Influencing Factors Of High Dividend Policy Of Conch Cement

For the current enterprise management,the key element of the financial policy is the dividend policy.How to distribute profits efficiently is often decided by dividend policy of an enterprise.Usually,it also has a crucial influence on the future production and management mode of an enterprise.If we want to set up a good image of listed companies among the majority of shareholders and obtain brand benefits,we need each listed company to adopt reasonable and effective dividend policy in its actual operation and management process,and make high-quality returns to investors.Only in this way can we attract external financing,adopt a variety of effective measures and methods,comprehensively promote the upgrading and development of enterprises,and maximize the benefits of enterprises.Among the many dividend policies in modern companies,the most attractive one is cash dividend payment,which has obvious differences between China and foreign countries.Cash dividend is a very important measure for listed companies to repay investors,but it is not the case in China.The scale of economic development and the total amount of economic development in China are increasing continuously,and the securities market begins to appear.There are differences in the operation and management modes of various listed companies.In a long period of time,listed companies rarely implement cash dividends to investors.Although the number of listed companies is increasing,the proportion of cash distribution companies is still not growing.Most enterprises or companies basically do not directly distribute cash,but there are also a few companies that are very generous in cash distribution,which leads to the phenomenon of high cash distribution.This kind of companies tend to pay dividends By the focus of the stock market.Since 2006,a series of large-scale policy documents have been published to guide listed companies to pay cash dividends in accordance with the relevant national policies and documents.The introduction of these policy documents,to a certain extent,has significantly promoted various enterprises to adopt different levels of cash dividend measures.Next,we will take conch cement as an analysis and research case.At present,conch cement is the leader of the cement industry,with a very large customer base.Its cement production and sales have been far ahead in the industry.In 2002,conch cement was listed in Ashare market By analyzing a series of relevant financial data and non-financial information of conch cement,it is found that up to now,conch cement has paid a total of 42.2 billion yuan in cash,and its dividend payment rate has been rising steadily,and its cash distribution has been increasing in recent years.Such a dividend policy makes investors curious: what causes conch cement to continuously choose cash dividends,and is the dividend policy of high cash dividends,and whether the high cash dividend behavior of conch cement directly affects the current stock market valuation of conch cement.Whether the company’s implementation of high cash dividend policy has an impact on the stock price,and what economic impact it will bring to the enterprise after the implementation of high cash dividend policy.In the next period of time,how to improve and modify the relevant incentive policies of Listed Companies in the cement industry will be the top priority of this research topic,which needs more in-depth analysis and thinking.This will not only affect the operation and management and long-term plan of listed companies,but also affect the feedback of the cement industry and even the whole capital market to shareholders,The analysis of these problems will also help to improve the formulation and regulation of dividend policy and make it develop in a positive direction.Therefore,this paper selects 2015-2019 as the research cycle,takes conch cement as the research object,and carries out further research and analysis through the relevant influencing factors of conch cement’s implementation of high dividend policy.By consulting the relevant literature,the author makes a more clear explanation and analysis of the existing concepts and meanings of dividend policy,and makes a clear explanation and demarcation of the relevant concepts such as high dividend policy.At the same time,it also expounds the theoretical knowledge related to cash dividend,so as to make theoretical preparation for the follow-up research;secondly,it introduces the company case of conch cement,analyzes its cash dividend policy,first introduces the overall situation of conch cement,including the enterprise introduction,operation status,industry status,business scope and operation situation,and then according to the characteristics of conch cement,it also includes the annual report since its establishment Secondly,combined with the financial information and non-financial information of conch company,the paper further analyzes the impact of conch cement’s cash dividend policy on enterprises from two aspects of enterprise value and market effect.Finally,according to the research on Conch Cement’s high cash dividend policy,the paper concludes that Conch Cement’s high cash dividend policy has a positive impact on enterprises This paper concludes the research conclusions,and draws the case conclusions and suggestions,which provides valuable suggestions and research basis for the relevant listed companies in the cement industry how to formulate strong incentive policies according to the market conditions.