Research On Dividend Policy Of Liquor Industry

Dividend policy is one of the three major financial decisions of listed companies.It is about whether or not listed companies pay dividends,when dividends are paid and how much dividends are distributed.Dividend is a common channel for shareholders to reap the return on investment,and it is also a key factor that investors need to consider before investing.Therefore,dividend policy can effectively protect the individual rights and interests of shareholders on a large scale,and then has a long-term impact on the healthy development of listed companies and securities market.So far,the domestic securities market has been developing for nearly 30 years,but compared with Europe and the US and other countries,the whole is still not mature enough.There are existing many problems,for instance: many profitable listed companies pay less dividends or even do not pay dividends,some listed companies pay dividends only to obtain financing.Therefore,it is difficult for investors to reap the return on investment.In order to make profits,they can only rely on the spread of trading,which leads to a large-scale speculative boom in the current domestic stock market and great obstacles on a long-term development of domestic stocks.Hence,it is quite necessary to study the specific influencing factors of dividend policy.The research object of this thesis is domestic liquor listed company.On the one hand,liquor industry is a very important industry in China.First of all,from the perspective of tax law,China’s liquor products have a wide range of tax items,and the tax rate is high,especially the consumption tax,which constitutes an important source of finance for China.Secondly,from the point of view of dividend distribution,there are many high dividend companies in liquor listed companies,the most well-known of which is Yanghe shares and Maotai,but there also exist some companies which do not pay dividends for many years like “iron roosters”,such as alcoholic wine.Therefore,the industry is of strong research value,the research on which can be used as a reference for the study of dividend policy in our country.On the other hand,as far as the development of liquor industry in recent years is concerned,due to the influence of "three public consumption","prohibition order" and "plasticizer",the industry has begun to enter a cycle of reform and adjustment,inevitably having an impact on dividend policy,accordingly,it is particularly important to study the dividend distribution policy of liquor listed companies.The main ideas of this thesis are as follows: firstly,through the analysis of the current situation of dividend distribution of listed liquor companies in recent years,the factors that influence the dividend policy of liquor listed companies are found out.Secondly,combined with empirical analysis,the following conclusions are drawn: Total assets,asset-liability ratio,earnings per share,cash flow per operating activity,sales expense rate,gross profit margin,equity concentration and dividend distribution are positively correlated,while net profit growth has nothing to do with dividend distribution.Finally,according to the empirical conclusions,some suggestions are put forward.