Research On Dividend Policy Of Chinese Media

Dividend distribution,as one of the core of enterprise financial analysis,plays a vital role in the development of the company.How a company formulates dividend distribution policy also has a far-reaching impact on the development of capital market.A reasonable and stable dividend distribution policy is the key to the company's long-term and stable development.The dividend distribution of listed companies is related to the rational operation and stable development of the entire market,and also to the overall development of the securities market and the national economy.Therefore,the study of dividend distribution policy has certain research significance in the development of national economy.Chinese media is the leading brand of Chinese publishing and cultural enterprises.This paper finds that due to the particularity of the industry and its huge potential for development,the annual net profit is far ahead in the industry,but its dividend distribution is not satisfactory.According to the company's annual report statistics,the average dividend payment rate of Chinese media in the 16 years from 2002 to 2017 is only 27.04%,which is at a relatively low level in the whole industry.Especially after the reorganization of the company's assets in 2010,the company's development is booming,but the dividend payment level has not been improved.It is found that Chinese media have the following problems in dividend distribution policy: lack of stability of dividend policy,low dividend payout rate,single dividend payment method and neglect of investors' interests.Therefore,based on the research results of dividend distribution policy at home and abroad,this paper firstly makes a statistical analysis of the dividend distribution policy of Chinese media since its listing,and then makes an analysis of the current situation of the dividend distribution policy.At the same time,it calculates the average dividend payment level of each company of 14 listed companies in the press and publishing industry,as well as the analysis of the dividend payment level of each company of 14 Listed Companies in the press and publishing industry By comparing the dividend distribution policies of the two similar enterprises,the paper finds out the problems in the dividend distribution policies of the companies.After this paper finds out the problems,the factors influencing the dividend distribution policy of Chinese media are analyzed.Two perspectives are selected: financial perspectives mainly include the analysis of Chinese media,industry mean,and indicators related to profitability,solvency,growth ability and debt ratio between 2010 and 2017 of South China Media and Anhui New Media.After the study,the profitability of Chinese media is found.Ability is stronger,solvency is weaker,growth ability is stronger,debt ratio is higher;when analyzing the dividend distribution motivation of Chinese media from the non-financial perspective,it mainly analyses from the following angles: in order to maximize the value of enterprises,the proportion of large shareholders is too high,the demand of company development,industry risk.Therefore,aiming at the problems of Chinese media dividend distribution policy,four suggestions are put forward for the company,namely,improving the company's ownership structure,improving the company's profitability,adopting a stable dividend policy,and broadening the company's financing channels.At the same time,it also provides reference for standardizing the dividend distribution of Listed Companies in China.