Case Analysis Of Guizhou Maotai Gaopai's Current Dividend Policy

Corporate financial strategy mainly includes three aspects: financing,investment,and dividend distribution,and the core content of dividend distribution is what kind of dividend policy to formulate.Dividend policy is particularly critical in corporate financial management decisions.Dividend distribution not only affects the interests of shareholders,but also affects the company's market image and stock prices.Adopting a scientific dividend distribution policy can not only help shape a good corporate image.It can also attract more investors,thereby promoting the sustainable development of the enterprise.Therefore,to achieve good corporate financial management,we must attach great importance to the formulation of dividend policies.Compared with the capital markets of Western countries,the domestic capital market started late,and there are many problems.Dividends are subjective and arbitrary.There are serious short-term behaviors,lack of stability and continuity,and many companies do not issue dividends or Pay lower dividends.In order to improve this phenomenon,the China Securities Regulatory Commission began to formally intervene in the dividend distribution of listed companies in 2000.It has successively promulgated a number of policy measures to encourage and guide companies to distribute dividends.Subsequently,the number of companies that distribute cash dividends has increased year by year,and the amount of cash paid has also increased significantly.Improving,many companies are sending cash or even super cash,the emerging special phenomenon of "high cash" has caused many investors and scholars to pay attention to the meaning of high cash,definition standards,influencing factors,market effects,etc.And research.As a leading company in the liquor industry,Guizhou Moutai Company has been insisting on distributing cash dividends since its listing,and the level of cash distribution is far higher than the market average,naturally attracting widespread attention from all walks of life.Therefore,based on the existing research results,this article takes Guizhou Moutai company as the research object,and adopts a combination of case analysis and theoretical research.Based on China's securities market as a research background,this paper studies the current situation of Moutai Gao in Guizhou from multiple levels.The basic motivation of dividend policy and market effect,explore the domestic factors that affect the high pay of listed companies,and provide important references for the future development of enterprises.In the process of research,this article is mainly composed of six parts.In the firstpart,it mainly expounds the significance and background of the research of this article,summarizes the relevant research results at home and abroad,and puts forward research ideas and methods.The second part focuses on the theoretical knowledge related to dividend policy.The related concepts,basic types,payment forms and indicators to measure the level of dividend payment are briefly described,and the motivation and theoretical basis for the implementation of the high-end dividend policy are explained.The third part introduces the high-end current case of Maotai Company in Guizhou and analyzes The implementation background and motivation of the company's dividend policy,summarizes the characteristics of the company's dividend distribution,and introduces the comparison of the dividend distribution of other companies in the same industry.The fourth part mainly analyzes the current high-paid cases in Maotai,Guizhou,and combines the company's from the perspective of financial level,government policy,equity structure,and investment opportunities,analyze the influencing factors of Gao Pai cash.The fifth part summarizes the research conclusions:(1)the implementation of high-end cash in China's listed companies is the result of the combined effect of various internal and external factors of the company;(2)financial capabilities and shareholder wishes are the main guarantees of high-end cash;Gao Pai is beneficial to the company's long-term development.At the same time,it draws case enlightenment:(1)the formulation of dividend policy should take into account the internal and external factors of the company;(2)the dividend policy should continue to be stable;(3)the optimization of equity structure should be emphasized to coordinate the interests of all parties;(4)the Management of funds;(5)Appropriate enrichment of dividend distribution methods.The sixth part reveals the shortcomings of the article.