| Dividend policy is an important part of modern corporate financial management.At the same time,the dividend policy also directly affects the vital interests of the majority of investors,and investors’ stock income mainly comes from dividend dividends and stock appreciation gains.In recent years,more and more listed companies have chosen to pay cash dividends to return investors.Although the proportion of listed companies that distribute cash in the A-share market has exceeded 70%,overall,the level of cash distribution still needs to be improved.A reasonable dividend policy can not only help enterprises achieve development goals,but also meet the demands of corporate stakeholders,and ultimately achieve a win-win situation of economic and social benefits.Therefore,enterprises must pay sufficient attention to dividend policies.After sorting out and summarizing the relevant literature and its research results,this paper selects midea group,a leader in the home appliance industry,as the case study object,and uses the methods of case study,literature research,comparative research and event research to analyze the important driving factors of the company’s high cash distribution for many years,and analyzes and studies the impact of this dividend policy on the company’s stock excess yield,corporate value and financial ability.The study found that: first,the equity structure affects the formulation of dividend policies;second,the level of foreign investment affects the level of dividend payment;third,the market response to high dividends is positive;fourth,the continuous high dividend increases the risk of enterprise operation.At the same time,the following countermeasures are proposed: strengthen corporate governance and protect the interests of small and medium-sized shareholders;balance the relationship between investment and cash dividends;appropriately reduce the level of cash distribution to cope with operational risks;and increase stock dividends to enrich dividends. |
