雙匯發(fā)展高派現(xiàn)股利政策研究
發(fā)布時間：2018-09-14 11:46
【摘要】：股利分配與公司可持續(xù)發(fā)展和股東投資回報息息相關(guān)。隨著我國資本市場的不斷發(fā)展,高派現(xiàn)現(xiàn)象日益顯著,良性與非良性高派現(xiàn)行為并存的問題日漸突出。雙匯發(fā)展作為連年進行高派現(xiàn)且近年多次進入我國上市公司分紅排行榜前列的典型代表已引起了廣泛關(guān)注,因此,深入研究其高派現(xiàn)股利政策具有重要的現(xiàn)實意義。論文在梳理國內(nèi)外相關(guān)股利政策理論與實證研究成果的基礎(chǔ)上,采取規(guī)范分析和案例分析相結(jié)合的方法,首先對雙匯發(fā)展高派現(xiàn)股利政策實施現(xiàn)狀和行業(yè)背景進行分析,發(fā)現(xiàn)其高派現(xiàn)股利政策在具有連續(xù)性、階段性和增長性等特點的同時也存在派現(xiàn)金額不穩(wěn)定、股利支付率波動大和市場反應(yīng)不理想等現(xiàn)象。于是基于縱向和橫向兩個角度,從財務(wù)能力、公司治理、市場環(huán)境和戰(zhàn)略發(fā)展等方面深層剖析了雙匯發(fā)展選擇和實施高派現(xiàn)股利政策的原因,發(fā)現(xiàn)穩(wěn)健的盈利能力和大量的現(xiàn)金流為雙匯發(fā)展連年高派現(xiàn)奠定了扎實的基礎(chǔ);信號傳遞效應(yīng)、證監(jiān)會分紅政策鼓勵和行業(yè)發(fā)展優(yōu)勢是其高派現(xiàn)的重要助力;步入成熟期后,成長能力的下降和良好投資機會的缺失也對雙匯發(fā)展高派現(xiàn)產(chǎn)生了重要影響;而其股權(quán)結(jié)構(gòu)、管理層激勵需求和私募股權(quán)投資利益最大化則是雙匯發(fā)展選擇和實施高派現(xiàn)股利政策的主要原因,其中控股股東利益驅(qū)動是其根本動因。然后在前文分析的基礎(chǔ)上對雙匯發(fā)展高派現(xiàn)股利政策的優(yōu)勢和不足進行了總體評價,認為雙匯發(fā)展高派現(xiàn)具備財務(wù)能力良好、控股股東利益導(dǎo)向與公司長遠發(fā)展方向一致、食品加工行業(yè)支持和一體多元化發(fā)展戰(zhàn)略定位等優(yōu)勢,但其營運能力下降、股權(quán)集中度過高、品牌信譽度受阻和投資儲備資金不足等不足之處也不容忽視。所以最后重點從雙匯發(fā)展高派現(xiàn)股利政策實施現(xiàn)狀出發(fā),結(jié)合我國證券市場實際,建議雙匯發(fā)展從提升財務(wù)支撐能力、規(guī)范清晰股權(quán)結(jié)構(gòu)、提高食品安全質(zhì)量、實施品牌發(fā)展戰(zhàn)略等方面優(yōu)化其高派現(xiàn)股利政策。對雙匯發(fā)展連年選擇并實施高派現(xiàn)股利政策進行的多維度、多層面、多因素的深入探討,既可為我國現(xiàn)金股利政策研究提供新視角和新案例,又有助于雙匯發(fā)展優(yōu)化完善其高派現(xiàn)股利分配決策以實現(xiàn)公司價值的最大化和可持續(xù)發(fā)展,吸引更多的市場投資者,同時對其同行業(yè)與同類型上市公司制定和實施高派現(xiàn)股利政策具有重要的參考價值。
[Abstract]:Dividend distribution is closely related to the sustainable development of the company and the return on shareholders' investment. With the development of capital market in China, the phenomenon of high cash payout is becoming more and more obvious, and the problem of the coexistence of benign and non benign high cash payout behavior is becoming more and more prominent. The development of Shuanghui, as a typical representative of high dividend payout in recent years and entering the top of the list of dividends of listed companies in China, has attracted extensive attention. Therefore, it is of great practical significance to study deeply the policy of high dividend payout. On the basis of combing the domestic and foreign related dividend policy theory and empirical research results, this paper adopts the method of combining normative analysis and case analysis, first of all, it analyzes the current situation and industry background of the development of high dividend policy in Shuanghui. It is found that the high dividend policy has the characteristics of continuity, stage and growth, and it also has some phenomena, such as unstable payout amount, large fluctuation of dividend payment rate and unsatisfactory market reaction, etc. Therefore, based on the vertical and horizontal perspectives, the reasons for the choice and implementation of the high dividend policy in Shuanghui are deeply analyzed from the aspects of financial ability, corporate governance, market environment and strategic development. It is found that the steady profitability and large amount of cash flow have laid a solid foundation for the development of high cash payments for Shuanghui in successive years; the signal transmission effect, the encouragement of the SFC's dividend policy and the advantages of industry development are the important contributions to its high cash payout; after entering the mature period, The decline in growth capacity and the lack of good investment opportunities have also had an important impact on the development of high dividends in Shuanghui, and its equity structure, The incentive demand of management and the maximization of private equity investment benefit are the main reasons for the development of Shuanghui and the implementation of high dividend policy. Then, on the basis of the above analysis, the author evaluates the advantages and disadvantages of the development of high dividend policy in Shuanghui, and thinks that the development of high dividend in Shuanghui has good financial ability, and the direction of controlling shareholders' interests is consistent with the long-term development direction of the company. The food processing industry supports and integrates the diversification development strategy localization and so on superiority, but its operating ability drops, the stock right concentration degree is too high, the brand credit degree is blocked and the investment reserve fund insufficiency also cannot be ignored. So finally, starting from the current situation of the implementation of the high dividend policy for the development of Shuanghui, combining with the reality of the securities market in China, it is suggested that Shuanghui should improve its financial support ability, standardize the ownership structure, and improve the quality of food safety. Implement brand development strategy and optimize its high dividend policy. The multi-dimensional, multi-level and multi-factor in-depth discussion on the selection and implementation of high dividend policy for the development of Shuanghui in successive years can provide a new perspective and case for the study of cash dividend policy in China. It also helps Shuanghui to optimize and perfect its high dividend distribution decision in order to maximize the value and sustainable development of the company and attract more market investors. At the same time, it has important reference value for the same industry and the same type of listed companies to formulate and implement the high dividend policy.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.82
