the motivation and factors of determining dividend policy

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1、TheMotivationandFactorsofDeterminingDividendPolicy-->ContentsABSTRCTDividendpolicyhasbeenanissueofinterestinfinancialliterature.illerandModigliani'sconclusion,researchersarguethatafirm'sdividendpolicymayhaverealeconomicconsequencesduetoseveralelementsLintner(1962)andGordon(1963)arguethattheinvest

2、orsdonotentofexpecteddividendsmorehighlythanapaymentofexpectedcapitalgainsbecausethedividendponent.Atax-adjustedmodelhadbeendevelopedbyFarrarandSelethatinvestorsallymaximizeaftertaxine.Andthismodelcontendsthatnodividendshouldbepaidandthesharerepurchaseshouldbeusedtodistributecorporateearning.Litz

3、enberger(1979)andotherscholarscontendthatthedividendpolicyshouldbeadoptedasasignalingmechanism;thefirmvalueischangedbythroughthedividendpolicyaffecttheinetax.Ontheotherhand,ifthemargintaxrateofinvestorishigherthanthelong-termcapitalgainstaxrate,theinvestorisarketimperfectionssuchasinformationasym

4、metriesandagencycosts,Jensen(1986).Lazo(1999)findsthatpanies(90%)usedividendsasasignaloftheirfutureearnings.Theyareveryreluctanttocutdividends,regardlessofthepurposeforsuchacut.Even,theydonotreducethedividendstosupporttherepurchase.75%ofthefirmshaveactuallyincreasedtheirdividendpayments.KochandSh

5、enoy(1999)studyfindsthatbothdividendandcapitalstructurepoliciesofthefirminteracttoprovidesignificantpredictiveinformationaboutfuturefreecashflo.Thus,stronginformationeffecthasbeenobservedforbothoverandunderinvestingfirmsthanforvaluemaximizingfirms.Thisdissertationinvestigatesthedividendpolicyofli

6、stedpaniesinChinabyusedempiricalstudymethod.Thisdissertationpurposetriestoanssadopted?sinChinatodistributedividends?-->Thisstudychooses40listedcorporationsinChinain2002and2003assamplesandadoptscorrelationmethodandlinearregressioninempiricalstudyontheirdividendpolicies.Theaimistoprobeintorelations

7、betotivationsforthedecisionmaking.ACKNOENTCONTENTSLISTOFTABLESChapterOne-Introduction1.1Background1.2........................1.3Researchpurpose1.4StructureofthedissertationChapterTM’sdividendirrelevancetheory2.2.2Birdi