發(fā)布時間：2018-07-21 21:12

【摘要】：股利政策是企業(yè)的三大財務(wù)決策之一,對于一個企業(yè)具有非常重要的意義,而且與企業(yè)的籌資渠道、融資成本和資本結(jié)構(gòu)息息相關(guān)。合適的股利分配政策有利于穩(wěn)定公司的股權(quán)結(jié)構(gòu),促進公司健康發(fā)展以及財務(wù)管理目標的實現(xiàn)。不適當?shù)墓衫哂謺璧K公司的發(fā)展。對于中醫(yī)藥制藥業(yè)的巨頭云南白藥,在企業(yè)存在巨大未分配利潤的前提下,其股利支付水平一直低于同行業(yè)其他企業(yè),與其所屬行業(yè)相同且同為中醫(yī)藥制造企業(yè)的東阿阿膠和片仔癀相比較,在股利政策中存在較大差異。本文在國內(nèi)外學者關(guān)于股利政策的研究基礎(chǔ)上,選取云南白藥公司為案例,結(jié)合同行業(yè)類似企業(yè)進行對比,發(fā)現(xiàn)云南白藥在股利分配政策中存在的問題,并根據(jù)這些問題產(chǎn)生的原因進行分析,并且為云南白藥的股利分配政策以及未來發(fā)展提供了若干建議,也為其他上市公司提供參考。本文一共分為五個部分:第一部分,緒論。闡述了研究的背景及意義、研究方法與內(nèi)容以及國內(nèi)外研究的綜述。第二部分,股利政策的相關(guān)理論。闡述了股利、股利政策的定義,以及關(guān)于股利政策的理論。第三部分,云南白藥歷年股利分配政策及存在的問題。首先對云南白藥公司經(jīng)營情況進行了描述,然后介紹了云南白藥從上市以來的股利分配情況,最后將云南白藥的股利分配與行業(yè)相關(guān)企業(yè)對比,發(fā)現(xiàn)云南白藥股利政策存在的問題。第四部分,云南白藥股利分配政策存在問題的原因分析。主要通過其股權(quán)結(jié)構(gòu)、成長能力、變現(xiàn)能力、資本結(jié)構(gòu)等因素進行分析。第五部分,建議。對公司的股利分配及未來發(fā)展提出合理化建議。
[Abstract]:Dividend policy is one of the three major financial decisions of an enterprise, which is of great significance to an enterprise, and is closely related to the financing channel, financing cost and capital structure of an enterprise. Appropriate dividend distribution policy is conducive to stabilizing the equity structure of the company and promoting the healthy development of the company and the realization of financial management objectives. Improper dividend policy will hinder the development of the company. For Yunnan Baiyao, a giant of the traditional Chinese medicine industry, under the premise that enterprises have huge undistributed profits, their dividend payment level has been lower than that of other enterprises in the same industry. Compared with the same industry and the same Chinese medicine manufacturing enterprises, there are great differences in dividend policy. Based on the research on dividend policy of domestic and foreign scholars, this paper selects Yunnan Baiyao Company as a case study and compares with similar enterprises in the same industry, and finds out the problems existing in the dividend distribution policy of Yunnan Baiyao Co., Ltd. Based on the analysis of the causes of these problems, this paper provides some suggestions for the dividend distribution policy and future development of Yunnan Baiyao, and also provides reference for other listed companies. This article is divided into five parts altogether: the first part, introduction. The background and significance of the research, the research methods and contents, as well as the review of domestic and foreign research are described. The second part, the related theory of dividend policy. The definition of dividend, dividend policy and the theory of dividend policy are expounded. The third part, Yunnan Baiyao dividend distribution policy and existing problems. First of all, this paper describes the operating situation of Yunnan Baiyao Company, then introduces the dividend distribution of Yunnan Baiyao Company since its listing, and finally compares the dividend distribution of Yunnan Baiyao Company with relevant enterprises in the industry. Found the Yunnan Baiyao dividend policy problems. The fourth part, Yunnan Baiyao dividend distribution policy exists the reason analysis. Mainly through its equity structure, growth capacity, liquidity, capital structure and other factors to analyze. Part V, suggestions. To the company's dividend distribution and future development to put forward the rationalization proposal.
【學位授予單位】：吉林財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F406.7;F426.72

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本文編號：2136871