Study On The Motivation And Economic Effect Of The Abnormal High Cash Dividend Distribution Policy Of Anji Food

The relevant content of dividend distribution policy has always been a hot topic concerned by the capital market,and also an important content of financial decisions of enterprises,which affects the future development of enterprises.Before the 20 th century,most listed companies rarely or did not pay cash dividends,which seriously damaged the interests of investors and was not conducive to the healthy development of the capital market.Therefore,after 2000,China’s Securities Regulatory Commission issued a series of relevant policies to guide and require enterprises to distribute cash dividends.After the implementation of the policy,more and more enterprises began to pay cash dividends,and the amount of dividends gradually increased,but then some enterprises began to pay cash dividends beyond their own ability,which produced an abnormally high current dividend.Anji Food is one of the enterprises that have implemented abnormally high cash distribution.Therefore,this article takes Anji food as the research object to analyze and judge whether there is any abnormal cash dividend,and studies the causes of abnormally high cash distribution and the economic effects.This paper using the literature research method,case study method will be domestic and foreign integration analysis of literature and cases,to define the high current abnormal behavior and judge the security food between 2017 to 2020 abnormal high current,then further study the security food abnormal high current motivation and the economic effect.Judging from the analysis,There are four motives to implement the dividend distribution policy,First,the need of major shareholders to transfer benefits,The company’s shareholding structure is too concentrated,There is the phenomenon of "one dominant share" and in order to quickly recover the IPO costs,Paying high dividends has become a means of profit for major shareholders;Second,because the stock price of Anji Food is undervalued by the market,In order to signal to the market,Attract investors to invest,Thus leading to the occurrence of the abnormal high school for;Third,the enterprises are in the mature stage,Less investment opportunities,So they are more inclined to return the proceeds to their shareholders;Fourth,the continuous adjustment of national policies,Catering to the needs of the policy.It can be found from the current economic effect of the extremely high school that this behavior does not bring positive market reaction but brings negative effects,and affects the financial performance related indicators of the enterprise,has an adverse impact on the financial situation,and reduces the value of the enterprise.In view of the research results,this paper puts forward the listed companies to formulate reasonable dividend distribution policy,regulators should take targeted measures to control abnormal high for current,investors should set up the concept of rational investment and other related Suggestions,in order to remember food can combine their ability to implement more perfect effective dividend distribution policy,at the same time to industry enterprises and investors provide some experience,in order to promote the healthy and positive development of capital market.