The Research Of Listed Companies’ Dividend Policy

Since the 1990s, was formally established in our capital markets. Due to the capital market to establish late, our dividend policy research on listed companies is not mature, the theory is not yet comprehensive. At present, the theory of dividend policy on the market are mostly learn study abroad, combined with China’s listed company’s specific situation, constantly explore.At present, China’s listed companies’dividend policy is not fully developed. Corporate dividend policy is only starting from the interests of major shareholders, the lack of maintenance of the rights and interests of small shareholders. At this stage, companies pay dividends way stock dividends than cash dividends. Although in recent years, paid cash dividends of enterprise gradually increased, the amount of payment is also increasing year by year, but still less than the stock dividend. And you and the after-tax corporate profits available for distribution compared to the amount allocated is not enough. Mature Western dividend policy should be based on the cash dividend payment based, rather than stock dividends. Therefore, our dividend policy also needs further improvement and development.This paper introduces the basic concepts and theories related to dividend policy, and then introduced the domestic and international management literature review dividend policy, followed by analysis of the current situation of listed companies’ dividend distribution policy, influencing factors and problems, then by Wuliangye AG The reason the case, since its listing in 1998 until now, the change in dividend policy is analyzed, and finally came to the conclusion, find dividend policy problems, and put forward specific proposals and countermeasures issue of dividend policy.