Dividend Policy Research Of Jiangsu Yanghe

As one of the core financial policies of listed companies,dividend policy has always been a hot topic of concern to many researchers at home and abroad.The scientific dividend policy not only allows listed companies to establish a good corporate image,but also stimulates the enthusiasm of investors,and can also promote the enthusiasm of the company's executives to a certain extent,so that listed companies can move toward a good development direction.Under the increasingly strict requirements of the distribution of listed companies and specific institutional requirements,the cash distribution method has become the mainstream.However,the amount of cash sent is not as much as possible.It is necessary to formulate a targeted cash dividend policy that is suitable for the long-term development of the company in light of the development of the company itself.Otherwise,it will not only harm the interests of investors and listed companies themselves,but also bring many adverse effects to the entire capital market and the macroeconomic environment.Therefore,an in-depth study of listed companies' high dividend dividend policy is in line with China's current actual needs.Based on the research and analysis method,this paper systematically expounds the concept and theoretical basis of the dividend policy.Then it analyzes the status quo of dividend policy of listed companies in China,analyzes its external environment,and summarizes the characteristics of dividend distribution of listed companies in China.Taking the cash dividend as the mainstream background,Yanghe shares were selected as a case to introduce the shareholding structure of Yanghe Co.,Ltd.,and analyzed the development history of the liquor industry.Then introduce the distribution of dividends of Yanghe shares and the comparison with the industry,and analyze the motivation of Yanghe shares.It is suggested that the fundamental reason for its high distribution is the control of major shareholders.Secondly,there are sufficient funds to distribute and insufficient investment.One of the reasons for this.Focusing on the analysis of the effect of the high distribution of Yanghe shares,from the analysis of the two aspects of business performance and market value,it is found that the high distribution has led to the decline in the profitability and operational capacity of Yanghe,and the cash ratio has reduced the inventory backlog.Secondly,the event analysis method was used to analyze the effect,and it was concluded that the high faction did not have a significant positive impact on the market value of the enterprise.Finally,it is concluded that Yanghe's current high dividend dividend policy does not bring significant business performance and market value improvement.The company's dividend policy needs further adjustment and improvement.It also proposes two aspects from the perspective of the enterprise and the regulatory authorities.