五粮液公司股利政策研究.pdfVIP

五粮液公司股利政策研究 摘 要 股利政策是指企业的税后利润在股东所得股利和企业内部留存收益之间的 一种分配选择，是企业进行融资发展的一种延续，股利政策作为企业一段时间经 营行为和业绩的反映，会给企业的形象带来一定的影响，同时还会造成企业股价 的异常波动情况。 在整个白酒行业的上市公司中，股利分配政策的股利支付水平相对较高，具 备较强的稳定性和连续性，但是对于巨头五粮液公司来说，其现金股利支付水平 与整个白酒行业股利支付水平是背道而驰，和其所在的环境及竞争的能力相当的 贵州茅台进行比较，在股利分配的政策上采用了两种完全迥异的方式 ，被称为 铁公鸡的五粮液与贵州茅台的分红王形象形成了鲜明的对比。 本篇以五粮液与贵州茅台进行对比分析，最终得出五粮液公司股利分配政策 所带来的影响以及其中存在的问题，并且分析了股利政策问题为什么会产生，同 时为五粮液公司的股利政策分配提出相关有效的意见，希望可以为该公司的股利 政策分配及未来的发展提供参考。 关键词：五粮液；贵州茅台；股利政策；影响因素；发展建 I Research on dividend policy of Wuliangye company Abstract Dividend policy is the distribution choice between the after-tax profits of a company between the dividends paid by shareholders and the internal retained earnings of the company, and it is the continuation of the companys financing and investment activities. As the reflection and reflection of the companys operating behavior and operating performance, dividend policy not only affects the companys image, but also causes abnormal fluctuations of the companys stock price. The wine industry for the listed company, dividend distribution policy of dividend payment level is higher, has stronger embroidery and stability, but for giant wuliangye in liquor-making industry, the cash dividend payment levels differ with the wine industry as a whole is more, and how the environment and competition ability of guizhou maotai, on dividend distribution by using two kinds of completely different policy, wuliangye miser image and is known as the king of share out bonus of guizhou maotai is in stark contrast Original meaning to wuliangye and guizhou maotai contrast analysis, finally it is concluded that wu liang ye the problems existing in the companys dividend distribution