美的集团高派现股利政策的案例分析

论文总字数：23830字

摘 要

上市企业股利政策的制定始终受到学术界的关注，这不但是由于其和企业的长期可持续发展有着紧密的联系，更是因为其和企业的治理情况有着紧密的关联。在中国，股利政策并不完善，这受限于金融市场的发展，更是证实了中国金融市场的总体发展并不健全，有不少的问题，需要及时优化。按照搜集的数据分析，这些年中国颁布了不少有关政策，不少更是开始重视内部股利政策的制定，现金分红是上市企业实施股利政策的主要主体，大量企业借助现金分红的方式实施鼓励分配，部分企业选择了其无法负担的股利政策，这不但限制了更是的进一步发展，更是损害了更是股东的合法权益。

基于相关理论及研究案例，就美的集团的高派现行为展开研究。第一，借助查阅相关资料整理各个研究者对股利政策等影响要素的研究。第二，就股利政策、现金股利、高派现的定义展开整理，分析股利政策的有关理论基础，为分析美的企业的高派现行为提供理论依据。第三，研究美的企业盈利能力、发展水平和现金流以分析公司有没有充分的能力及现金实施高派现行为。第四，总结全文分析，就现金股利政策对上市企业、投资人及监管部门提出合理的建议。

基于以上分析能够了解到，下列几个要素为美的企业选择高派现行为的理由：（1）极高的盈利水平为选择高派现行为的资金基础，不存在充裕的资本及利润，公司难以实施高派现；（2）公司具备平稳且充裕的现金流，能够用于实施高派现行为；（3）股权结构对企业的股利政策存在举足轻重的作用，如果大多数股权属于几个大投资人，这些人有一定的概率会实施对自己有益的股利政策，因此美的集团选择了通过现金股利回报投资人的行为。借助对美的企业的案例研究能够了解到，美的企业的盈利水平及现金流量稳定且充裕，企业潜力高，综上所述存在实施高派现行为的基础，可是因为其股权相对集中，中小投资人的合法权益难以被保证。所以，提出下列建议：（1）不断优化公司的发展，以保证公司的资金稳定且充裕。（2）完善股权架构。促进机构股东及中小股东的股权占比提升；（3）国家应当提升监督强度，健全监督制度。

关键词：高派现；股利政策；现金分红；盈利能力；美的集团

A Case Study of Midea Group's High Cash Dividend Policy

Abstract

The design of the dividend policy of listed companies has always attracted the attention of the academic community, not only because it is closely related to the long-term sustainable development of the company, but also because it is closely related to the corporate governance situation. In China, the dividend policy is not perfect, which is limited by the development of the financial market. It also proves that the overall development of China's financial market is not sound, and there are many problems that need to be optimized in time. According to the collected data analysis, China has promulgated many relevant policies in recent years, and many have begun to pay attention to the formulation of internal dividend policies. Cash dividends are the main body of listed companies implementing dividend policies. A large number of companies use cash dividends to implement incentive distribution. Some companies have chosen a dividend policy that they cannot afford. This not only restricts further development but also damages the legitimate rights and interests of shareholders.

Based on related theories and research cases, this article conducts research on the current behavior of Midea Group. First, organize the research of various researchers on the dividend policy and other influential factors with the help of relevant information. Second, organize the definitions of dividend policy, cash dividend, and high cash dividend, analyze the relevant theoretical basis of dividend policy, and provide a theoretical basis for analyzing the current behavior of Midea's high cash dividend. Third, study Midea’s corporate profitability, development level and cash flow to analyze whether the company has sufficient capacity and cash to implement high-paying behavior. Fourth, summarize the full text analysis, and put forward reasonable suggestions to listed companies, investors and regulatory authorities on the cash dividend policy.

Based on the above analysis, we can understand that the following factors are the reasons why Midea companies choose high cash dividend: (1) The extremely high level of profitability is the capital basis for choosing high cash dividend. There is no sufficient capital and profit, and it is difficult for the company to choose high cash dividend. Implement high-paying cash; (2) The company has stable and abundant cash flow, which can be used to implement high-paying current behavior; (3) The shareholding structure has a pivotal effect on the company’s dividend policy, if most of the equity belongs to several large investments People, these people have a certain probability that they will implement dividend policies that are beneficial to them. Therefore, Midea Group chose to return investors through cash dividends. With the help of the case study of Midea companies, it can be understood that Midea’s profitability and cash flow are stable and abundant, and the company’s potential is high. In summary, there is a basis for implementing high cash dividend, but because of its relatively concentrated equity, small and medium investors The legitimate rights and interests of it are difficult to be guaranteed. Therefore, this article puts forward the following suggestions: (1) Continuously optimize the company's development to ensure that the company's funds are stable and abundant. (2) Improve the equity structure. Promote the increase in the shareholding ratio of institutional shareholders and small and medium shareholders; (3) The state should increase the intensity of supervision and improve the supervision system.

Keywords: High cash dividend; Dividend policy; Cash dividend; Profitability; Midea Group

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究目的及意义 1

1.2.1 研究目的 1

1.2.2 研究意义 2

1.3 研究内容及方法 2

1.3.1 研究内容 2

1.3.2 研究方法 2

1.4 论文框架 3

第二章 股利政策相关文献综述 4

2.1 国外相关研究 4

2.2 国内相关研究 4

2.2.1 高派现股利政策相关理论研究 4

2.2.2 高派现股利政策形成的背景 4

2.2.3 高派现股利政策的局限性 5

2.2.4 高派现股利政策的影响 5

第三章 股利政策相关概念界定及理论阐述 6

3.1 股利政策相关理论 6

3.1.1 股利无关论 6

3.1.2 “在手之鸟”理论 6

3.1.3 信号传递理论 6

3.2 高派现股利政策相关概述 7

3.2.1 高派现的概念界定 7

3.2.2 股利政策与高派现的关联 7

第四章 美的集团的案例分析 8

4.1 美的集团基本情况 8

4.2 美的集团股利政策概况 8

4.2.1 美的集团现金股利政策纵向分析 8

4.2.2 美的集团现金股利政策横向分析 9

4.3 美的集团实行“高派现”股利政策的原因 10

4.3.1 有良好的经济基础 10

4.3.2 有可期的发展前景 14

4.3.3 有充裕的现金流 15

4.3.4 有相对集中的股东结构 16

第五章 美的集团“高派现”案例的研究结论与建议 18

5.1 研究结论 18

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