Research On The Dividend Policy Of Listed Companies And It's Implementation Effect

Dividend policy refers to the company's strategy of distributing its earnings or retaining and reinvesting it.It mainly includes a series of strategic issues such as whether the company pays dividends,how much dividends are paid,in what form,and when.As one of the important financial decisions of listed companies,dividend policy is not only related to the future development of listed companies,but also to the vital interests of investors.Investors obtain a reasonable return on investment through the distribution of dividends by listed companies,which is an important responsibility and obligation of listed companies.The formulation of scientific and reasonable dividend policies by listed companies can not only give investors a signal of the company's healthy and stable development,but also optimize the governance structure of listed companies and promote the long-term healthy and stable development of my country's securities market.So what degree of dividend distribution is scientific and reasonable? What are the effects of different dividend policies? In the current economic environment of China,China's securities market is facing new developments and challenges.Although many scholars at home and abroad have conducted extensive research on dividend policies,there is no consensus on which dividend policies should be adopted by listed companies.in conclusion.For a long time,the dividend policy of listed companies has been the focus and difficulty of the company's financial research,so it is necessary to study the dividend policy of listed companies and their implementation effects.Based on reviewing and summarizing relevant literature and research results of scholars at home and abroad,this paper uses the research method of double-case comparative analysis based on the classic dividend theory to list the two bioproduct industries in China's stock market,Hualan Biotechnology and Tiantan Biotechnology.The company is the research object.First,it briefly introduces the basic situation and the implementation of the dividend policy of the two listed companies of Hualan Biotechnology and Tiantan Biotechnology,and compares and analyzes the distribution method,continuity,stability and dividend rate of the dividends of the two companies,and finds that the two companies A completely different dividend policy has been implemented.Hualan Bio has implemented a continuous and stable high distribution dividend policy,while Tiantan Bio has implemented a discontinuous and unstable low distribution dividend policy.Secondly,the two companies Hualan Biological and Tiantan Biological are comparatively analyzed and analyzed from a series of relevant indicators in five aspects: profitability,profit quality,operating capacity,development capacity and debt repayment ability.The operating capacity and level of the enterprise.Then,a comparative analysis of the market responses of Hualan Biology and Tiantan Biological to implement different dividend policies is carried out,that is,to analyze the impact of different dividend policies on the corporate stock market response by comparing and analyzing the two indicators of dividend declaration daily excess return and market value.Finally,a comparative analysis of the impact of the implementation of different dividend policies by Hualan Biology and Tiantan Biology on corporate value,that is,by comparing and analyzing the Tobin Q value and total asset EVA rate,to study the different dividend policies to corporate value and corporate value The impact of economic value,as well as the establishment of a real income cash flow valuation model,to study the impact of different dividend policies on the intrinsic value of the company.By comparing and analyzing the dividend policy and a series of related indicators of Hualan Biotechnology and Tiantan Biotechnology,it is finally concluded that the implementation of different dividend policies will not have a substantial impact on the business level of the enterprise,but there is a lack of high cash dividends for the long-term planning of enterprise development.Policies will increase the financing cost of enterprises,which is not conducive to the long-term development of enterprises;short-term high-distribution dividend policies will have a positive impact on the company's short-term stock market and corporate value;continuous and stable high-distribution dividend policies will bring long-term stock market and corporate value bands To have a more positive impact.The results of the study have implications for Hualan Biology and Tiantan Biology's dividend distribution policies,for listed companies to formulate scientific and reasonable dividend distribution policies,and for securities market regulators.