Research On Dividend Allocation Strategy Of Joyoung Co.,Ltd From The Perspective Of Financial Strategy Matrix

In recent years,the investment function of the capital market has been paid more and more attention by the investors.As an important part of the investment function,the dividend policy has become the focus of China Securities Regulatory Commission and the investors.Reasonable dividend policy helps to establish a good corporate image,shareholder returns;and the status and the development of the enterprise does not match the dividend policy,especially the cash dividend policy is too high,not only can cause adverse effects on the company,but also damage the interests of small shareholders.These turmoil and chaos will restrict the healthy development of China's capital market.In such a background,this paper adopts the method of case study,selection of Joyoung during the reporting period(2010 ~2016)of the dividend policy as the research object.Taking Joyoung as a research case,the reason is that its cash dividend level is very high in the reporting period,and the average weighted dividend payout rate has reached 71.38%.In 2011,the dividend payout rate has reached 125.8%,which is of great significance.This thesis firstly use the financial strategy matrix analysis as the main method,combined with the market performance of dividend distribution,analysis and research the rationality of the dividend policy,whether the the actual situation of the company.After years of analysis of the dividend distribution data and analysis of the financial strategy matrix,found Joyoung shares during the reporting period for most of the year are high dividend payout ratio policy,and the 7 year study,5 year in value-added cash shortage situation,the most importmant problems to prove the existence of the dividend policy,dividend payment rate too high,do not accord with the actual situation of the company.And the market performance of the date of dividend announcement date also confirms the suspicion and negation of the capital market and investors for the company's high dividend policy.Then,the cause of the high dividend policy is analyzed from the financial,the ownership structure and the legal factors.Finally,aiming at the problems of Joyoung stock,combined with the related theories and causes of financial strategy matrix,from the perspective of Joyoung shares,other listed companies and regulators,it puts forward relevant countermeasures and suggestions respectively.It is hoped that this study will not only provide some reference for Joyoung stock management to make more reasonable dividend policy,but also provide some reference for other listed companies and securities market regulators who are facing the same problem.