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1、Dividendpolicy作者：EugeneF.Brigham.JoelF.Houston刊物：Fundamentalsoffinancial，2004，（8）:23-25.AbstractDividendpolicyplaysanimportantroleinbusinessdecision-makinginthestockisthecompany'scorefinancialissues.Thusthedividenddistributionpolicyhasbeenthecompany'sstake
2、holderssharesarecloselywatched.Onthebasisofthetextoftheintroductionanddividendpolicybasictypesoftraditionalandmoderntheoriesofdividendpolicyelaborateon,focusingonthestatusofthedividenddistributionpolicyoflistedcompanies,thedividendpolicychoiceshouldconside
3、rfactorswereanalyzed,anddealwiththeproblemsraisedcorrespondingconstructivecomments.Keywords:Dividendtheory;dividenddistribution;policyrecommendations1.IntroductionProfitablecompaniesregularlyfacethreeimportantquestions:(1)Howmuchofitsfreecashflowshoulditpa
4、ssontoshareholders?(2)Shoulditprovidethiscashtoshareholdersbyraisingthedividendorbyrepurchasingstock?(3)Shoulditmaintainastable,consistentpaymentpolicy,orshoulditletthepaymentsvaryasconditionschange?Whendecidinghowmuchcashtodistributetoshareholders,finance
5、managermustkeepinmindthatthefirm’sobjectiveistomaximizeshareholdervalue.Consequently,thetargetpayrateratio—defineasthepercentageofnetincometobepaidoutascashdividends—shouldbebasedinlargepartoninvestors’preferencefordividendsversuscapitalgains:doinvestorspr
6、efer(1)tohavethefirmdistributeincomeascashdividendsor(2)tohaveiteitherrepurchasestockorelseplowtheearningsbackintothebusiness,bothofwhichshouldresultincapitalgains?Thispreferencecanbeconsideredintermsoftheconstantgrowthstockvaluationmodel:Ifthecompanyincre
7、asesthepayoutration,theraises.Thisincreaseinthenumerator,takenalone,wouldcausethestockpricetorise.However,ifisraised,thenlessmoneywillbeavailableforreinvestment,thatwillcausetheexpectedgrowthratetodecline,andthatwilltendtolowerthestock’sprice.Thus,anychang
8、einpayoutpolicywillhavetwoopposingeffects.Therefore,thefirm’soptimaldividendpolicymuststrikeabalancebetweencurrentdividendsandfuturegrowthsotomaximizethestockprice.In-8-thissection,weexaminethreetheoriesofinv
