Research On Super-capacity Cash Disbursement Of Taiji-based Shares

Cash dividend policy is one of the important financial management decisions of modern companies.A reasonable dividend distribution policy can balance the interests of large shareholders and small shareholders,and take into account the current interests and the long-term development of enterprises.In the capital market,it is common for major shareholders to formulate dividend distribution policies which are beneficial to the interests of major shareholders but neglect the interests of minor shareholders based on their own interests.The specific manifestation is that some listed companies do not pay dividends or pay less dividends for a long time.Therefore,in order to make the capital market develop fairly and protect the interests of investors,the SFC requires listed companies to pay dividends to shareholders for three consecutive years in order to continue issuing additional shares.At the same time,it requires listed companies to establish a sound independent director system,improve corporate governance,rationally allocate ownership structure,fairly establish dividend distribution policy,safeguard the interests of small and medium investors,and safeguard their rights in the company.However,in recent years,in order to convey the interests of controlling shareholders,individual listed companies have been unable to pay cash dividends.Normal cash dividend payment is conducive to safeguarding the interests of minority shareholders and attracting potential investors in the future.Super-capacity cash dividend payment may damage the long-term development of the company and the long-term interests of shareholders.Therefore,it is necessary to study the causes and effects of this phenomenon.This paper will take Taiji Stock Company as a case study,and make an in-depth study on the issue of super cash dividend.Through reading a lot of literature,this paper compares Taiji Share Dividend Policy with other typical companies in the same industry and the average value of the whole industry,and deeply understands the dividend distribution policy and finds out its problems.This paper sums up the characteristics of the super-capacity dividend of Taiji shares from the following aspects: the financial situation of Taiji shares,the amount of dividend payout and the abnormal data of dividend payout rate,as well as the cash source of their companies,and explores the reasons for the super-capacity dividend payout of Taiji shares.Finally,from the perspective of government,listed companies and market,it puts forward the regulation of listed companies.Suggestions for super cash dividend.