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股利政策关系到股东的现期收益与公司未来的发展,目前在我国独特的资本市场制度背景下,股利支付与否、支付多少以及以何种方式支付,对公司和资本市场的健康发展意义重大,特别是对于资本市场的中小投资者而言。本文通过对贵州茅台的高现金股利政策影响因素进行财务与非财务两方面的分析,进而初步了解上市公司现金股利政策制定动因,以便市场投资者能形成对现金股利的良好预期,为投资者更好的评估股票内在价值提供依据。
Dividend policy is related to the current income of shareholders and the future development of the company. Currently, under the background of China’s unique capital market system, whether or not dividends are paid, how much to pay and how to pay are significant to the healthy development of the Company and capital markets Especially for small and medium-sized investors in capital markets. This article analyzes the influential factors of high cash dividend policy in Maotai of Guizhou province from two aspects: financial and non-financial, so as to understand the motivation of the cash dividend policy formulation of listed companies so that market investors can form a good expectation of cash dividend, Good basis to assess the intrinsic value of the stock.