九芝堂高现金股利政策研究

Research on High Cash Dividend Policy of Jiuzhitang

本文选择中药领导企业之一的JZT进行分析,首先通过高股利概念的界定,引用经典的股利政策理论对相关概念进行阐述,然后根据对JZT年度财报的解读,分别分析其财务因素的四个方面逐一分析,其后对公司的非财务因素进行剖析。最终得出结论:财务数据表现是高现金股利的保障,而非财务因素的大股东影响才是股利政策的真正决定因素。研究说明现实中影响事物表现的变量有很多,有些潜在的往往被忽视了,而被忽视的可能就是真相之一。

The paper selects JZT,which is one of the leading enterprises of Traditional Chinese Medicine for analysis.First of all,through the definition of the concept of high cash dividends,this paper cites the classic dividend policy theory to explain the relevant concepts,and then analyzes the four aspects of its financial factors based on the interpretation of the annual financial report of JZT.Finally,the company's non-financial factors are analyzed.The results show that financial performance is the guarantee of high cash dividends,while the influence of major shareholders,the non-financial factors is the true decisive factor of the dividend policy.Research shows that there are many variables that affect the performance of things,and some potential ones are often ignored,but the ignored ones may be one of the truths.