云南白药股利分配政策研究
发布时间：2018-07-21 21:12
【摘要】：股利政策是企业的三大财务决策之一,对于一个企业具有非常重要的意义,而且与企业的筹资渠道、融资成本和资本结构息息相关。合适的股利分配政策有利于稳定公司的股权结构,促进公司健康发展以及财务管理目标的实现。不适当的股利政策又会阻碍公司的发展。对于中医药制药业的巨头云南白药,在企业存在巨大未分配利润的前提下,其股利支付水平一直低于同行业其他企业,与其所属行业相同且同为中医药制造企业的东阿阿胶和片仔癀相比较,在股利政策中存在较大差异。本文在国内外学者关于股利政策的研究基础上,选取云南白药公司为案例,结合同行业类似企业进行对比,发现云南白药在股利分配政策中存在的问题,并根据这些问题产生的原因进行分析,并且为云南白药的股利分配政策以及未来发展提供了若干建议,也为其他上市公司提供参考。本文一共分为五个部分:第一部分,绪论。阐述了研究的背景及意义、研究方法与内容以及国内外研究的综述。第二部分,股利政策的相关理论。阐述了股利、股利政策的定义,以及关于股利政策的理论。第三部分,云南白药历年股利分配政策及存在的问题。首先对云南白药公司经营情况进行了描述,然后介绍了云南白药从上市以来的股利分配情况,最后将云南白药的股利分配与行业相关企业对比,发现云南白药股利政策存在的问题。第四部分,云南白药股利分配政策存在问题的原因分析。主要通过其股权结构、成长能力、变现能力、资本结构等因素进行分析。第五部分,建议。对公司的股利分配及未来发展提出合理化建议。
[Abstract]:Dividend policy is one of the three major financial decisions of an enterprise, which is of great significance to an enterprise, and is closely related to the financing channel, financing cost and capital structure of an enterprise. Appropriate dividend distribution policy is conducive to stabilizing the equity structure of the company and promoting the healthy development of the company and the realization of financial management objectives. Improper dividend policy will hinder the development of the company. For Yunnan Baiyao, a giant of the traditional Chinese medicine industry, under the premise that enterprises have huge undistributed profits, their dividend payment level has been lower than that of other enterprises in the same industry. Compared with the same industry and the same Chinese medicine manufacturing enterprises, there are great differences in dividend policy. Based on the research on dividend policy of domestic and foreign scholars, this paper selects Yunnan Baiyao Company as a case study and compares with similar enterprises in the same industry, and finds out the problems existing in the dividend distribution policy of Yunnan Baiyao Co., Ltd. Based on the analysis of the causes of these problems, this paper provides some suggestions for the dividend distribution policy and future development of Yunnan Baiyao, and also provides reference for other listed companies. This article is divided into five parts altogether: the first part, introduction. The background and significance of the research, the research methods and contents, as well as the review of domestic and foreign research are described. The second part, the related theory of dividend policy. The definition of dividend, dividend policy and the theory of dividend policy are expounded. The third part, Yunnan Baiyao dividend distribution policy and existing problems. First of all, this paper describes the operating situation of Yunnan Baiyao Company, then introduces the dividend distribution of Yunnan Baiyao Company since its listing, and finally compares the dividend distribution of Yunnan Baiyao Company with relevant enterprises in the industry. Found the Yunnan Baiyao dividend policy problems. The fourth part, Yunnan Baiyao dividend distribution policy exists the reason analysis. Mainly through its equity structure, growth capacity, liquidity, capital structure and other factors to analyze. Part V, suggestions. To the company's dividend distribution and future development to put forward the rationalization proposal.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.72
本文编号：2136871
[Abstract]:Dividend policy is one of the three major financial decisions of an enterprise, which is of great significance to an enterprise, and is closely related to the financing channel, financing cost and capital structure of an enterprise. Appropriate dividend distribution policy is conducive to stabilizing the equity structure of the company and promoting the healthy development of the company and the realization of financial management objectives. Improper dividend policy will hinder the development of the company. For Yunnan Baiyao, a giant of the traditional Chinese medicine industry, under the premise that enterprises have huge undistributed profits, their dividend payment level has been lower than that of other enterprises in the same industry. Compared with the same industry and the same Chinese medicine manufacturing enterprises, there are great differences in dividend policy. Based on the research on dividend policy of domestic and foreign scholars, this paper selects Yunnan Baiyao Company as a case study and compares with similar enterprises in the same industry, and finds out the problems existing in the dividend distribution policy of Yunnan Baiyao Co., Ltd. Based on the analysis of the causes of these problems, this paper provides some suggestions for the dividend distribution policy and future development of Yunnan Baiyao, and also provides reference for other listed companies. This article is divided into five parts altogether: the first part, introduction. The background and significance of the research, the research methods and contents, as well as the review of domestic and foreign research are described. The second part, the related theory of dividend policy. The definition of dividend, dividend policy and the theory of dividend policy are expounded. The third part, Yunnan Baiyao dividend distribution policy and existing problems. First of all, this paper describes the operating situation of Yunnan Baiyao Company, then introduces the dividend distribution of Yunnan Baiyao Company since its listing, and finally compares the dividend distribution of Yunnan Baiyao Company with relevant enterprises in the industry. Found the Yunnan Baiyao dividend policy problems. The fourth part, Yunnan Baiyao dividend distribution policy exists the reason analysis. Mainly through its equity structure, growth capacity, liquidity, capital structure and other factors to analyze. Part V, suggestions. To the company's dividend distribution and future development to put forward the rationalization proposal.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.72
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