会计学院知识库

With China's capital market regulatory framework transitioning from the 2004 semi-mandatory dividend policy to the 2023 classified mandatory constraints, the newly revised "State Council's Opinions on Further Promoting the Reform, Opening-up, and Stable Development of the Capital Market" (New "Nine National Policies") explicitly encourages technology-based listed companies to increase dividend ratios within reasonable ranges, achieving dynamic balance between shareholder returns and innovation investments. Contemporary Amperex Technology Limited (CATL), a global leader in power battery sector, demonstrates significantly higher dividend payout ratios than industry averages while maintaining consecutive five-year cash dividend growth, providing a valuable research sample for studying dividend policy choices of Chinese manufacturing enterprises.

This study constructs an analytical framework integrating life cycle theory of dividend policy, principal-agent theory, and free cash flow hypothesis, aiming to verify the applicability of free cash flow distribution patterns for mature enterprises in Chinese manufacturing; and quantify the dual effects of high-dividend policies on market reactions. Employing case study methodology, the research compares enterprise life cycle stages with industry characteristics to demonstrate the supporting role of free cash flow in high-dividend policies. Event study methodology

is used to measure market reactions and validate the positive correlation between free cash flow and dividend payout ratios. Through deconstructing controlling shareholder behaviors, the research reveals triple driving mechanisms of control premium, tax arbitrage, and refinancing demands. Empirical results indicate that CATL's high-dividend policy arises from the combined effects of enterprise life cycle, ownership structure, and differentiated dividend policies. Its dividend payout ratio aligns with life cycle theory expectations for mature enterprises while satisfying major shareholder capital demands through dividend-plus-financing strategies. Market reaction analysis shows significant cumulative abnormal returns exceeding industry averages during the announcement window, verifying the applicability of dividend catering theory. However, high dividend payouts not only result in R&D intensity below industry averages with potential technological lag risks but also create wealth transfer risks through controlling shareholders' "high-dividend plus private placement" strategies.

The study provides three key implications: first, enterprises should establish a dynamic balance model with dividend ratio = 50% + R&D intensity; second, equity balance mechanisms should be perfected to protect minority shareholders; third, regulators should explore "dividend commitment + R&D special account" regulatory models to ensure rational allocation of free cash flows. The findings offer important