上市公司股利政策研究外文文献

GrowthandtheValuationofSharesLintnerListedcompaniesinthedividenddistributionpolicytosomeextentdirectimpactontheoperationoffundsoflistedcompanies.Thecompanypaidtoitsshareholderstheremainingsurplusofretainedearningsintheenterprise,thereCixiaobizhangrelationship.Therefore,thedividenddistributionpolicyisdecidedhowmuchdividenddistributiontoshareholders,hasdecidedtostayinthenumberofenterprises.Reducethedividenddistribution,whichwillincreasecorporateretainedearnings,reducingtheexternalfinancingneeds.Sodividendpolicyisalsofinancingtheinternaldecision-makingenterprises.Inthispaper,oftenusedtomakeadividenddistributionpolicybrieflydiscussed.Dividendintheactualoperation,thechoiceofdividenddistributionpolicyhasthefollowingfour:First,theremainingdividenddistributionpolicyDividendandthecompany'scapitalstructurerelatedtoinvestmentandcapitalstructure,inturn,constitutethenecessaryfunds,thedividenddistributionpolicyshouldinfactbethecostofcapitalandinvestmentopportunitiesinthedoubleimpact.Theremainingdividenddistributionpolicyisthatthecompanyhasgoodinvestmentopportunities,inaccordancewiththeobjectivesofcertaincapitalstructure(theoptimalcapitalstructure),tocalculatetherequiredequitycapitalinvestment,thefirstofretainedearnings,andthentheremainingsurplusasadividendtobeDistribution.Ifthereisnosurplus,notdividends.Usetheremainingdividenddistributionpolicytobefollowedbyfivesteps:(1)identificationofinvestmentprojects,lookingforprofitableinvestmentopportunities.(2)targetcapitalstructure,whichisidentifiedwiththedebtequitycapitalratioofcapitaltotheweightedaveragecostofcapital(integratedcostofcapitalrate)reachedthelowestlevelasthestandard.(3)targetcapitalstructureoftheequityinvestmentrequiredamount.(4)maximizetheuseofthecompany'sretainedearningstomeettheinvestmentprogrammesoftheequitycapitalrequiredamount.(5)investmentprogrammeforequitycapitalhavebeenmetiftheremainingsurplus,andthenasdividendspaidtoshareholders.Choiceoftheremainingdividenddistributionpolicy,willmeanthatonlytheremainingsurplusfordividendpayment.Themodelisbasedonthestockpricehasnothingtodowiththedistributionofdividends,investorsinthedividendandcapitalgainsdonothaveapreferred,butwillinvestorsgetdividendsonthesecondaryposition,itsfundamentalpurposeistomaintaintheidealcapitalstructure,theweightedaveragecostofcapitalMinimum,thusrealizingthecompanytomaximizeprofits.Second,thecontinuedgrowthoffixedordividenddistributionpolicyThecontinuedgrowthoffixedordividenddistributionpolicyistodistributetheannualdividendfixedataspecificlevel,andinthelongerperiodoftimeregardlessofhowthecompany'sprofitability,thefinancialsituationofhowthedistributionofthedividendremainsunchanged.Onlywhenthecompanythatfutureearningswillbesignificant,andirreversiblegrowth,willbeabletomaintaintheamountofdividendspaidtoahigherlevel,willincreasetheannualdividendpaymentamount.However,inflationinthecircumstances,mostcompanieswillthenraisethesurplus,andthemajorityofinvestorswantcompaniestoprovidemorethanoffsettheadverseeffectsofinflationdividends,long-terminflationintheyearsshouldalsoincreasetheamountofdividendpayment.Sustainedgrowthoffixedordividenddistributionpolicyisaimedatavoidbecauseofpoormanagementandreductionofdividend.Totakesuchdividenddistributionpolicyofthereasonsis:First,astabledividendforthecompanytomarketconveythenormaldevelopmentoftheinformation,toestablishagoodimageofthecompany,enhancetheconfidenceofinvestorsinthecompany,stablestockprices.Second,thestabilityoftheamountofdividendstoinvestorsfordividendincomeandexpenditure,especiallyforthosewhoaredependentondividendsshareholdersespecially.MandraxMandraxhighdividendsandlowstocks,willnotbewelcomedbytheseshareholders,thestockpricewilldrop.Third,thestabilityofthedividenddistributionpolicymaybeinconsistentwiththeremainingdividendtheory,buttakingintoaccountthestockmarketwillbeavarietyoffactors,includingthepsychologicalstateofshareholdersandotherrequirements,inordertomaintainastabledividendlevel,Evenifsomedeferredinvestmentprogrammeortemporarilydeviatefromtargetcapitalstructure,mayalsoreducethedividendorlowerthanthedividendgrowthrateofmorefavorable.Inviewofthis,thecompanyonlyusedorcontinuedgrowthinthefixeddividenddistributionpolicyinordertomaximizethecompanysharesinordertoachievethemaximizationofthecompany'sfinancialgoals.Thedividenddistributionpolicyisthattheshortcomingsofthedividendspaidoutoftouchwiththesurplus.Whenthelowerearningsstillsupportafixeddividend,itmightleadtoashortageoffunds,financialsituationworsened,notthesameasthesurplusintothedividenddistributionpolicyastomaintainalowercostofcapital.Third,topayafixeddividendratepolicyDividendpolicytopayafixedrate,thecompanysetadividendamountofthesurplusratio(dividendpaymentrate),thisratiooflong-termpolicytopaydividends.Inthisdividenddistributionpolicy,thedividendsforinvestorsasthecompany'snetprofitaftertaxchangesandfluctuations,whenthecompanyincreasednetprofit,thestockdividendforinvestorshasincreased,butdecreased.Thehigherrateofpayfixeddividends,thecompanyretainedsurplusisless.Fixedrateofdividendpaymentdistribu