Research On The Influence Of Abnormal High Dividend Of Taiji Stock On Enterprise Value

In recent years,the stock market has become an important part of people's daily life,and the dividend policy of listed companies has also become a hot topic.The cash dividend in the dividend policy is an important decision in the operation and management of the company.At present,there are some enterprises in the market,such as Guizhou Maotai,Huachang Chemical Industry and evergreen Co.,Ltd.,which pay extremely high cash dividends.Is its extremely high cash dividend policy reasonable? Is the dividend policy good for the future development of the enterprise? What is the impact on enterprise value? Is it enough to send a positive signal to investors? Based on relevant theories,this paper takes the dividend distribution policy of Taiji since its listing in 2010 as a research case,and makes an in-depth analysis from three levels: the analysis and judgment of abnormal high cash dividends,influencing factors and the impact on enterprise value.Firstly,this paper judges the high cash dividend distribution policy of Taiji shares from the perspectives of dividend amount per share,earnings per share and cash flow from operating activities.It is clear that during the nine years from 2010 to 2018,it has made unusually high dividend distribution in six years,of which the total dividend distribution from 2013 to 2015 is even much higher than the net profit and net operating cash flow of the enterprise.Then,from the internal and external aspects of the enterprise,this paper analyzes the motivation of high cash dividend.On the one hand,from the internal aspect of the enterprise,the controlling shareholders and short-term investors affect the cash dividend policy,the sufficient internal capital flow and the lack of investment opportunities urge the enterprise to formulate high cash dividend policy.On the other hand,from the outside of the enterprise,the maturity of the industry and the guidance of the market are also important factors affecting policy-making.Thirdly,this paper analyzes the long-term and short-term changes of enterprise value by using Tobin Q value,and event analysis,and studies the investment and financing of enterprises by using financial data.Through the case,it is found that the abnormally high cash dividend can not bring a positive impact on the enterprise value,especially for many years of investment,the market does not welcome too high cash dividend.On the contrary,the unusually high cash distribution policy will limit the development of the company to a certain extent because it affects the capital flow of the enterprise.Finally,aiming at the problems exposed in the case analysis of Taiji shares,this paper puts forward corresponding suggestions from the perspectives of enterprises,regulators and investors.I hope that through this analysis,we can further improve the relevant research on the abnormal high cash dividend behavior of GEM listed companies,provide reference for the company to formulate a more realistic dividend length,and also provide some reference for the improvement of the system and mechanism of the securities industry and the formulation of enterprise policies.