Research on the Motivation and Economic Consequences of High dividend payout Policy in Chinese Food Enterprises: A Case Study of Qiaqia Food

In recent years, the Chinese food industry has witnessed the rise of numerous listed enterprises adopting high dividend payout policies amid ongoing consumption upgrading and the steady normalization of capital market practices. Qiaqia Food, a leading firm in the nut and snack sector, has consistently maintained substantial cash dividends over the past decade, with payout ratios markedly exceeding the industry average. This makes the company an appropriate case for examining the motivations and economic consequences associated with sustained high dividend distributions. This study investigates the outcomes of Qiaqia Food's long-term dividend strategy. First, it provides an overview of the company's dividend distribution patterns from 2014 to 2023. Second, it analyzes the underlying drivers of its persistently high payout levels, identifying both internal and external influences as well as relevant policy and regulatory conditions. Third, it evaluates the economic consequences of the company's decade-long emphasis on cash dividends by assessing key financial indicators, including debt-servicing capacity, operational efficiency, profitability, and growth performance. Finally, based on the research findings, the study offers recommendations for both the company and investors to support the formulation of sound dividend policies and to guide investment decisions toward more favorable outcomes.