A Study On The Dividend Distributino Policy Of Yunnanbaiyao

Dividend policy plays a vital role in the company that related to the company's financing channels,financing cost and capital structure.The moderate dividend policy not only can in favor of the stable of company's ownership structure,but also provides the effective defense barrier when the company facing external takeover threats,which contribute to the company developing stable and sustainable,realize the biggest shareholder wealth.Yunnan Baiyao in the premise of the existence of large enterprises undistributed profit,but the dividend level is lower than other enterprises,compared with Dong'e and Pian which are traditional Chinese medicine manufacturing enterprises in the same environment,.the dividend level is too low.The paper selects Yunnan Baiyao as a case,through the research of the dividend policy of Baiyao company,find the problems of Yunnan Baiyao dividend policy,and analyze the reasons of the problems,meanwhile provide some suggestions for the company' dividend distribution,provide a reference for Baiyao' future development.This paper includes five portions:The first part,the introduction,which describes the research methods and the content of the research.The second part,the theories of dividend policy,which introduces dividend theory evolution.The third part,the problems of the dividend policy of Yunnan Baiyao.Analysis the position of the company in the pharmaceutical manufacturing industry,and then find the problem of Yunnan Baiyao dividend policy.The fourth part,analysis of the causes of problems of the dividend policy of Yunnan Baiyao.mainly through the growth ability,the ownership structure,company's liquidity and capital structure.The fifth part,suggestion.give some suggestions to Yunnan Baiyao'future development.