Study On The Implementation Motivation And Economic Consequences Of Conch Cement Cash Dividend Policy

As one of the core contents of corporate financial management,dividend distribution has always been a hot topic for scholars from all over the world.Reasonable dividend distribution policy can not only promote the development of enterprises,but also bring benefits to investors,so that the healthy operation of the capital market.Therefore,after 2000,China began to pay attention to the phenomenon of "emphasizing financing and light return" in the capital market,and the CSRC also successively issued some policies and suggestions to promote the healthy and sound operation of China’s capital market.Cement industry is one of the important industries in the development of national economy,and its development is related to the national economy and people’s livelihood.China’s economy has entered the stage of rapid development since the reform and opening up.Due to the expanding economic size and base of the cement industry,the cement industry has serious overcapacity,which has gradually entered the supply-side reform and the dual-carbon target and a series of policy suggestions,the cement industry is currently in the background of capacity reduction,structural optimization,technical upgrading and off-peak production.Therefore,it is particularly important for the cement industry to formulate a dividend policy that meets the development needs of enterprises,returns investment,and meets the regulatory environment.Conch cement co.,LTD.(hereinafter referred to as the "conch cement")as a leading enterprise in the cement industry,not only in production,technology has multiple "first" title,and its cash dividend distribution is particularly striking,listed during 20 years for 19 years,and cash amount,study the dividend behavior is of great significance.This paper studies the causes and consequences of the cash dividend behavior,comprehensively evaluates the cash dividend policy,finds the shortcomings of the company’s development from the evaluation,and puts forward improvement measures to maximize the effectiveness of the dividend policy of conch cement.This thesis is mainly divided into three sections,theoretical research,case analysis and conclusion suggestions.Theoretical research: Through sorting out the previous relevant literature,this thesis forms the research significance,research content and purpose of this thesis,determines the research ideas and research methods of this thesis,and explains the significance of relevant theories and concepts.Case analysis:This thesis analyzes the case of conch cement,compares the situation of the cash industry,and highlights the cash dividend,and the fourth chapter analyzes the financial and non-financial factors of the dividend distribution of conch cement,and found that conch cement has the profitability and the cash flow.In addition,responding to national regulatory policies,catering to the will of major shareholders,reducing agency costs and maturing the development stage are related to the implementation of cash dividend policy.This thesis also adopts the Granger causality test method to test the above easy quantitative indicators,and the results show that the other indicators are the main motivation of the market reaction and financial performance of conch cement through the event research method and financial index analysis method,and find that the cash dividend policy implemented by conch cement has a certain signal transmission effect,but due to the instability of the payment level of enterprises,resulting in limited market response.The impact of the dividend policy implemented by Conch Cement on financial performance,the operating efficiency of accounts receivable management needs to be improved,the solvency is not affected,and the development ability is suppressed under the current dividend policy.Finally,this thsis summarizes the cash dividend policy implemented by Conch Cement,and puts forward relevant suggestions on the enterprise itself,the regulatory agency and the investors,so as to ensure the feasibility of the company’s dividend policy to maximize its benefits and promote the healthy operation of the capital market.