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
