会计学院知识库

  股利政策不仅是上市公司的全面状况的体现，也一直是历来学者们研究的热点问题，因为股利政策不仅决定着企业利润的去向，更影响着企业的市场价值。近年来，在一系列相关政策的推动下，我国选择实施现金股利的上市公司的数量与现金股利的质量均有了明显提高，有相当数量的公司为了进一步响应政策号召，主动的实施了高派现股利政策。

  本文基于国内外学者对股利政策的相关研究成果，采用事件研究法与案例研究法相结合的方式，研究我国调味品行业的龙头企业海天味业实施高派现股利政策的动因及效果。首先，本文通过阅读相关文献总结了国内外学者关于股利理论，高派现股利政策动因和高派现股利政策效果的研究成果，并对相关理论基础进行介绍。接下来通过对海天味业进行案例介绍，包括公司简介、调味品行业现状、股权结构，同时对海天味业的股利政策进行分析，通过分析我国目前所有上市公司和以行业为类别的上市公司的股利政策现状，案例企业分配情况及与同行业公司进行对比分析，发现海天味业高派现股利政策具有以现金分红为主、股利支付率高、股利政策连续且稳定等特征。接下来，通过具体分析相关数据，得出海天味业高派现的动因主要有四个方面：强大的资金支撑、满足股东需求、相关政策的推动和向市场传递良好的信号。最后，从市场反应、企业价值、代理成本与代理效率和财务绩效四个方面分析了海天味业高派现股利政策的效果。

  通过此次研究发现，海天味业在长期实施稳定的高派现股利政策后，受到了市场上投资者的认可，企业价值得到了有效提升，代理成本下降效果等证明海天味业的高派现股利政策是良性的。通过总结海天味业高派现股利政策的动因及效果后，针对其高派现股利政策的特点，提出了相关建议，包括对海天味业，其他公司和投资者。同时，希望上市公司在监管政策的引导下，日渐成熟的资本市场选择下，积极实行现金股利政策与广大投资者分享经营成果。最后，希望有未来更多关于股利政策的案例研究来丰富我国的案例库，为需求人员提供参考。

    Dividend policy is not only a manifestation of the overall situation of listed companies, but also has been a hot issue that has been studied by scholars.Because dividend policy not only determines the whereabouts of corporate profits, but also affects the market value of companies. In recent years, driven by a series of related policies, the number of listed companies that choose to implement cash dividends in China and the quality of cash dividends have been significantly improved. In order to further respond to the policy calls, a considerable number of companies have taken the initiative to implement high cash dividend policy.

    Based on the relevant research results of domestic and foreign scholars on dividend policy, this paper uses a combination of event research method and case research method to study the motivation and effect of the high cash dividend policy of Hai Tian, the leading company in the condiment industry in my country. First of all, this article summarizes the research results of domestic and foreign scholars on dividend theory, the motivation of high cash dividend policy and the effect of high cash dividend policy by reading relevant literature, and introduces the relevant theoretical basis. Next, through a case introduction to Hai Tian, including company profile, condiment industry status, shareholding structure, and analysis of Hai Tian's dividend policy, through analysis of all current listed companies and industry-based listed companies in China Dividend policy status, case company distribution and comparative analysis with companies in the same industry found that Hai Tian's high cash dividend policy has the characteristics of cash dividends, high cash dividend payout ratio, and continuous and stable dividend policy. Next, through specific analysis of relevant data, it is concluded that Hai Tian's high cash dividends are mainly motivated in four aspects: strong financial support, meeting shareholder needs, promotion of relevant policies, and sending a good signal to the market. Finally, it analyzes the effect of Hai Tian's high cash dividend policy from four aspects: market response, corporate value, agency cost, agency efficiency and financial performance.

    Through this research, it is found that after Hai Tian has implemented a high cash dividend policy for a long time, it has been recognized by investors in the market. The corporate value has been effectively improved, and the agency cost reduction effect has proved that Hai Tian's high cash dividend policy Benign. After analyzing the motivations and effects of Hai Tian's high cash dividend policy, using its high cash dividend policy as a reference, relevant suggestions were put forward, including for companies, investors and regulatory authorities. At the same time, it is hoped that under the guidance of regulatory policies and increasingly mature market choices, listed companies will actively implement a cash dividend policy to share their operating results with investors. Finally, I hope that there will be more case studies on dividend policy in the future to enrich our China's case database and provide references for people in need.