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1、实用标准文案DividendpolicyandfirmvalueThedividenddecisionisanintegralpartofthefirm'sstrategicfinancingdecision.Itessentiallyinvolvesafirm'sdirectorsdecidinghowmuchofthefirm'searnings,afterinterestandtaxes(EAIT),shouldbedistributedtothefirm'sordinaryshareholdersinreturnfortheirin
2、vestmentinthefirm,andhowmuchshouldberetainedtofinancefuturegrowthanddevelopment.(SterkandVandenberg2004441-55)Theobjectiveofthefirm'sdividenddecision,likeallfinancialdecisions,shouldbethemaximisationofshareholderwealth.Ifanoptimaldividendpolicydoesexistthenclearlymanagerss
3、houldconcernthemselveswithitsdetermination;ifitdoesnot,thenanydividendpolicywilldo,asonepolicywillbeequaltoanother.Itshouldbenotedthatthedividenddecisionanddividendpolicyrelateonlytoordinarysharecapital.(AsquithandMullins200377-96)Thepaymentofpreferencesharedividendsisnotc
4、onsideredpartofafirm'sdividendpolicy,asthelevelof,ormethodofcalculating,thepreferencedividendisfixedinadvancebythetermsandconditionsoftheoriginalpreferenceshareoffer.Onceadividendpolicyhasbeenformulated,settingouttheamountandtiming,etc.ofdividendpayments,itshouldbefollowed
5、withstabilityandconsistencyasitsguidingprinciples.Asweshalldiscusslater,changestoafirm'sdividendpolicycanbeinterpretedinvariouswaysbythefinancialmarkets,sometimeswithdramaticconsequencesforthefirm'sshareprice.Youwillnotethatthedividenddecisionismadeatthelevelofthefirm'smos
6、tseniormanagers-atboardofdirectorlevel.Itisthedirectorswhowilldecidetheamountandtimingofdividendpayments.UnderUKcompanylawthedirectorscannotbecompelledtorecommendadividendandshareholderscannotvotethemselvesahigherdividendthanthatrecommendedbythedirectors.(BajajandVijh20041
7、93)PaymentofdividendsIntheUK,incommonwithmanyothercountries,dividendsareusuallypaidtoshareholderstwiceayear.Aninterimpaymentismadehalf-waythroughthefinancialyear,withafinalpaymentbeingmadeaftertheendofthefinancialyear.Dividendsarepaidtotheshareholderslistedonafirm'sShareRe
8、gisteronaspecifieddate,knownastheRecordDate.(SterkandVandenberg2004441-55)Inthestockmarke
