| With the continuous growth of China’s capital market and the incentives of the semi-compulsory dividend policy issued by the Securities Regulatory Commission,the size,the quantity and the ratio of dividends of listed companies have increased significantly.However,the problems that come with it cannot be ignored.The automobile manufacturing industry is a pillar industry in China,and it’s far superior to other industries in terms of cash distribution level.A typical representative of the implementation of the high-dividend policy in the automobile manufacturing industry——JMC,analyzes its motivation and implementation effect,which can provide a reference for other companies in the automobile manufacturing industry to formulate dividend policies.First,this thesis uses the documentary research method to inscribe the relevant achievements of literature related to the high cash payout dividend policy over the years,and then builds the analysis framework of this thesis on the basis.Combined with the academic division standards in recent years,the earnings per share of more than 0.3 yuan are recognized as high payouts.On this basis,I divide the policy into normal high cash dividend policy and abnormal high cash dividend policy.In the third chapter of this article,the basic operating conditions and dividend distribution of the automobile manufacturing industry and JMC are described in detail.the auto manufacturing industry has developed a significant trend of scale as a resource and technology-intensive industry,and the degree of industrial relevance and foreign participation is relatively high.However,the local independent brand awareness is low.And compared with foreign investors who master key technologies and well-known brands,it does not have a core competitive advantage.In the industry,the cash distribution level of JMC is relatively high,especially the cash distribution in 2017 and 2020.This thesis mainly studies the motivation and corresponding effects of JMC’s implementation of the 2020 annual dividend distribution plan.In the fourth chapter of this article,the motivation for its high school appearance is explored in two aspects: internal and external.The internal motivations mainly include the failure of the company’s strategic transformation and the company’s high equity concentration which lead to major shareholders hold the main power to decide the policy.The abundance of cash and the lack of investment opportunities also contributed to the cash distribution.While external motivations are mainly caused by signal transmission and policy promotion.The fifth chapter evaluates the effect of JMC’s high-dividend policy from both sides.And it uses sales and administration charge ratio to measure the agency cost,which draws the conclusion that the highpayout has a positive effect on reducing the agency cost.And based on the signaling perspective to affirm that it helps build a good corporate image.Using the analysis method of financial indicators to analyze the operation ability,profitability and debt repayment ability,and the results showed that JMC’’s dividend policy had a negative impact on the subsequent operation of the enterprise.Using Tobin’s q-value and excess return based on the event study method to measure the value of the enterprise and market’s response to the high performance of JMC,the results show that the market will give positive feedback in the short term,but in the long run may get worse and the value also would be decline.Therefore,the enterprise should focus on production and operation.Finally,this essay puts forward related suggestions from the perspectives of the enterprise itself,the regulator and the investor based on the case analysis,which urges JMC to think about how to improve the dividend distribution.It also has implications for other firms in the auto manufacture industry,promotes the improvement of laws and regulations,and makes investors pay more attention to enhance the self-risk defense ability. |
PDF Full Text Request