双汇发展高派现股利政策研究
发布时间：2018-09-14 11:46
【摘要】：股利分配与公司可持续发展和股东投资回报息息相关。随着我国资本市场的不断发展,高派现现象日益显著,良性与非良性高派现行为并存的问题日渐突出。双汇发展作为连年进行高派现且近年多次进入我国上市公司分红排行榜前列的典型代表已引起了广泛关注,因此,深入研究其高派现股利政策具有重要的现实意义。论文在梳理国内外相关股利政策理论与实证研究成果的基础上,采取规范分析和案例分析相结合的方法,首先对双汇发展高派现股利政策实施现状和行业背景进行分析,发现其高派现股利政策在具有连续性、阶段性和增长性等特点的同时也存在派现金额不稳定、股利支付率波动大和市场反应不理想等现象。于是基于纵向和横向两个角度,从财务能力、公司治理、市场环境和战略发展等方面深层剖析了双汇发展选择和实施高派现股利政策的原因,发现稳健的盈利能力和大量的现金流为双汇发展连年高派现奠定了扎实的基础;信号传递效应、证监会分红政策鼓励和行业发展优势是其高派现的重要助力;步入成熟期后,成长能力的下降和良好投资机会的缺失也对双汇发展高派现产生了重要影响;而其股权结构、管理层激励需求和私募股权投资利益最大化则是双汇发展选择和实施高派现股利政策的主要原因,其中控股股东利益驱动是其根本动因。然后在前文分析的基础上对双汇发展高派现股利政策的优势和不足进行了总体评价,认为双汇发展高派现具备财务能力良好、控股股东利益导向与公司长远发展方向一致、食品加工行业支持和一体多元化发展战略定位等优势,但其营运能力下降、股权集中度过高、品牌信誉度受阻和投资储备资金不足等不足之处也不容忽视。所以最后重点从双汇发展高派现股利政策实施现状出发,结合我国证券市场实际,建议双汇发展从提升财务支撑能力、规范清晰股权结构、提高食品安全质量、实施品牌发展战略等方面优化其高派现股利政策。对双汇发展连年选择并实施高派现股利政策进行的多维度、多层面、多因素的深入探讨,既可为我国现金股利政策研究提供新视角和新案例,又有助于双汇发展优化完善其高派现股利分配决策以实现公司价值的最大化和可持续发展,吸引更多的市场投资者,同时对其同行业与同类型上市公司制定和实施高派现股利政策具有重要的参考价值。
[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.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82
本文编号：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.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82
【参考文献】
相关期刊论文 前1条
1 吴平;;上市公司高派现与不分配现象研究[J];经济纵横;2010年12期
，本文编号：2242621
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