Study On The Motivation And Influence Of High Cash Dividend Of State-owned Listed Companies

Dividend policy is one of the three core contents of financial management activities,It not only relates to the company long-term development,but also relates to the interests of internal and external stakeholders such as shareholders,employees,and creditors.It belongs in the direction of financial management,and also involves the problem of corporate governance efficiency.Distribution of cash,is also called cash bonus in our country,which is an important form of dividend policy.As China's deepening reforms in the capital market continue to advance and the basic system continues to improve,the regulatory authorities continue to introduce and consummate semi-mandatory regulatory policies concerning dividend distribution.The level of cash dividends of listed companies has improved greatly compared to previous years,so many companies are widely concerned about the market and investors.The high cash dividend phenomenon is increasingly significant,which leads to the gradually prominent problem that benign and ominous distribution of the high dividend exist at the same time.At the same time,some studies have found that the accumulated market size,per-share cash dividend,and dividend yield rankings in the market are mostly state-owned listed companies.Their dividend level is generally higher than the average market level,with high cash distribution characteristics.so there is considerable significance of exploring the deep-seated reasons.This paper combines theoretical research with case analysis,taking typical state-owned listed company China Shenhua Energy Co as an example.First of all,through reading a large number of documents,this paper defines the concepts of dividend policy,high cash dividends and state holding,and expounds theoretical foundations of the motivation and influence.Secondly,through the data statistics of recent five years,the present situation of the dividend distribution of the state-owned listed companies in China's securities market has been analyzed,and four important features such as "paying cash dividends as the main" are revealed.In the case analysis,this paper summarizes the annual dividend distribution scheme of China Shenhua since 2007,and summarizes the characteristics of China Shenhua's dividend distribution,finds that Chinese Shenhua high cash dividend is characterized by its distinctive features and strong persistence.The analysis and evaluation of its financial capability basis is also carried out to explore whether there is a real dividend energy.Thirdly,this paper analyzes the internal and external motivations of high cash dividends paid by the company,especially in 2016,and finds meeting the interests of the controlling shareholders,catering for the supervision and refinance,matching the life cycle and transmiting information are deep factors,and sum up impacts of high cash dividends on the market level besides the company itself.Through the research and analysis of this paper,we get a reasonable and objective evaluation of the high cash dividend policy of China Shenhua,and summarize the following four suggestions and Enlightenment: to maintain a stable high level of dividend payment,to optimize the ownership structure to perfect the corporate governance,to respect the law of the life cycle and to improve the policy and regulation of the cash dividend policy of the regulatory department.This will provide a reference for other state-owned listed companies to consummate dividend policy in the future,and promote the sustained and healthy development of the capital market.