Research On Dividend Policy Of Kwei Chowmoutai Co.,LTD

The company's dividend policy choice depends on many factors the company's ownership structure, management, corporate governance, etc., while the dividend policy will also affect the operating policies of the company's ownership structure.Dividend policy both appropriate and reasonable return to investors, to maximize shareholder value, but also to contribute to the sustainable development of enterprises.In a mature capital market, dividend policy for the company's development has an important role, but the late start of China's securities market, listed companies,management's dividend policy is rarely true importance. Therefore, the majority of listed companies dividend distribution of chaos, irregular, low school now, more change, not to mention the use of scientific theories and methods dividend to guide the company's dividend policy. This is not conducive to long-term development of China's listed companies to the detriment of the interests of investors, but also unable to provide assistance for the establishment of the stock market healthy and orderly,stable development.Guizhou maotai as selection and implementation of typical representative of high cash dividend policy has caused wide public concern, in this paper, based on the theory of dividend policy related describes an overview of kweichow moutai co., LTD.And the dividend distribution policy, and analyzes the guizhou moutai's current dividend policy impact on shareholder wealth. Found that guizhou moutai co., LTD.,choose high cash dividend policy on the one hand, is based on the relevant national institutional constraints of dividend distribution, at the same time, guizhou maotai financial basis to provide the necessary financial support. On the other hand, the major shareholders use their control of dividend policy, the interest of its dividend policy. Look from the dividend policy influence on shareholders, big shareholders to a certain extent, the infringement of the interests of minority shareholders. Therefore,guizhou moutai high sent now are based on self-interest set high cash dividend policy,damage the interests of the minority shareholders. Should constantly optimize the equity structure of listed companies, regulating the behavior of dividend distribution,in order to strengthen the management of monetary funds, relevant departments should constantly improve the protection of the laws and regulations of the small and medium shareholders.