Research On The Motivation And Economic Consequences Of The "Dividend-Type" Reduction

In recent years,the massive expansion of the Internet giants has attracted attention,followed by the central economic policy of "strengthening anti-monopoly and preventing the disorderly expansion of capital",which aims to promote the sound development of the market in accordance with laws and regulations.In this context,Tencent announced at the end of 2021 to reduce its holdings of JD Group in the way of interim dividend,and the "dividend-type" reduction came from this.From the perspective of dividend distribution,this paper intends to study and analyze Tencent’s special dividend,and deeply discuss the two major issues of the motivation and economic consequences of "dividend-type" reduction,in order to provide references for the orderly expansion of capital and fair competition in the industry.This paper uses literature analysis method,case study method and event analysis method to study the motivation and economic consequences of Tencent’s "dividend-type" reduction of JD.The main research contents are as follows: Firstly,based on the logic of "motivation — event — result",the research framework of "dividend-type" reduction is built: Motivation and economic consequences are studied in the framework of "four driving factors" and "two perspectives of consequences".Secondly,in terms of motivation analysis,the motivation of "dividend-type" reduction is classified into "four driving factors" — financial factor,shareholder factor,legal factor and the factor of the reduced party.Thirdly,in terms of the analysis of economic consequences,the economic consequences of "dividend-type" reduction are classified into "two consequences perspectives" — Tencent perspective and JD perspective.Tencent perspective includes the impact of stock price,financial statement impact and business ecological impact,and JD perspective includes the impact of stock price and corporate governance impact.The research finds that: Firstly,considering the particularity of "dividend-type" reduction,a more comprehensive consideration should be made on the basis of common studies when studying its motivation and economic consequences,and a broader research framework should be set up.Secondly,this "dividend-type" reduction is driven by financial factors,shareholder factors,legal factors and the factor of the reduced party,each of which contributed to Tencent’s decision to allocate JD shares to varying degrees.Finally,the "dividend-type" reduction in terms of economic consequences for Tencent brought more positive impact,JD.com brought slight negative impact,in line with market expectations.The main innovation lies in: choosing the perspective of distribution of property dividends of listed companies for research,which makes up for the lack of research on property dividends at present;Based on the perspective of dividend distribution,a research framework for analyzing "dividend-type" reduction events is established;Enriched the motivation of dividend distribution research.