Research On Gree's Cash Dividend Policy From The Perspective Of Sustainable Growth

After the global economic crisis broke out,more and more scholars and companies realized the importance of sustainable growth.Blind pursuit of growth will consume a lot of financial resources,reduce operating efficiency,make the company have a shortage of funds,and even drag the enterprise into the abyss of bankruptcy;while slow growth will make a lot of resources idle,the company lacks growth points,Gradually lost development ability and competitive advantage,and eventually was eliminated by the market.Therefore,the balance between the growth rate of enterprises and financial resources is of great significance for enterprises to obtain sustainable competitive advantages and maximize corporate value.As one of the three major financial policies,the dividend policy has played a crucial role in regulating the achievement of corporate strategic goals and the realization of sustainable growth.For the internal enterprise,the dividend policy is essentially a distribution of corporate funds.A scientific and reasonable dividend policy can promote the rational allocation of financial resources and help enterprises achieve sustainable growth.For the outside of the enterprise,the dividend policy can convey the profitability of the enterprise and the expectation of future development to the market,affecting the decision-making behavior of investors.Therefore,the choice of dividend policy of listed companies is of great significance to the company's sustainable development and value enhancement.From the perspective of sustainable growth,research on dividend policy has positive and practical significance for guiding listed companies to formulate scientific and reasonable dividend policies,promoting sustainable growth,and promoting healthy development of capital markets.This paper selects Gree Electric as the research object,and based on the theory of dividend policy and sustainable growth,based on the sustainable growth perspective,Gree's cash dividend policy is studied.The article first analyzes the distribution of dividends of Gree Electric Appliances over the years,and analyzes the stock price changes of Gree Electric's 2017 dividend policy announcement date through the event research method.The results show that the stock price has obvious fluctuations around the event day,that is,It is said that the market will respond to the dividend policy and affect the value of the company.Secondly,based on the analysis of the motivation of Gree Electric's pursuit of sustainable growth,based on the Higgins sustainable growth model,the sustainable growth of Gree Electric Appliance is analyzed,and the difference between sustainable growth and actual growth is found.The payment rate is an important factor affecting the sustainable growth rate,and there is a reverse trend between the two.Then,based on the perspective of sustainable growth,this paper analyzes the factors affecting Gree's cash dividend policy from both inside and outside.The research finds that external factors such as the macro environment,policy background and industry environment of the enterprise will affect the profitability and development ability of the enterprise.Management's expectations for the future,and internal factors such as shareholding structure,financial status and cash flow will also have an impact on the choice of corporate dividend policy.Then,this paper constructs Gree Electric's financial policy matrix,analyzes the rationality of Gree's cash dividend policy,and finds that appropriate dividend policy can regulate the growth rate of enterprises and prevent the business risks brought by excessive or slow growth of enterprises.Financial risk,promoting the achievement of sustainable growth goals and maximizing company value.Finally,based on the previous research,the research enlightenment is put forward,hoping to provide some inspiration for the formulation of the cash dividend policy of listed companies.