Reseach On High Cash Dividend Of Yutong Bus Company

Dividend policy is a strategy to determine the distribution of corporate profits.It affects not only the investment and financing decisions,the management of the company,the stock price of the company,but also the actual interests of investors and creditors.Signaling theory shows that dividend distribution can reflect the profitability of the company,and can affect the stock price through the distribution of profits.Therefore,dividend distribution is related to the vital interests of listed companies and investors,but also related to the healthy development of the capital market.This article first summarizes the studies on dividends by scholars at home and abroad.Then,the theory is linked to reality.Through case analysis,Yutong bus company has been analyzed for many consecutive years in terms of financial status,equity structure,legal factors,and industry factors.The current influencing factors.Then it comprehensively evaluated the advantages of Yutong's high distribution of dividends: good financial ability;interest oriented control shareholders.The shortage of the high dividend payouts of Yutong Bus is: the operating capacity tends to decline;the concentration of ownership is too high;and investment opportunities are not fully considered.Through the analysis of the influencing factors of the high dividend payout policy of Yutong Bus Company for many years,it can be seen that when formulating the dividend distribution policy,the listed company should base itself on the company's own financial status,and the good profitability and sufficient cash flow should be high school.The necessary prerequisites are now.At the same time,it is also necessary to ensure that the distribution of cash dividends is within its own capabilities and will not have a negative impact on the solvency of the company.The ownership structure of listed companies will largely influence the attitude and motivation of the controlling shareholders on the choice of dividend policy.The highly concentrated ownership structure may not only infringe on the rights and interests of small and medium shareholders,but also may adversely affect the development of the entire securities market.Therefore,it is very necessary to optimize the ownership structure of listed companies and avoid the “one.size.only” shareholding phenomenon.The CSRC,the Ministry of Finance,and other departments should cultivate a healthy and standardized market environment to guide listed companies to conduct rational and high cash distribution.