also conducive to the development and improvement of China’s capital market.In this paper,the use of standardized research methods,the theoretical researchand case analysis combined to Zhejiang Zhongcheng Co.,Ltd.as an example,to analyze the listed companies to develop high dividend policy and the advantages and disadvantages of the advantages and disadvantages.In this paper,we first understand the theory of dividend policy by reading a large number of documents,and define the dividend policy.Secondly,we collect the relevant information of Zhejiang Zhongcheng Co.,Ltd.from the inside and outside of the company,The impact of dividend policy and the use of dialectical thinking to analyze the impact of high dividend policy on the company;Finally,the following conclusions:High dividend dividend policy is double-sided;high-dividend dividend policy should be developed in the interests of multi-stakeholder interests;high-dividend dividend policy should be developed to improve the value of the company for the purpose.And put forward the corresponding recommendations: the introduction of institutional investors,improve the shareholder structure;reasonable to determine the cash dividend distribution rate,the implementation of diversified dividend policy;strengthen the internal supervision mechanism,establish the enterprise value maximization business objectives.For enterprises to implement high dividend policy to provide reference.