Study On The Cash Dividend Distribution Policy Of Dabeinong Group Under The Financial Strategy Three-dimensional Matrix

Dividend distribution is one of the important financial strategic decisions.A scientific and reasonable cash dividend distribution policy can not only bring considerable income for corporate investors,but also help to build a good corporate image.As the core content of enterprise profit distribution,it is the guarantee of interests internally and the embodiment of value externally.The academia has never stopped the exploration and research about the cash dividend distribution policy because of its importance.but most of the existing research put eyes on the empirical research of the influence factors of dividend distribution,and most of the theories adopted are principal-agent theory and catering theory of dividends etc.,it is relatively rare to see the research in dividend distribution based on the financial strategy matrix.The traditional financial strategy matrix is divided into four quadrants with the state of capital surplus and shortage and the state of value creation as the horizontal and vertical axes.The current stage of the enterprises can be intuitively understood according to its distribution in the matrix.The improved financial strategy matrix provides the possibility for comprehensive analysis of enterprise status after adding uncertainty factors.Financial strategy matrix is widely used in the analysis and evaluation of enterprise financial strategy at present,which has certain reference value for enterprises to formulate scientific and reasonable dividend distribution policy.In this thesis,the dividend distribution policy and financial strategy matrix related theories and research status at home and abroad are firstly sorted out,and the agricultural listed company named Dabeinong Group is selected as a case study to introduce the current situation of cash dividend distribution policy formulated and implemented since its listing,and concludes that it has the characteristics of single dividend distribution,low payment level and instability.Then constructs the financial strategy three-dimensional matrix and use this model to study the cash dividend distribution of Dabeinong Group,and analyzes the influencing factors from subjective and objective perspectives and verifies the market reaction by event study method.Finally,puts forward three suggestions,such as making a stable dividend distribution policy,paying attention to the diversity of dividend distribution,and taking the financial strategy three-dimensional matrix as the basis for decision making,hoping to provide some reference for the development and optimization of dividend policy of Dabeinong Group,and also provides empirical basis for other agricultural listed companies.