【摘要】：股利政策是公司三大財務(wù)決策之一，公司的股利分配不僅受到公司的股權(quán)結(jié)構(gòu)、經(jīng)營狀況、公司治理等多方面因素的影響，同時也能夠影響到公司能否持續(xù)經(jīng)營，股權(quán)結(jié)構(gòu)是不是穩(wěn)定。因此，股利政策不僅一直都是上市公司管理層的重要工作，也是學者研究的重要內(nèi)容。恰當合理的股利政策既要能夠回報投資者，實現(xiàn)股東利益最大化，又能有助于進企業(yè)可持續(xù)發(fā)展。雖然股利政策對公司的發(fā)展具有重大作用，但是在我國證券市場起步較晚，在上市公司中股利政策很少受到上市公司管理層的真正重視，股利分配混亂、無規(guī)律、低派現(xiàn)、多變動，更談不上利用科學的股利分配理論和方法去指導上市公司股利政策了。這既不利于我國上市公司的長遠發(fā)展，損害了投資者利益，更無法為建立健康有序、穩(wěn)定發(fā)展的證券市場提供幫助。 五糧液和貴州茅臺都是中國高端白酒行業(yè)的代表，兩公司的市場環(huán)境、行業(yè)狀況等都有很多相似之處，但是，，五糧液和貴州茅臺采用的股利政策卻具有很大的差異性。自上市以來，貴州茅臺一直秉承著連續(xù)高派現(xiàn)的股利政策；與貴州茅臺相比，五糧液的股利政策則呈現(xiàn)出了一種相對混亂、低派現(xiàn)、多變動的特點。 上市公司股利政策的的動因，股利政策受何因素影響。本文選取五糧液和貴州茅臺作對比分析，采用規(guī)范研究方法在介紹相關(guān)股利政策理論的基礎(chǔ)上，從影響股利分配的財務(wù)因素和非財務(wù)因素等方面分析了貴州茅臺和五糧液股利政策出現(xiàn)不同的原因，并針對所分析的問題從公司穩(wěn)定發(fā)展、穩(wěn)定股價及實現(xiàn)公司財務(wù)管理目標的方面提出相應(yīng)建議。 通過研究，本文認為：財務(wù)狀況是上市公司股利分配的基礎(chǔ)因素，一個公司只有具備良好的股利支付能力，才能夠支付股利。貴州茅臺的高派現(xiàn)、連續(xù)穩(wěn)定的股利政策首先源自其良好的財務(wù)狀況。五糧液的財務(wù)狀況雖然整體不錯，但在一些指標上，五糧液和貴州茅臺相比還有一定的差距。另外，公司的非財務(wù)因素也會對股利政策有相應(yīng)影響，諸如五糧液和貴州茅臺在股權(quán)結(jié)構(gòu)和代理關(guān)系、發(fā)展戰(zhàn)略、行業(yè)競爭及行業(yè)中的地位等的不同，影響到其股利政策的制定。
[Abstract]:Dividend policy is one of the three major financial decisions of the company. The dividend distribution of the company is not only affected by the company's ownership structure, operating conditions, corporate governance and other factors, but also can affect whether the company can continue to operate. Equity structure is not stable. Therefore, dividend policy is not only the important work of listed company management, but also the important content of scholars. An appropriate and reasonable dividend policy can not only reward investors, realize the maximization of shareholders' interests, but also contribute to the sustainable development of enterprises. Although the dividend policy plays an important role in the development of the company, it starts late in the stock market of our country. In the listed company, the dividend policy rarely receives the real attention of the management of the listed company, the dividend distribution is chaotic, the distribution of dividend is irregular and the cash is low. More changes, not to mention the use of scientific dividend distribution theory and methods to guide the dividend policy of listed companies. This is not conducive to the long-term development of listed companies in China, damage the interests of investors, but also can not help to establish a healthy and orderly, stable development of the securities market. Wuliangye and Guizhou Maotai are representatives of high-end liquor industry in China. The market environment and industry situation of the two companies are all similar, but the dividend policy adopted by Wuliangye and Guizhou Maotai is quite different. Since its listing, Moutai has been adhering to a continuous high dividend policy, compared with Guizhou Moutai, Wuliangye dividend policy presents a relatively chaotic, low dividend, multi-change characteristics. The motivation of dividend policy of listed company and the influence of dividend policy. This article selects Wuliangye and Guizhou Maotai for comparative analysis, adopts the standard research method to introduce the relevant dividend policy theory, From the aspects of financial factors and non-financial factors affecting dividend distribution, this paper analyzes the different reasons of dividend policy in Moutai and Wuliangye of Guizhou, and aims at the steady development of the company in the light of the problems analyzed. Stable stock prices and achieve the company's financial management objectives to make recommendations. Through the research, this paper holds that the financial situation is the basic factor of dividend distribution of listed companies, and a company can pay dividends only if it has good ability to pay dividends. Guizhou Moutai's high dividend policy, a continuous and stable dividend policy, comes first from its good financial position. Although the overall financial situation of Wuliangye is good, there is still a certain gap between Wuliangye and Moutai in Guizhou. In addition, the company's non-financial factors will also have a corresponding impact on the dividend policy, such as the differences between Wuliangye and Guizhou Moutai in ownership structure and agency relationship, development strategy, industry competition and position in the industry, etc. Affect its dividend policy formulation.
【學位授予單位】：山東財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.82;F275

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