本文編號：2242621
[Abstract]:Dividend distribution is closely related to the sustainable development of the company and the return on shareholders' investment. With the development of capital market in China, the phenomenon of high cash payout is becoming more and more obvious, and the problem of the coexistence of benign and non benign high cash payout behavior is becoming more and more prominent. The development of Shuanghui, as a typical representative of high dividend payout in recent years and entering the top of the list of dividends of listed companies in China, has attracted extensive attention. Therefore, it is of great practical significance to study deeply the policy of high dividend payout. On the basis of combing the domestic and foreign related dividend policy theory and empirical research results, this paper adopts the method of combining normative analysis and case analysis, first of all, it analyzes the current situation and industry background of the development of high dividend policy in Shuanghui. It is found that the high dividend policy has the characteristics of continuity, stage and growth, and it also has some phenomena, such as unstable payout amount, large fluctuation of dividend payment rate and unsatisfactory market reaction, etc. Therefore, based on the vertical and horizontal perspectives, the reasons for the choice and implementation of the high dividend policy in Shuanghui are deeply analyzed from the aspects of financial ability, corporate governance, market environment and strategic development. It is found that the steady profitability and large amount of cash flow have laid a solid foundation for the development of high cash payments for Shuanghui in successive years; the signal transmission effect, the encouragement of the SFC's dividend policy and the advantages of industry development are the important contributions to its high cash payout; after entering the mature period, The decline in growth capacity and the lack of good investment opportunities have also had an important impact on the development of high dividends in Shuanghui, and its equity structure, The incentive demand of management and the maximization of private equity investment benefit are the main reasons for the development of Shuanghui and the implementation of high dividend policy. Then, on the basis of the above analysis, the author evaluates the advantages and disadvantages of the development of high dividend policy in Shuanghui, and thinks that the development of high dividend in Shuanghui has good financial ability, and the direction of controlling shareholders' interests is consistent with the long-term development direction of the company. The food processing industry supports and integrates the diversification development strategy localization and so on superiority, but its operating ability drops, the stock right concentration degree is too high, the brand credit degree is blocked and the investment reserve fund insufficiency also cannot be ignored. So finally, starting from the current situation of the implementation of the high dividend policy for the development of Shuanghui, combining with the reality of the securities market in China, it is suggested that Shuanghui should improve its financial support ability, standardize the ownership structure, and improve the quality of food safety. Implement brand development strategy and optimize its high dividend policy. The multi-dimensional, multi-level and multi-factor in-depth discussion on the selection and implementation of high dividend policy for the development of Shuanghui in successive years can provide a new perspective and case for the study of cash dividend policy in China. It also helps Shuanghui to optimize and perfect its high dividend distribution decision in order to maximize the value and sustainable development of the company and attract more market investors. At the same time, it has important reference value for the same industry and the same type of listed companies to formulate and implement the high dividend policy.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.82
【參考文獻】
相關(guān)期刊論文 前1條
1 吳平;;上市公司高派現(xiàn)與不分配現(xiàn)象研究[J];經(jīng)濟縱橫;2010年12期
，本文編號：2242621
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