【作者】 李慧敏；

【导师】 赵华春； 肖小和；

【作者基本信息】 江西师范大学 ， 会计硕士（专业学位）， 2021， 硕士

【摘要】 现金分红一直以来是每个上市公司财务决策的研究中的重点,受到各方学者的相当程度的关注。而在国内,股利政策的制定相对西方国家来说,受资本市场的成长时间及程度的影响,是远远不够完善的。在现金股利政策上来看,我国很多盈利的上市公司存在少分配甚至不分配股利的状况,这样造成中小股东不能很好的取得其原本应有的投资红利。如此下来,投资者们则便会更偏向在股票的涨跌价差中拿到一定红利,这便也导致了大家的投机观念的风靡,使得给我国资本市场的有序发展带来不好的影响。在这种普遍重筹资、轻回报的环境下,也存在与此不同的公司,越来越多的企业开始通过发放现金来进行股利分配,美的集团就是其中之一,以连续的、高额的现金分红作为股利分配政策。本文从高派现股利政策着手,以白色家电行业龙头企业、高派现行为较为持续且明显的美的集团为研究对象,以理论与案例相结合,通过分析该公司近几年的分红情况及相关财务状况,对其高派现的影响因素及效应进行分析研究。这与企业的之后的成长有重要关联,可以起到一定的借鉴作用和提供一定的现实意义。本文通过一定量文献的阅读,站在各位学者的研究结果的基石上,选取几种适合的相关方法对美的集团高派现行为进行研究。通过一系列的分析和总结,主要得出了一下几个结论:(1)高派现的股利政策要以良好的财务状况为支撑;(2)企业生命周期、信号传递效应对高派现的实施产生影响;(3)宏观政策对企业股利分配行为具有引导性;(4)高派现股利政策不必然会产生积极的市场反应。除此之外,基于上诉相关结论,结合我国市场的实际情况,希望能够对美的集团后续的股利政策的制定和实施提供有效建议,同时为其他同行业企业提供参考。更多还原

【Abstract】 Cash dividend has always been the focus of dividend policy research in the important financial decisions of listed companies,and has been highly concerned by scholars.In China,compared with western countries,dividend policy is far from perfect due to the influence of the growth time and degree of capital market.In terms of cash dividend policy,many profitable listed companies in China have the situation of less or no dividend distribution,which causes the small and medium shareholders can not get their original investment dividends.In this way,investors will be more inclined to get dividends from the stock price difference,which also leads to the popularity of speculative ideas,which has a bad impact on the orderly development of China’s capital market.In this kind of environment,there are also different companies.More and more enterprises begin to distribute dividends by issuing cash.Midea Group is one of them.It takes continuous and high amount of cash dividends as its dividend distribution policy.Starting from the high dividend policy,this paper takes Midea Group as the research object,which is a leading enterprise in the white appliance industry and a relatively sustainable and obvious high dividend group.By combining theory with cases,this paper analyzes the dividend situation and related financial situation of the company in recent years,and analyzes the influencing factors and effects of its high dividend.This is closely related to the future growth of enterprises,which can provide certain reference value and practical significance.Through reading a certain amount of literature,standing on the cornerstone of numerous scholars’ research results,this paper uses several related methods to study the high dividend behavior of Midea Group.Through a series of analysis and summary,the main conclusions are as follows:(1)High cash dividend policy should be supported by a good financial situation;(2)Enterprise life cycle and signal transmission effect have an impact on the implementation of high cash dividend;(3)Macro policy has a guiding effect on enterprise’s dividend distribution behavior;(4)High cash dividend policy does not necessarily produce a positive market effect Reaction.In addition,based on the relevant conclusions of the appeal,combined with the actual situation of Chinese market,we hope to provide effective suggestions for the formulation and implementation of Midea Group’s follow-up dividend policy,and provide reference for other enterprises in the same industry.更多还原