会计学院知识库

股利政策是关系到诸多利益相关者的一项重大财务决策，在我国资本市场发展的过程中，股利政策也在与时俱进。早期，因为我国股市股息率偏低，引发了广泛关注。为了规范市场行为，保护中小股东权益，证监会相继出台了一系列分红制度，旨在引导上市公司合理、规范分红，从而营造良好分红环境。在政策指引下，我国股市的分红水平有了显著提升，但同时高派现现象也开始凸显，甚至一些公司不立足实际，超能力进行异常高派现，这种不合理行为值得深入研究。

在此背景下，本文选取重庆百货这一具有代表性的高派现上市公司进行案例研究。首先，本文在整理国内外研究文献的基础上，结合股利政策基本理论和高派现的研究成果，形成了以高派现界定、影响因素及经济后果研究为主体的框架。其次，结合重庆百货基本情况及行业特点，梳理公司自近十年的股利分配情况，界定其中的高派现行为并从财务和非财务两个角度分析其影响因素。最后，本文从公司财务现状、市场反应及企业价值三个维度切入，运用事件研究法、经济增加值和托宾Q值等分析方法和工具，研究这一股利政策带来的经济效果。

通过案例研究发现，高派现股利政策的影响因素是多方面的。从财务角度看，较强的资产流动性、良好的盈利能力及丰富的现金储备为其提供了财务支持；从非财务角度来看，一方面公司存在迎合控制人意愿和股东持股自利的可能，另一方面，公司步入成熟期后缺少投资机会以及外部监管政策的推动也是其实施高派现股利政策的原因之一。此外，就经济后果来说，合理的良性高派现能够向市场传递正面信号，短期市场反应积极，帮助提升公司价值；而超出企业能力范围的异常高派现则未必会对市场反应和企业价值产生积极影响。因此，本文分别针对不同主体提出建议，希望能实现良性互动循环，促进资本市场健康运行。

Dividend policy is a major financial decision that affects many stakeholders. With the development of China's capital market, the dividend policy is also advancing with the times. In the early days, the dividend yield of China's stock market was low, which harmed the interests of investors. To this end, the China Securities Regulatory Commission has successively promulgated a series of dividend systems to guide listed dividends, so as to protect the rights and interests of small . Under the guidance of the dividend policy, the willingness and level of cash distribution of listed companies in China have been significantly improved, but at the same time, the phenomenon of high cash payout has also begun to become prominent, and even some companies are not based on reality and carry out abnormally high cash payouts, which has attracted widespread attention.

In this context, this paper takes Chongqing Department Store, a listed company that has been engaged in high cash payout, as an example to study . First of all, after combing through the relevant literature at home and abroad, this paper combines the basic theory of dividend policy and the research results of high cash payouts to form a framework based on the definition, influencing factors and economic consequences of high payouts. Secondly, this article combines the company's basic situation and industry characteristics, sorts out the company's dividend distribution in the past ten years, defines the current behavior of the high payouts, and analyzes its influencing factors from both financial and non-financial perspectives. Finally, this article analyzes the economic effects of the high cash dividend policy from three perspectives: the company's financial situation, market reaction, and corporate value.

Through the case study, it is found that the influencing factors of the high dividend policy are multifaceted. From a financial point of view, it is financially supported by sufficient liquid assets, strong profitability and abundant cash reserves, while from a non-financial point of view, there is the possibility of catering to the wishes of the controller and the self-interest of shareholders, and the lack of investment opportunities after the company enters the mature period and the promotion of external regulatory policies are also the reasons for the implementation of the high dividend policy. In addition, in terms of economic consequences, the  market reaction of benign high cash payouts is positive and it helps to increase the value of the company; Abnormally high payouts may not produce a positive market response and may not enhance corporate value. Therefore, this article puts forward suggestions for different entities, hoping to promote the healthy operation of the capital market.