Research On Kweichow Moutai High Dividend Policy

Dividend policy has always been an important component of financial management for listed companies,especially for their sustainable and high-quality development.Since 2001,the China Securities Regulatory Commission has introduced a series of policies to encourage enterprises to participate in cash dividends,protect the interests of small and medium-sized shareholders,and continuously improve the capital market.Against this backdrop,more and more companies are choosing to issue high cash dividends.The emergence of high dividend payout policies has sparked scholars to explore factors that affect companies’ choice of high dividend payouts and the market response brought by implementing high dividend payouts.This provides theoretical support and case studies for the capital market to regulate companies’ high dividend payout behavior.Kweichow Moutai,as the leader of Baijiu industry,this thesis conducts research on its high dividend policy,which can not only improve its cash dividend policy,but also provide reference for other enterprises.This thesis takes Kweichow Moutai’s high dividend policy as the research object,and uses case analysis,empirical analysis and other methods to objectively analyze the influencing factors and market reaction of its implementation of high dividend policy.Chapter 1 of this article elaborates on the research background,purpose,and significance.A large number of domestic and foreign literature were searched and summarized using literature analysis,and research ideas,content,methods,and innovative points were also proposed.Chapter 2 focuses on the concepts and theoretical foundations related to dividend policy,laying the conceptual and theoretical foundation for further case studies.Chapter 3introduces the case of Kweichow Moutai,and details the basic situation,business status,equity structure and the implementation characteristics of the high dividend policy in recent years.Chapter 4 deeply analyzes the factors that affect Kweichow Moutai’s implementation of high dividend policy from the financial and non-financial perspectives,selects quantifiable variables on the basis of financial factors,uses multiple linear regression analysis for empirical analysis,and uses event study to study its market response to high dividend.Chapter 5 draws a conclusion based on the analysis results: financial ability is the prerequisite for Kweichow Moutai to implement high cash dividends,the will of major shareholders and actual controllers affects the formulation of high cash dividends,Kweichow Moutai is in the mature stage of development and lacks investment opportunities,the market response to high cash dividends to Kweichow Moutai is not positive enough,and countermeasures and suggestions are given from the corresponding perspective.Chapter 6provides a summary and outlook for this article.The innovation of this thesis is to study the financial factors that affect the implementation of high dividend policy in Kweichow Moutai through empirical analysis,and judge the impact of financial factors on high dividend more intuitively according to the empirical results;At the same time,the event study is used to study the market reaction of Kweichow Moutai’s high cash dividend,and analyze the impact of the disclosure of cash dividend policy on Kweichow Moutai’s share price.