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ID:50214814
大小:9.39 MB
页数:63页
时间:2020-03-05
《我国上市公司高派现股利政策的影响因素研究——以张裕公司为例.pdf》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、RESEARCHONTHEAFFECTINGFACTORSOFHIGHCASHDIVIDENDPOLICYOFCHINESELISTEDCOMPANIES—externalfactors.Thirdly,itintegratestheorywithpracticeandusethemethodofcaseanalysistogiveadetailedanalysisoftheafectingfactorsofChangyucompany'shighcashdividendpolicythroughfinancialp
2、osition,equitystructure,futureinvestmentopportunitiesandenterpriselifecycle.Attheendofthearticle,thispaperdrawsconclusionsandmakesrecommendationsonthisbasis.Basedontheresultsoftheoreticalanalysisandthemainfindingsofthedissertationareasfollows:(1)Amongthemanyfac
3、torsthataffectthelistedcompanies'highcashdividendpolicy,thehighprofitabilityaccumulatedalotofmoneywhichhasbringsuficientcashflowisanimportantprerequisiteforitshighcashdividends.(2)Thechangeoftheequitystructurehasadecisiveimpactonitscurrenthighcashdividendpolicy
4、.Meanwhile,theseniormanagementascompanies'actualcontrolinordertoachievetheirowninterestsismoreinclinedtohighcashdividendpolicynow.The"dominance"modelofgovernancemayalsotendtousehighcashdividendstotransferfunds.(3)Whenthecompanyhasstrongprofitabilityandinthefutu
5、retherehasnogoodinvestmentopportunities,thecompanywillmoreinclinedtochoosethehighcashdividendpolicy.(4)Enterpriselifecycleisoneofthemainfactorsafectingthehighcashdividendpolicyofthelistedcompanies.Whenthecompanyisinthelifecyclestageofmaturity,accordingtotheexpl
6、anationoftheenterpriselifecycletheory,thecompaniesmoreinclinedtoalargecashdividendsatthisstage.(5)Accordingtosignalingtheory,thecompanies'consecutiveyearsofhighcashdividendpolicyhasbecomeanimportantwaysfordeliveringthegoodinformationtothecapitalmarkets.Meanwhil
7、e,inordertoavoidabnormalfluctuationsmakeadverseefectsonthecompany,thecompanyalsotendtomaintainthecontinuityandstabilityofthedividendpolicy.(6)Thecompanyinordertoensurethesmoothprogressoftheequityrestructuringhadmakeacommitmentonthedistributionratioofcash,andthe
8、proportionofforeignownershipofthecompanyhassomeimpactonthecompany'shighcashdividendpolicy.ThroughtheanalysisofthecaseofthehighcashdividendpolicyofChangyucompany.Theresultssh
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