会计学院知识库

      股利政策是公司三大重要的金融决策，在公司发展中扮演关键角色，这也是目前学术界讨论的一个热点问题。所以，合理执行股利制度，不仅可以有效地提高公司的股票价格，而且可以有效地吸收外来资本，从而推动公司的长期发展。近年来，随着证监会的严格管制，我国的公司派现比例大幅上升，许多公司采取了高派现，但有不少中小股东因为大股东套现而利益受损，这明显违背证监会激励分红的本意，所以，对我国股利分配进行规范是当务之急。对海天高分红制度进行深入的探讨，既可以完善公司的分红制度，又可以充实对公司股利制度的研究。

      文章采用文献分析的方法，对国内外关于股利的相关研究进行了归纳，并对相关的股利制度进行了界定，理论基础以及高派现影响机制。接着简要地对海天味业的概况及六年来公司的现金分红进行了研究，并选取调味品行业里其他三家规模大，有代表性的企业进行横向对比，研究结果表明，海天味业的高派现具有数额大、持续性、稳定性好等特点。接下来通过案例分析法研究了海天味业实施高派现股利政策的内部和外部动因，主要因素包括：闲置资金多并且企业进入成熟期投资机会减少，股权较为集中以及国家政策的导向等。最后通过事件分析法和 Tobin’s Q 对其高派现所造成的经济后果进行研究，发现连续高派现对海天味业的盈利能力和营运能力影响较小，反而海天味业强大的获利能力给高派现提供支持：对造成公司偿债能力与成长能力微弱负面影响，有一定的潜在债务风险；通过股利宣告日前后五天的股价分析发现高派现对市场反应有一定的积极影响；结合 Tobin’s Q 和股利支付率发现，Tobin’s Q 在高派现期间上升，对公司的价值有促进的效果。

      本文的研究目的在于推动上市公司的分红决策的制定及股票市场的良性发展，建议投资者进行理性投资。本文认为，在实施股利分配的时候，应当考虑到公司的整体经济、未来的方向、生命周期等诸多因素，因此，要树立合理的投资理念，政府要对公司进行合理的分配，营造一个良好的、规范的投资环境。

      One of the three key financial decisions made by publicly traded corporations is dividend policy. It is extremely important to the company's growth，and it ss also a hot issue that academics are debating. Forming a suitable dividend policy is not only beneficial to recruiting outside investors and improving the company's stock price, but it is also advantageous to the company's bottom line. However, it is also critical to the company's long-term growth. In recent years, under the vigorous supervision of the China Securities Regulatory Commission, cash dividends paid by publicly traded enterprises has increased significantly and there have been many cases of high cash dividends. Among them, there are many high cash dividends behaviors in which substantial shareholders' interests are transferred, and the interests of small and medium shareholders are damaged, which is obviously inconsistent with the original intention of the CSRC, as a result, it is critical to govern listed company decentralization. The study of Haitian's is not only conducive to perfecting the formulation of its cash dividend policy, it also contributes to dividend policy studies.

      This study use the literature research approach to read and summarize studies on dividend policy conducted by researchers both domestically and internationally, after that, gives suggestions based on that information，introduces the concept, theoretical basis and the impact mechanism of the high dividend policy on the financial effect. After that, it quickly summarizes Haitian's fundamental position and examines its cash dividend program. in the past ten years and selects other three large- scale and representative enterprises in the condiment industry for horizontal comparison and finds that Haitian has high the cash dividend policy is defined by a large amount, continuity and stability. Next, the internal and external factors influencing Haitian's implementation of the high cash dividend policy are studied through case analysis. The main factors include: a lot of idle funds and In the mature stage of the business, there are less investment prospects., equity with a high degree of concentration and the orientation of national policies. Finally, through the event analysis method and Tobin's Q-value to study the economic consequences of its high cash dividend policy, it is found that the continuous high cash dividend policy has little impact on the profitability and operation capacity of Haitian, but Haitian has a strong profit. Profitability provides support for the policy. It has a weak negative impact on the company's solvency and growth ability, and there is a certain potential debt risk; through the stock price analysis of ahead and after the five days period of dividend announcement date, it is found that the policy has a certain positive reaction to the market. Combined with Tobin's Q value and dividend payout ratio, it is found that Tobin's Q increases during the period of high payout, indicating that it plays a role in enhancing the value of enterprises.

      The purpose of this paper is to promote enterprises to formulate a reasonable dividend policy, which will help investors to invest rationally and to develop a healthier securities market. It is suggested that when a listed entity applies a dividend policy, it should comprehensively measure the company's financial status, future development direction, investment opportunities, the company's life cycle, industry environment and other factors; investors should maintain a correct investment concept; regulatory authorities should guide listing the company distributes dividends rationally and establishes a healthy and standardized market environment.