| After the Second World War,the world economy entered a relatively stable period of peaceful development.With the economic growth,various enterprises also hope to expand their business territory.In this context,entrepreneurs and scholars in society are exploring how to obtain sufficient and stable financial support,dividend policy at this time has received unprecedented attention.From the "MM" theory to Black's dividend puzzle,whether it is the principal-agent theory or the information transmission theory,all of these are explorations and efforts for the good implementation of dividend policy.Since China's reform and opening up,the economy has begun to develop at a high speed.Dong Fu's theory of separating government from enterprises has also proved its correctness after decades of practice.Independent management,self-financing and self-development have given enterprises great autonomy.In order to obtain more resources in the marketeconomic system,all kinds of large and small enterprises have tried their best.Since the early 1990 s,the first stock exchange of our country was established in Shanghai.Stock has become the means of financing for most companies.However,the stock market of our country started late and the system is not perfect.For a long time,there are irregular dividend payment,little or no dividend payment,and extremely asymmetric information,which lead to the investment institutions in society to share.The ticket market lacks confidence.Since the beginning of this century,China's Securities Regulatory Commission and relevant legal departments have continuously improved the trading market and laws and regulations,making China's securities trading market gradually standardized.By 2018,there are nearly 4,000 listed companies in China.On the one hand,such a large number of companies can reflect China's market prospects and economic vitality,on the other hand,so many enterprises can provide more jobs and improve the employment rate.But for enterprises,we should not only look at quantity but also at quality.According to the notice of administrative penalties issued by the SFC,there are still many violations of the law in China,such as false transactions,irregular information disclosure,and even forging and altering accounting vouchers.This not only loses the credibility of the enterprise,but also causes a serious blow to the growth of the enterprise,which is not conducive to the sustainable development of the enterprise.Gree Electric Appliances can become the leader in the electrical industry,an important reason is the stable development of enterprises,and the premise of this development is to obtain sufficient financial support.From the dividend policy in recent years,we can see that Gree Electric has been adhering to the high dividend and stabilizing the stock price,which has greatly increased the confidence of investors,increased investment in Gree Electric,and formed a virtuous circle.Therefore,it is not difficult to see that dividend policy plays an important role in the growth of enterprises.This paper mainly explores the reasons why the dividend policy of Gree Electric Appliances affects enterprises and how it affects them.In the case of understanding the relevant dividend policy theory,this paper tries to analyze the reasons from both financial and non-financial perspectives.According to the life cycle of Gree Electric Appliances and the existing problems of dividend policy,some suggestions are put forward. |
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