五粮液股利政策分析—基于股利迎合理论视角

股利迎合理论是从行为金融学角度来进行股利政策研究的理论，为研究股利政策提供了一个新的视角。其核心是公司管理者发放现金股利的目的是为了迎合投资者对股利的需求，以达到公司短期价值最大化的目标。由于我国证券市场的特殊性，我国部分学者对股利迎合理论进行了扩展。五粮液是我国白酒知名企业，企业业绩很好，但自上市以来，现金股利支付率极低，不仅低于白酒行业平均水平，也低于主要竞争对手。有些年度即使派发了现金股利，在扣税后，股东也得不到任何现金，但多次以送红股、资本公积转增的形式派发股票股利。在这样的股利政策背后，五粮液股份与大股东进行了巨额关联交易。根据股利迎合理论，五粮液股份的股利政策大大迎合了大股东和管理者的股利需求，而忽视甚至侵害了小股东的需求。

关键字：五粮液；股利政策；现金股利；迎合理论
Analysis of the dividend policy of Wuliangye
    —based on the catering theory of dividends
ABSTRACT

The catering theory of dividends, which use behavioral finance theory to study the dividend policy, provides a new perspective for the research.The core of the theory is that managers' decision to pay dividends cater to investors, with the aim to aximize the short-term Corporate Value. As China's securities market is quite different from The US securities market, some Chinese scholars extend the catering theory of dividends. Wuliangye, with good profitability, is a well-known liquor enterprise in china, but its cash dividend payout ratio is very low since listing. Some years, the shareholders cannot get any real cash dividends after tax though Wuliangye did have paid cash dividend.on the other hand, the Corporation have paid stock dividend many times by giving bonus shares and reversing the capital. Behind such a dividend policy, the Corporation do have large related party transactions with its big shareholder. So Wuliangye catered to big shareholder and the managers'demand, but ignored and even hurt the demand of small shareholders.

Keywords:  wuliangye；dividend policy；cash dividend；the catering theory

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