Research On Dividend Policy Of Listed Companies In Pharmaceutical Manufacturing Industry

Dividend policy is a hot topic in academic circles.Although China has made some progress in the exploration of dividend policy,there is still more or less incomplete in some aspects.At present,the pharmaceutical manufacturing industry is developing well,which has aroused a lot of attention.As a special industry,its dividend policy has certain particularity.However,there is not much research on the dividend policy of pharmaceutical manufacturing industry,so it is very meaningful to study its dividend policy.This paper focuses on the dividend policy of pharmaceutical manufacturing industry.Firstly,it introduces and summarizes the research conclusions of domestic and foreign scholars on dividend policy,elaborates the basic concepts and theories of dividend policy,and lays a theoretical foundation for the following sector and case study.After that,it introduces the basic situation of China’s pharmaceutical manufacturing industry at present,and analyses the dividend policy of listed companies in pharmaceutical manufacturing industry from three aspects:dividend distribution mode,dividend payment continuity and dividend payment level.It is found that there are problems in China’s pharmaceutical manufacturing industry such as poor continuity of dividend policy,excessive dividend payment and the use of non-substantive dividend distribution formula.In view of these problems,this paper analyzes the causes from the perspectives of industry profitability,operation ability,industry debt pressure,debt financing level and legal environment.Then,this paper selects Harbin pharmaceutical co.,Ltd.as a case,which has a high dividend payment rate,and finds that Harbin pharmaceutical co.,Ltd.has the problems of single form of dividend payment,discontinuous dividend payment,large fluctuation of dividend payment and abnormal dividend payment rate.After analyzing the shareholding structure,business strategy and business ability of Harbin pharmaceutical co.,Ltd.,it puts forward some recommendations.Finally,this paper provides suggestions on the improvement of the pharmaceutical manufacturing industry’s dividend policy from the aspects of corporate goals,corporate operation,industrial structure,legal supervision and information disclosure.Through the study of dividend policy in pharmaceutical manufacturing industry,it can provide guidance for pharmaceutical manufacturing companies to formulate dividend policy and improve the current situation of dividend policy.At the same time,it can also enrich the industry research on dividend policy in China and expand the dividend policy theory.