| A company’s dividend policy is not only a simple decision about whether to pay dividends,how to pay dividends,and how much to pay,but also a decision-making direction that reflects whether the company chooses to use existing profits to reward shareholders or reinvest them.Investors pass on relevant information about the company’s operating conditions.For companies in different life cycles,the dividend policy formulated will be affected by the stage they are in.If the dividend policy formulated does not meet the life cycle characteristics and development needs,it is not conducive to the long-term development of the company.Therefore,about It is also very important to study how companies conduct dividend distribution according to their own life cycle stages.On the basis of the existing related researches on enterprise life cycle theory and dividend policy theory,and based on the annual report of Sany Heavy Industry from 2003 to 2020,this paper analyzes the changes and changes in the dividend policy of Sany Heavy Industry in the past 18 years.reasons,and put forward countermeasures for its possible problems.In the choice of research methods: because many scholars in the existing literature have chosen to use empirical research methods to conduct macroscopic big data analysis of a certain industry or a certain type of enterprises,and thus draw general conclusions;By means of case study,it analyzes the dividend policy of Sany Heavy Industry,a single enterprise,and puts forward targeted suggestions.The overall logical framework of this paper is as follows: Chapter 1 summarizes the research background,as well as the existing literature on enterprise life cycle and dividend policy;In the third chapter,a case company,Sany Heavy Industry,is introduced,and its industry and basic situation are introduced.In this chapter,its life cycle is divided,and the dividend policy adopted in the corresponding life cycle stage is explained and explained.Brief analysis;when dividing the life cycle,this paper chooses the combination of the cash flow portfolio division method and the retained rate of return method to ensure the accuracy of the division results;the fourth chapter mainly includes: market reaction analysis of dividend policies over the years,The analysis of changes in dividend policy and the possible reasons for the changes from different perspectives;the fifth chapter mainly summarizes the previous research results,and summarizes the possible deficiencies in the dividend policy of Sany Heavy Industry over the years,and at the same time aims at these deficiencies.Put forward corresponding countermeasures or suggestions.The research results show that: Sany Heavy Industry’s dividend policy is affected by financial and non-financial factors: among financial factors,changes in profitability,solvency,growth ability,cash flow level,etc.will affect its dividend policy;non-financial factors Changes in macroeconomic environment,ownership structure,industry factors and laws and regulations will all have certain impacts;among them,the impact of cyclical changes in the construction machinery industry is particularly obvious.In addition,the dividend policy of Sany Heavy Industry over the years still has the following shortcomings: the level of dividend distribution in the initial stage is too high,the method of dividend payment is single,and the level of cash dividend payout rate needs to be improved.In view of the above deficiencies,the following countermeasures and suggestions are put forward: optimize the shareholding structure;set up diversified forms of dividend payment;formulate corresponding dividend policies according to the life cycle and formulate long-term dividend plans. |
