上市公司股利政策与公司价值研究——以电光科技为例

Research on Dividend Policy and Company Value of Listed Companies——Take Dianguang Technology Company as an example

股利政策不仅反映企业的经营状况,还会影响投资者对企业价值的判断,从而影响其未来发展。良好的股利政策可以维持企业的经营稳定,同时可以为企业带来更多的投资机会,从而提升企业价值,实现企业利益最大化。以电光科技股份有限公司为例研究了股利政策对企业价值的影响,采用杜邦分析法和托宾Q值分析和衡量企业价值是否得到提升。研究显示:电光科技前期的现金分红对于提升企业价值有一定的作用,但是在后期由于经营规模的急速扩张导致企业利润下滑,回报股东的能力变弱,此时现金分红提升企业价值的作用被弱化,企业价值提升中现金股利的优势变得不明显。并在此结论的基础上提出了保持稳定的股利支付率、优化现金持有水平和股利分配政策、及时调整公司发展战略的优化建议。

Dividend policy can not only reflect the business status of an enterprise,but also affect investors'judgment on the value of an enterprise and its future development.A good dividend policy can maintain the stability of the company's operations,and at the same time can bring more investment opportunities for the company,thereby enhancing the value of the company and maximizing the benefits of the company.This paper takes Dianguang Technology Co.,Ltd.as an example to study the impact of dividend policy on corporate value.It uses DuPont analysis and Tobin’s Q value to analyze and measure whether the value of the enterprise has been improved.Finally,it concludes that Dianguang Technology Company’s early cash dividends contribute to the increase Enterprise value does have a certain effect,but in the later stage,due to the rapid expansion of business scale,corporate profits have fallen sharply,resulting in a weakened ability to return shareholders.At this time,the role of cash dividends in enhancing corporate value is weakened,and cash dividends in corporate value enhancement the advantage becomes less obvious.And on the basis of this conclusion,it puts forward optimization suggestions to maintain a stable dividend payout rate,optimize the level of cash holdings and dividend distribution policies,and adjust the company's development strategy in a timely manner.