A Study On The Dividend Policy Of Maotai High School In Guizhou Province

China's stock market after more than 20 years of development and change,has made considerable progress,but in the rapid development of China's stock market itself also has many problems,the major shareholders of listed companies from the stock market misappropriating phenomenon is not uncommon The As a result of historical reasons,the Chinese stock market on the protection of small and medium shareholders and Western developed countries is far from enough.Based on the better protection of the interests of small and medium shareholders,more and more experts and scholars to research the focus of the listed companies to the dividend policy research.Cash dividend is the most common dividend policy,is also the majority of experts and scholars concerned about the hot spots.In particular,after 2000,a series of policies under the direct guidance of the Commission,the distribution of cash dividends of a large number of companies,the company accounted for the proportion of the total number of listed companies not only jumped significantly,but also the emergence of China's capital market,"This has a puzzling phenomenon with Chinese characteristics,triggering people on the meaning of high sent to define the standard,the impact of factors such as concern and research.Based on this,this paper starts from the current research on the dividend policy of dividend policy,which is concerned with the current dividend policy of listed companies.Taking the Maotai Company of Guizhou liquor industry as the research object,this paper adopts the combination of theoretical research and case analysis,China's securities market under the special background,combined with the relevant theory from a number of aspects of listed companies to maintain the high pay dividend policy behind the reasons and motives and high dividend dividend policy market response.This paper analyzes the basic situation of cash dividend distribution in China's listed companies and liquor industry in recent years,and then clarifies the premise of this paper.At the same time,in May 5,2015,Financial data as a sample,on the one hand from the financial and non-financial aspects of Guizhou Maotai high dividend policy analysis of factors,on the other hand the use of cumulative abnormal rate of return(CAR)and regression analysis of Guizhou Maotai high school Of the market reaction to conduct empirical research,the results show that high dividend policy does not mean that the positive market reaction.Finally,according to the inspiration of the case study,this paper puts forward the relevant policy suggestions to standardize the listed companies in China,hoping to provide the healthy and stable development of listed companies in China in order to improve the financial level of listed companies,optimize the ownership structure and improve the macro-control system Must refer to.