The Study On The Dividend Policy Of Mature Listed Companies

The dividend policy is an important part of modern corporate governance. Corporate dividend policy is not only affected by external macroeconomic factors, but also closely linked with their own characteristics.At the same time, the equity of the company also affected by the dividend policy. Therefore, dividend policy is an important job of the management team of the listed company. Dividend policy as one of three major financial decisions of enterprises, whether related to the business can continue to operate, therefore, the dividend policy has become a hot research topic.Wuliangye and Moutai is the representative of China’s high-end liquor industry, the two company have many similarities such as market environment, industry status. However, the dividend policy of Wuliangye and Moutai has a very big difference. Since listing, Moutai has always been adhering to the continuous high cash dividend policy. Compared with Moutai, the dividend policy of Wuliangye is presented a kind of relative chaos, the characteristics of the low group, much change. Firstly, the theory of dividend policy were summarized, and the literature on dividend policy factors at home and abroad were consolidated and summarized. Secondly, Wuliangye and Moutai, for example, were introduced dividend distribution Wuliangye and Moutai, and analyze the difference between the dividend policy existed, because after Wuliangye and Moutai dividend policy differences formed from non-financial factors and financial factors two aspects are analyzed, including financial factors include the contents of the profitability, balance sheets, cash flow and investment requirements in four areas, non-financial factors, mainly analyzes ownership structure, the company’s development strategy, market positioning and pricing power.The research has discovered: Corporate profitability is the main factor affecting the development of corporate dividend policy, in the mature stage of the business profitability is better but it is possible to select a low cash dividend policy, which is due to the influence of non-financial factors, non-financial factors in the equity structure and the company’s development strategy and so will affect corporate dividend policy, at the same time, companies should also take the impact of external macroeconomic factors into account, combined with its own characteristics to develop their own appropriate dividend policy.