| The theory of enterprise life cycle provides a new idea for the study of enterprise management.As an important financial policy,dividend policy is closely related to the survival and development of enterprises and the interests of shareholders.Based on the theory of life cycle,the study of dividend policy has become a hot topic in the academic circle.As a listed company with a long time and high profit,Wuliangye's dividend policy experienced several different stages,it is worth to study the reasons.In this paper,firstly we divided Wuliangye company's life cycle with the retained earnings rate method.Then we introduced Wuliangye's dividend policy in every stage and analyzed it from the aspects of payment tendency,payment methods,payment level and payment stability of dividend.We analyzed the reasons why it changed from the financial factors and non-financial factors,and the financial factors included profitability,debt situation,investment demand and cash flow and non-financial factors included the company's ownership structure,legal environment and policy factors and industry life cycle.We briefly described the market reaction of Wuliangye's dividend policy in different life cycle stages.Finally,we drew some conclusions and put forward some suggestions to improve the existing dividend policy of Wuliangye.The study finds that: from the initial stage to the mature period,Wuliangye's dividend payment methods changes from a variety of methods into a single form of cash dividends,dividend payments and payment stability havebeen greatly improved.Financial factors and non-financial factors contribute to these changes.The profitability of the enterprise has the greatest impact on the dividend policy,non-financial factors including the ownership structure,legal environment and policy factors,industry life cycle have some impacts on corporate dividend policy.The company should take full account of all kinds of financial and non-financial factors to develop its dividend policy. |
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