Research on the Relationship Between High-Quality Dividend Distribution and Investment Efficiency

Abstract

Entering a new era, constructing a new development pattern, enterprises need to step into a new stage of high-quality development from the past relatively extensive development, but at present, there are still widespread problems of inefficient investment in listed companies in our country. Therefore, as an important decision in enterprise management, dividend distribution policy, which affects the investment efficiency of enterprises at the micro level, plays an important role in the investment efficiency of enterprises. This paper takes the high-quality development of enterprises as the research background, and deeply analyzes the impact of dividend distribution on investment efficiency. Firstly, the Richardson model was used to establish the expected investment model of the company, and the actual investment situation of the company was compared to calculate the conclusion that the dividend distribution was conducive to inhibiting the inefficient investment. Next, three indexes are used to measure the quality of enterprise dividend distribution, namely “threshold dividend”, “excess dividend” and “Ponzi dividend”. These three indexes are used as cross-terms to judge the investment behavior of enterprises, and three different conclusions are drawn respectively. The results show that under the background of threshold dividend, dividend distribution has a strong inhibition effect on over-investment and can promote enterprises to carry out high-quality dividend distribution. Under the background of excess dividend distribution and Ponzi dividend distribution, dividend distribution cannot inhibit inefficient investment behavior, which is not conducive to high-quality development of enterprises.