Wuliangye Company’s Dividend Policy Research

Dividend policy is the core concepts and one of the sensitive issues of listed company’s financial decisions, formulating dividend policy should not only consider the needs of company’s future development, but also take into account the direct returns to shareholders. Liquor industry’s dividend distribution policy, compared with the entire listed company, has strong continuity, stability and a high level of dividend payment, but for the liquor industry giant Wuliangye, there is huge differences between the Wuliangye company’s cash dividend payment levels and the cash dividend payment levels of the whole liquor industry. compared with Wuliangye, Guizhou moutai which under the same situation and has the same level of competitiveness, adopt a completely different policy on dividend distribution. In contrast to Wuliangye which famous for its miser image, Guizhou Moutai is known as the king of the dividends.Above all, this paper based on the prior research, study on the Wuliangye Group Ltd’dividend policy studies, find and analyze the problems of Wuliangye dividend distribution policy, discover the reason of the dividend policy. Meanwhile, give some suggestions for the company’s dividend distribution and hope to provide a reference for the company’s dividend distribution and future development.Content of the paper is divided into six parts:The first part of the introduction. Elaborate research background and significance of domestic and international literature review summarized, research ideas and methods introduced in this paper.The second part, the theory of dividend distribution policy. This chapter outlines the definition of dividends, the type of dividend policy, the evolution theory and its influencing factors, as well as of the relevant norms of distribution of dividend.The third part, Wuliangye company’s dividend distribution policy situation. First, the company introduced, as well as the company’s position in the liquor industry in the analysis, and then introduces the Wuliangye company’s dividend distribution since the listing of the case.The fourth part, the problems of Wuliangye company’s dividend distribution policy. Wuliangye company’s dividend policy come the problems listed by Wuliangye since the dividend policy analysis. The fifth part, Wuliangye company’s dividend distribution policy issues cause analysis. Mainly through the company’s ownership structure, talent, liquidity and development strategy in these areas, combined with Moutai analyzed.The six part, the conclusions and recommendations. Wuliangye dividend summary, rationalization proposals for dividend and future development of the company.