五粮液和贵州茅台股利政策对比分析

发布时间：2018-08-13 21:33

【摘要】：股利政策是公司三大财务决策之一，公司的股利分配不仅受到公司的股权结构、经营状况、公司治理等多方面因素的影响，同时也能够影响到公司能否持续经营，股权结构是不是稳定。因此，股利政策不仅一直都是上市公司管理层的重要工作，也是学者研究的重要内容。恰当合理的股利政策既要能够回报投资者，实现股东利益最大化，又能有助于进企业可持续发展。虽然股利政策对公司的发展具有重大作用，但是在我国证券市场起步较晚，在上市公司中股利政策很少受到上市公司管理层的真正重视，股利分配混乱、无规律、低派现、多变动，更谈不上利用科学的股利分配理论和方法去指导上市公司股利政策了。这既不利于我国上市公司的长远发展，损害了投资者利益，更无法为建立健康有序、稳定发展的证券市场提供帮助。五粮液和贵州茅台都是中国高端白酒行业的代表，两公司的市场环境、行业状况等都有很多相似之处，但是，，五粮液和贵州茅台采用的股利政策却具有很大的差异性。自上市以来，贵州茅台一直秉承着连续高派现的股利政策；与贵州茅台相比，五粮液的股利政策则呈现出了一种相对混乱、低派现、多变动的特点。上市公司股利政策的的动因，股利政策受何因素影响。本文选取五粮液和贵州茅台作对比分析，采用规范研究方法在介绍相关股利政策理论的基础上，从影响股利分配的财务因素和非财务因素等方面分析了贵州茅台和五粮液股利政策出现不同的原因，并针对所分析的问题从公司稳定发展、稳定股价及实现公司财务管理目标的方面提出相应建议。通过研究，本文认为：财务状况是上市公司股利分配的基础因素，一个公司只有具备良好的股利支付能力，才能够支付股利。贵州茅台的高派现、连续稳定的股利政策首先源自其良好的财务状况。五粮液的财务状况虽然整体不错，但在一些指标上，五粮液和贵州茅台相比还有一定的差距。另外，公司的非财务因素也会对股利政策有相应影响，诸如五粮液和贵州茅台在股权结构和代理关系、发展战略、行业竞争及行业中的地位等的不同，影响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.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.82;F275

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