With the continuous development of China's capital market, under the background of China Securities Regulatory Commission encouraging listed companies to actively pay dividends, more and more listed companies begin to distribute cash dividends, while the level of payout is constantly improving, and the number of companies implementing the policy of high cash dividend is gradually increasing. A reasonably high cash can not only establish a good image of the company, but also attract more investors, thus promoting the sustainable development of the company. However, in recent years, many listed companies have developed high dividend policies beyond the strength of the company for short-term benefits, which not only damages the interests of external investors, but also seriously affects the long-term development of the company, which is obviously not in line with the original intention of China Securities Regulatory Commission. However, at present, most scholars' researches on high cash start from the industry or listed companies as a whole, and study the motivation and economic consequences of high cash, with few researches on a specific company. So, based on the research of domestic and foreign scholars and experts on high cash, this thesis takes The G-bits Company, a leading enterprise in the emerging industry of Internet and related service industry, as a case to explore the motivation of the company's implementation of high cash and the specific effect after implementation, and puts forward relevant suggestions.
This thesis uses literature analysis method, case study method, comparative analysis method and event study method to study and analyze the case. First of all, this thesis reviews a large number of domestic and foreign relevant literature, and summarizes the research process and current situation of dividend policy and high cash. Secondly, it expounds the related concepts and theoretical basis of dividend policy and high dividend payout, and on this basis, taking G-bits as the case, introduces the basic situation of the company and the specific situation of the implementation of high dividend payout policy in each year since the listing. Meanwhile, it compares with the comparable companies in the same industry and the industry average to analyze and understand the position of the company's high dividend payout level in the industry. The third is to analyze the implementation motivation of G-bits High dividend policy, which is mainly divided into internal and external aspects. The Internal motivation is generated from the company's cash level, operating conditions, internal governance and other factors. The external motivation is determined by national policy and market environment. Then, it analyzes the various effects of the high dividend policy on Gigabit, and summarizes the positive and negative impacts on G-bits. While increasing corporate value, market response and external attention, it also reduces the company's debt paying ability, and at the same time, it also infringes the interests of minority shareholders. Finally, it puts forward suggestions from listed companies, regulatory authorities and investors respectively. Listed companies should formulate scientific and reasonable cash dividend policies according to their actual conditions, and optimize the ownership structure and establish equity checks and balances mechanism to protect the interests of minority shareholders. Small and medium-sized investors need to improve their professional knowledge level, rational investment; The regulatory authorities need to strictly control the high dividend policy formulated by listed companies according to their strength. Meanwhile, they also need to improve the protection mechanism for small and medium-sized investors and build an online supervision platform, so as to standardize the current behavior of listed companies and ensure the healthy development of the capital market.
谷歌
火狐
