"The maximum dividend in history" is also the strength of the brand

Every time the brand value research institute, Fu Keyou

Closing on June 24, Guizhou Maotai (SH600519, stock price 200901 yuan, market value of 2.52 trillion yuan) returned to 2,000 yuan. At the same time 27.28 billion yuan, accounting for 51.9%of the net profit of 2021, attracting cheers.

Moutai's "maximum strength dividend in history" is not an example, maybe it can be called "Moutai phenomenon". According to statistics, in 2021, a total of 3,170 listed companies in A shares released a cash dividend plan, with a total amount exceeded 1.5 trillion yuan. The CSRC stated that the cumulative cash dividend of A shares in the past three years has reached 4.4 trillion yuan, close to 50%from the previous three years.

Of course, it can be attributed to the encouragement and guidance of the policy. The A -share cash dividend mechanism is gradually improving, but it can also be regarded as an inevitable requirement and inevitable product of the era of the capital market brand. The capital market must develop high -quality, and listed companies must create a good brand image to win the trust of investors. To put it bluntly, it is better to take out the real gold and silver. In this regard, "the greatest strength in history" is also the brand's strength.

Reward investors are brand essentials

In the era of "iron cocks" in the capital market, it is definitely not the age of paying attention to and paying attention to the brand. Once upon a time, the capital market was regarded by some listed companies as a tool for financing or even a "cash machine", while "returning investors" was just a short check. In this case, the so -called "brand" is not important and cannot be talked about.

But returning investors is the essence of capital brands. For listed companies, the targets of shaping brands include customers and stakeholders in all aspects. Employer brands must face employees, cooperative brands must face business partners, reputation brands must face media public opinion, responsible brand must face the government and the government and More extensive public, while capital brands face thousands of investors. Investors' cognition and emotions do not rely on painting cakes to fill their hunger, but to rely on promise and real return.

Without the return of investors, no investor confidence, no word of mouth of listed companies, and brand image of the capital market. In the final analysis, the so -called high -quality development of the capital market is to make the "source of wealth and the mechanism of sharing wealth" a well -known brand positioning in the capital market, and to make investors feel the same and conscious.

This is why regulators have attached great importance to and promoted the improvement of shareholders' return mechanisms for listed companies in recent years, guided listed companies to improve the dividend system, and issued a series of regulations. "30 % of the annual distribution profits that have been achieved in the past three years are not less than less than in the past three years." It has gradually become a consensus, and more and more listed companies are doing their best.

In 1990, only one company in A shares made a cash dividend of Ping An Bank, with a dividend amount of 14.55 million yuan. In 1992, the total annual dividend amount of A shares exceeded 100 million yuan to 412.8 million yuan. In 1997, A -share cash dividends The amount exceeded 10 billion yuan, reaching 1.018 billion yuan; in 2017, the amount of cash dividend of A -share cash exceeded the trillion mark for the first time, reaching 1.12 trillion yuan; 2021 was the fifth consecutive year of the A -share market for more than trillion yuan. The history of A -share dividends can actually be regarded as the brand growth history of Chinese capital markets and listed companies. In short, it is more and more attached to investor returns, and more and more attention to capital brands.

Of course, in this process, it can also be said that the quality of listed companies is getting higher and higher, the benefits are getting better and better, and more strength and confidence return investors. According to the China Securities Regulatory Commission, from the perspective of operating benefits, the scale of listed companies has doubled compared with 10 years ago, and operating income and net profit have maintained a relatively high growth rate. This is undoubtedly an important driving force for the increase in dividends, but this is not incompatible with the demand for the increase in capital brands of listed companies, and it is complementary.

Because listed companies also realize that doing a good job of capital brands and responding to investor demands are not only the requirements of supervision, but also the only way for their long -term development.

Leading enterprises should have sample responsibility

One phenomenon we can see is that leading companies from all walks of life are more active in dividends. This may be that the stronger the strong consciousness, the better the benefits, the higher the consciousness, and of course, there is one reason that the greater the responsibility -the greater the responsibility -the leading company should be the first to be soldiers and assume the brand sample responsibility of returning investors.

For a leader in an industry or a track, the way they shape the brand is to take a step step in the first step, to open the atmosphere, and maintain a leading position. Investors, if the industry boss does not take the lead, but retreats to the second line, it is not only a face problem, but also harm to its own capital brands. This sample responsibility is an important connotation of its brand value.

Data show that since its listing in 2001, the total cumulative cash dividend of Moutai in Guizhou was 148.581 billion yuan, with a dividend rate of 45.66%. The dividend of this time increased by about 3 billion yuan over the previous year, refreshing the dividend record, and the dividend ratio was maintained at about 51.9%for the third consecutive year. Netizens said that in dividends, you can always believe in Moutai, Guizhou. It is no exaggeration to say that this kind of monument is the best brand. As a leader in the industry, investors need to be matched with status in order to get such brand communication. After all, people often remember the first.

Therefore, we also see that other head companies in other liquor industries include Wuliangye (SZ000858, a stock price of 185 yuan, a market value of 718.097 billion yuan), Luzhou Laojiao (SZ000568, a stock price of 230 yuan, a market value of 338.471 billion yuan), etc., on the issue of dividend issues Not willing to be behind. The same is true in other industries. For example, the four major banks of "Workers and Peasants Construction" are ranked among the top "A -share listed companies' generous return list". This has become a standard for capital brands. Of course, the nature and harvest of each industry are different, and the dividend scheme and proportion are not the same. For example, as a consumer enterprise, the liquor industry may be considered to be monopolized resources, and the profit cannot expand the reproduction and lack the second growth curve, so the dividend is rich. Others question that the proportion of excessive dividends will affect the investment and innovation investment of enterprises, and restrict the development and growth of enterprises. Even if this is not worrying, it is too worried. In fact, even Moutai did not say that it would continue to increase the proportion of dividends, but to reach a certain balance between investor returns and future investment development.

At least in today's A -share, the return of investors and the realization of value investment is not too much but too little. The brand value of the capital market is still in the stage of marginal benefits. By increasing the return of investors to enhance the capital brand, the positive benefits brought by it are far from the critical point or turning point. Why not?

Daily Economic News

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