企业股利分配政策研究——以云南白药集团股份有限公司为例

XCLW51476  企业股利分配政策研究——以云南白药集团股份有限公司为例  (字数：12697)

摘要

由于我国市场经济进入深入发展的阶段，股票市场也愈发蓬勃，已然成为人们经济活动中不可或缺的一部分，并在我国的经济建设发展中起着积极的推动作用。在我国股票市场取得非常好的成绩的同时，我们应该看到，由于我国股票市场还很年轻，与国外成熟的股票市场相比还存在较多问题，在监督、法律、规范上还有许多值得加强的地方。其中企业的股利分配政策就是一个值得让人关注的地方。对于中国的大部分企业，股利分配政策的作用是企业的发展中不可或缺的一部分，这当中关系着企业未来长期的运营、股东自身希望获得的投资回报以及企业整体的资本结构合理性。也就是说可靠的股利分配政策一方面可以在企业成长扩张的时候保证资金的运行，一方面也为企业有一个稳定而令人信服的企业在外形象，吸引到我国市场可能存在的投资人或者是债权人。

关键词：股利；股票市场；股利分配政策

Abstract

Because our country entered the stage of in-depth development of market economy, the stock market is increasingly vigorous, people has become an integral part of economic activity, and in the development of our country's economic construction plays a positive role in promoting. Get very good results in the Chinese stock market at the same time, we should see, because our country stock market is still very young, compared with foreign mature stock market still exists many problems, on the supervision, legal, standardized and many worthy of strengthening. Dividend distribution policy which the enterprise is the place where a person who is concerned. For most of the enterprises in China, the role of dividend distribution policy is an integral part of the development of the enterprise, the relationship among the enterprises in the future of the long-term operation, shareholders own hopes to get return on investment and corporate capital structure rationality of the whole. That is to say, a reliable dividend distribution policy, on the one hand, can guarantee the operation of capital when the enterprise grows and expands; on the other hand, it can also provide the enterprise with a stable and convincing external image and attract investors or creditors that may exist in the Chinese market. On this basis, this paper studies the dividend distribution policy of enterprises not only because dividend distribution policy plays a very important role in the future development of enterprises, but also because it also plays a role in promoting the healthy development of China's securities market. Therefore, this paper, by taking Yunnan Baiyao Group Co., Ltd. As an example, aims at the development of Yunnan Baiyao Group Co., Ltd. 's dividend distribution policy and proposes a series of improvement measures. In addition, China's pharmaceutical manufacturing industry has developed rapidly in recent years. Compared with other industries, the whole pharmaceutical manufacturing industry also develops very well, and the dividend distribution level is obviously higher than other industries. Therefore, it is quite reasonable to choose yunnan baiyao as the case study object of this paper. At the same time, we can find that most of the current studies on dividend distribution policies in China are based on foreign cases and domestic macro basis, and there are few studies on targeted dividend distribution policies for enterprises. In addition, this paper can provide a practical targeted case study from the aspects of enterprise ownership structure, growth situation and cash flow situation, so as to further deepen and develop the dividend distribution policies of enterprises and exert some good influences on the national securities market.

Key words: dividend; Dividend distribution policy; Yunnanbaiyao

目录

一、绪论1

（一）研究背景及意义1

（二）文献综述1

（三）研究内容2

二、股利分配政策的基本理论3

（一）股利分配及股利分配政策的概念3

（二）股利分配政策的特点3

（三）企业股利分配政策的影响因素4

三、我国现阶段企业股利分配政策存在的问题5

（一）股利分配的方式不合理5

（二）股利分配政策不稳定5

（三）股利分配政策信息传递不合理5

四、云南白药集团股份有限公司股利分配政策现状6

（一）云南白药集团概况6

（二）云南白药集团股利分配政策现状7

五、云南白药集团股份有限公司股利分配政策的问题及分析9

（一）云南白药集团股利分配政策现存问题9

（二）云南白药集团股利分配政策现存问题的原因分析10

六、对云南白药集团股利分配政策现存问题的解决措施13

（一）对股权结构进行合理规划13

（二）提高企业的现金流转13

（三）增加企业的筹资和融资渠道13

结论14

参考文献15