会计学院知识库

上市公司股利政策的选择对其未来经营发展和资本市场良好秩序的维护都有着至关重要的作用。引导上市公司更加合理地选取股利政策，重视投资者权益保护近年来占据我国经济研究的地位逐渐扩大。随着国家相关政策的完善，上市公司分红的比例不断提升，高派现现象引起了股东、证监会等的高度关注。

国内外学者从多个不同的方面对高派现政策实施的原因和效果进行了深入的研究，但其较多地集中在实证研究的领域。本人在总结分析前人研究成果并学习股利政策有关理论之后，以格力电器的高派现现象为研究对象，结合案例研究法，对高派现行为的影响因素及高派现行为带来的效果进行了研究。通过总结格力电器数年来的现金分红情况并与相关企业及历史数据的对比发现格力电器存在高派现的行为。通过分析发现，格力电器的高额现金分红来自于充裕的自由现金流量、良好的财务状况；且与企业所处的生命周期、股权结构和资本结构挂钩；同时受到国家宏观政策调控及科技发展多种因素的影响。而对于高派现行为给公司带来的效果，本文从积极效果和消极效果两个方面分析，积极方面包括提高公司投资的效率、抑制低效投资的产生，提高投入资本回报率；增加投资者对公司经营发展的信心；促进公司价值的提升，预示公司未来良好的业绩和成长趋势；同时还有利于保护股东权益；降低代理成本；促进公司与投资者之间的关系。研究结果与本文所列示的各项股利理论相吻合。消极方面本文着重阐述由于高派现导致自由现金流量减少所带来的财务风险，并针对风险提出了防范措施。一方面公司可以通过调整债务结构、拓宽融资渠道的方式降低由单一的借款融资所带来的风险，另一方面，还需要将风险防范意识贯穿于公司生产经营的各个环节，降低风险发生的可能。期望通过研究能为相关企业制定和实施高派现股利政策提供可借鉴的经验和启示。

The choice of the dividend policy of the listed company plays a important role in its future development and the maintenance of a stable order in the capital market. In recent years, guiding listed companies to choose a more reasonable dividend policy, and attaching importance to the protection of investors' interests Occupies an important position in our country’s economic research.With the improvement of relevant national policies, the dividends paid by listed companies has gradually increased, and the behavior of high dividends has attracted high attention of shareholders and the China Securities Regulatory Commission.

Scholars around the world have researched on the reasons and effects of the adoption of high cash dividend policy from many different sides, but they are more concentrated in the field of empirical research. After summarizing and analyzing previous research results and learning the relevant theories of dividend policy, I took Gree Electric’s high payout phenomenon as the research object, combined with the case study method,to study the factors influencing Gree Electric’s current behavior and the effects of the current behavior. By summarizing Gree Electric’s cash dividend distribution over the past few years and comparing it with related companies and historical data, it is found that Gree Electric has a high payout behavior. Through analysis, it is found that Gree Electric’s high cash dividend comes from ample free cash flow, good financial status, and is linked to the life cycle, ownership structure and capital structure. Simultaneously, Gree implements a high proportion of cash dividend policy due to the influence of national macro policy regulation and technological development. As for the effects of high cash dividend phenomenon current actions, this article discusses both positive and negative effects. The positive side involves upgrading the efficiency of the investment, inhibiting the production of inefficient investments, and improving the response rate of invested capital; increasing investors’ confidence in the company’s business growth; promoting the promotion of the company’s value, indicating the company's good performance and growth trend in the future; at the same time, it is also conducive to protecting shareholders' rights and interests; reducing agency costs; and promoting relationships with investors. The research results are consistent with the dividend theories listed in this article. On the negative aspects, the article lists the financial risks created by the decreasing of free cash flow ,and proposes preventive measures against the risks. On the one hand, the company can reduce the risk caused by a single loan financing by adjusting its debt structure and broadening financing channels. On the other hand, the awareness of risk prevention needs to be run through all aspects of the company’s production and operation, the possibility of risk also needs to be reduced.It is hoped that this research can provide useful experience and message for related companies to draw up and carry out high dividend policy.