基于企业生命周期理论的五粮液股份公司股利分配政策研究

发布时间：2018-05-13 01:06

本文选题：企业生命周期理论 + 股利分配政策　；参考：《兰州财经大学》2017年硕士论文

【摘要】：近些年来,学者从一个新的角度,即企业生命周期角度,对企业管理进行研究。作为一项财务政策,股利分配政策不仅与企业本身的生存发展有关,还与投资者利益相关。从生命周期的角度对企业的股利分配政策进行研究,也逐渐引起了相关学者的重视,并成为学术界的热点。五粮液股份公司作为一家上市时间较长、盈利能力一直保持良好的公司,其股利分配政策经历了几个阶段不同的变化,产生这些变化的原因值得深究。本文首先介绍了五粮液股份公司的基本情况,用留存收益率法对其生命周期进行划分;其次,在上述划分的基础上,对该公司各个周期阶段的股利分配政策进行了介绍,并从股利支付倾向、支付方式、支付水平以及支付的稳定性4个方面进行了简要分析;再次,从财务角度与非财务角度对各阶段股利政策变化的原因进行了研究,其中,财务角度考察了盈利能力、偿债能力、长短期投资需求及现金流创造情况,非财务角度考察了股权结构、法律环境和政策因素、行业生命周期,并对五粮液不同生命周期阶段的股利政策的市场反应进行了简要阐述。最后,得出相关结论,并根据结论提出对五粮液现有股利政策的改进建议。研究发现:从初创期到成熟期,五粮液的股利支付方式由多种支付方式变为单一的现金股利形式,股利支付率和支付稳定性都得到较大提升。财务因素与非财务因素共同促成这些变化,财务因素中企业盈利能力对股利政策产生最主要的影响,非财务因素中股权结构、法律环境与政策因素、行业生命周期等都会对企业的股利政策产生影响,因此,企业应考虑充分考虑各种财务因素和非财务因素来制定出适合自己的股利政策。
[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.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F406.7

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