本文選題：企業(yè)生命周期理論 + 股利分配政策�。� 參考：《蘭州財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：近些年來,學(xué)者從一個(gè)新的角度,即企業(yè)生命周期角度,對(duì)企業(yè)管理進(jìn)行研究。作為一項(xiàng)財(cái)務(wù)政策,股利分配政策不僅與企業(yè)本身的生存發(fā)展有關(guān),還與投資者利益相關(guān)。從生命周期的角度對(duì)企業(yè)的股利分配政策進(jìn)行研究,也逐漸引起了相關(guān)學(xué)者的重視,并成為學(xué)術(shù)界的熱點(diǎn)。五糧液股份公司作為一家上市時(shí)間較長(zhǎng)、盈利能力一直保持良好的公司,其股利分配政策經(jīng)歷了幾個(gè)階段不同的變化,產(chǎn)生這些變化的原因值得深究。本文首先介紹了五糧液股份公司的基本情況,用留存收益率法對(duì)其生命周期進(jìn)行劃分;其次,在上述劃分的基礎(chǔ)上,對(duì)該公司各個(gè)周期階段的股利分配政策進(jìn)行了介紹,并從股利支付傾向、支付方式、支付水平以及支付的穩(wěn)定性4個(gè)方面進(jìn)行了簡(jiǎn)要分析;再次,從財(cái)務(wù)角度與非財(cái)務(wù)角度對(duì)各階段股利政策變化的原因進(jìn)行了研究,其中,財(cái)務(wù)角度考察了盈利能力、償債能力、長(zhǎng)短期投資需求及現(xiàn)金流創(chuàng)造情況,非財(cái)務(wù)角度考察了股權(quán)結(jié)構(gòu)、法律環(huán)境和政策因素、行業(yè)生命周期,并對(duì)五糧液不同生命周期階段的股利政策的市場(chǎng)反應(yīng)進(jìn)行了簡(jiǎn)要闡述。最后,得出相關(guān)結(jié)論,并根據(jù)結(jié)論提出對(duì)五糧液現(xiàn)有股利政策的改進(jìn)建議。研究發(fā)現(xiàn):從初創(chuàng)期到成熟期,五糧液的股利支付方式由多種支付方式變?yōu)閱我坏默F(xiàn)金股利形式,股利支付率和支付穩(wěn)定性都得到較大提升。財(cái)務(wù)因素與非財(cái)務(wù)因素共同促成這些變化,財(cái)務(wù)因素中企業(yè)盈利能力對(duì)股利政策產(chǎn)生最主要的影響,非財(cái)務(wù)因素中股權(quán)結(jié)構(gòu)、法律環(huán)境與政策因素、行業(yè)生命周期等都會(huì)對(duì)企業(yè)的股利政策產(chǎn)生影響,因此,企業(yè)應(yīng)考慮充分考慮各種財(cái)務(wù)因素和非財(cái)務(wù)因素來制定出適合自己的股利政策。
[Abstract]:In recent years, scholars have studied business management from a new point of view, that is, enterprise life cycle. As a financial policy, dividend distribution policy is not only related to the survival and development of the enterprise itself, but also to the interests of investors. From the perspective of life cycle, the dividend distribution policy of enterprises has gradually attracted the attention of relevant scholars, and has become a hot spot in academic circles. Wuliangye Co., Ltd., as a company with long listing time and good profitability, its dividend distribution policy has undergone several stages of different changes, and the reasons for these changes are worthy of further study. This paper first introduces the basic situation of Wuliangye Stock Company and divides its life cycle with the method of retention rate of return; secondly, on the basis of the above division, it introduces the dividend distribution policy in each period of the company. And from dividend payment tendency, payment method, payment level and the stability of the four aspects of a brief analysis; thirdly, from the financial perspective and non-financial point of view of the reasons for the changes of dividend policy, among them, Financial perspective examines profitability, solvency, long-term and short-term investment demand and cash flow creation, non-financial aspects of equity structure, legal environment and policy factors, industry life cycle, The market reaction of Wuliangye dividend policy in different life cycle stages is briefly expounded. Finally, the relevant conclusions are drawn and suggestions for improvement of the existing dividend policy of Wuliangye are put forward according to the conclusions. It is found that from the initial period to the mature period, the dividend payment of Wuliangye has changed from multiple payment methods to a single cash dividend form, and the dividend payment rate and payment stability have been greatly improved. Financial factors and non-financial factors contribute to these changes. Among financial factors, the profitability of enterprises has the most important influence on dividend policy, and the ownership structure, legal environment and policy factors of non-financial factors. The industry life cycle will have an impact on the dividend policy of the enterprise. Therefore, the enterprise should consider all kinds of financial factors and non-financial factors to formulate a dividend policy suitable for itself.
【學(xué)位授予單位】：蘭州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.82;F406.7

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