| With the development of China’s capital market and listed companies,dividend policy plays a more and more critical role.For listed companies,the dividend policy is closely related to its development while for investors,the dividend policy also has great effect on how their gains.In this study,we collect the data of listed companies including Gree and some others companies in home appliance industry,and then we analyzed the impact of continuous high cash dividends on enterprise value through literature research,case study and empirical research.We started from the relevant dividend theory,and then investigated the literatures of domestic and foreign scholars on dividend policy and enterprise value,and combined the case analysis and empirical analysis to employee our study.The main objects and conclusion of this study are:(1)Analyzing the impact of cash dividends on corporate value through investigating cash dividends and changes in corporate value of Greeto.And we found that cash dividends are consistent with the trend of corporate value;(2)By explored the impact pathway of continuous high cash dividends on corporate value of Gree,we found that its mainly mechanism of are as follows:①affect the company’s four financial capabilities,②affect the relationship between enterprises and investors,③ affect the management of management,4 affect the value of corporate brand;(3)We analyzed a total of 216 data samples collected from the home appliance industry from 2012 to 2017 and found that:①The continuous dividends of listed companies showed a positive effect on the value of enterprises.②The higher the cash dividend amount of listed companies,the greater the value of enterprises,and the payment of cash dividends of listed companies.③The higher the rate,the greater the value of the company.According to our case analysis and empirical test,the following inspirations are obtained:(1)listed companies should focus on cash dividends when formulating dividend policy;(2)continuous high cash dividends could promote the growth of corporate value;(3)continuous high cash dividends could strengthen enterprises four capability of companies and increase corporate value by enhancing business-investor relationships,cultivating top management,and helping companies achieve brand premiums. |
