现金股利政策影响因素实证分析——以中国酒业上市公司为例

股利政策作为现代公司理财的核心内容之一，不仅关系着公司股东的利益还关系着公司的稳定发展，因此合理的股利分配政策无论是对于股东的利益还是对于公司的稳定发展都有着重要的意义。而影响股利政策的因素也有很多，不同的因素对其影响也不同。文章选取了中国酒业上市公司为研究对象，根据2009、2010两年派发现金股利的情况和上市公司年报的财务数据资料，通过实证研究找出影响中国酒业上市公司现金股利政策的主要因素，并通过具体地分析，进一步为该行业股利政策的制定和规范提出具有合理性和可取性的建议，以提高企业的价值，实现股东财富最大化的目标。

Empirical Analysis of the Factors Influencing the Cash Dividend Policy——Evidence from Chinese Liquor Listed Companies

Dividend policy is one of the core content of modern corporate financial management, which not only affects the interests of the shareholders, but also affects the company＇s stability and development. Therefore, the reasonable dividend policy plays a significant role in the shareholders＇ interests and the company＇s stability and development. A lot of factors influence the decision of the company＇ dividend policy, and different factors have different effects. This paper has selected the Chinese liquor listed companies as the research objects, according to the cash dividend distributed information and annual report of financial data of 2009 and 2010, through empirical research to find out the main factors that influence the cash dividend policy of liquor companies and through the concrete analysis to make further efforts for providing some reasonable and desirable suggestions for the industry dividend policy formulation and standard, hoping to improve enterprise＇s value and achieve the goal of maximizing shareholders＇ value.