上市公司股利政策研究外文文献

Growth and the Valuation of Shares
Lintner
Listed companies in the dividend distribution policy to some extent direct impact on the operation of funds of listed companies. The company paid to its shareholders the remaining surplus of retained earnings in the enterprise, there Cixiaobizhang relationship. Therefore, the dividend distribution policy is decided how much dividend distribution to shareholders, has decided to stay in the number of enterprises. Reduce the dividend distribution, which will increase corporate retained earnings, reducing the external financing needs. So dividend policy is also financing the internal decision-making enterprises. In this paper, often used to make a dividend distribution policy briefly discussed.
Dividend in the actual operation, the choice of dividend distribution policy has the following four:
First, the remaining dividend distribution policy
Dividend and the company's capital structure related to investment and capital structure, in turn, constitute the necessary funds, the dividend distribution policy should in fact be the cost of capital and investment opportunities in the double impact. The remaining dividend distribution policy is that the company has good investment opportunities, in accordance with the objectives of certain capital structure (the optimal capital structure), to calculate the required equity capital investment, the first of retained earnings, and then the remaining surplus as a dividend to be Distribution. If there is no surplus, not dividends. Use the remaining dividend distribution policy to be followed by five steps: (1)identification of investment projects, looking for profitable investment opportunities. (2)target capital structure, which is identified with the debt equity capital ratio of capital to the weighted average cost of capital (integrated cost of capital rate) reached the lowest level as the standard. (3) target capital structure of the equity investment required amount.(4)maximize the use of the company's retained earnings to meet the investment programmes of the equity capital required amount. (5)investment programme for equity capital have been met if the remaining surplus, and then as dividends paid to shareholders.
Choice of the remaining dividend distribution policy, will mean that only the remaining surplus for dividend payment. The model is based on the stock price has nothing to do with the distribution of dividends, investors in the dividend and capital gains do not have a preferred, but will investors get dividends on the secondary position, its fundamental purpose is to maintain the ideal capital structure, the weighted average cost of capital Minimum, thus realizing the company to maximize profits.
Second, the continued growth of fixed or dividend distribution policy
The continued growth of fixed or dividend distribution policy is to distribute the annual dividend fixed at a specific level, and in the longer period of time regardless
of how the company's profitability, the financial situation of how the distribution of the dividend remains unchanged. Only when the company that future earnings will be significant, and irreversible growth, will be able to maintain the amount of dividends paid to a higher level, will increase the annual dividend payment amount. However, inflation in the circumstances, most companies will then raise the surplus, and the majority of investors want companies to provide more than offset the adverse effects of inflation dividends, long-term inflation in the years should also increase the amount of dividend payment .
Sustained growth of fixed or dividend distribution policy is aimed at avoid because of poor management and reduction of dividend. To take such dividend distribution policy of the reasons is: First, a stable dividend for the company to market convey the normal development of the information, to establish a good image of the company, enhance the confidence of investors in the company, stable stock prices. Second, the stability of the amount of dividends to investors for dividend income and expenditure, especially for those who are dependent on dividends shareholders especially. Mandrax Mandrax high dividends and low stocks, will not be welcomed by these shareholders, the stock price will drop. Third, the stability of the dividend distribution policy may be inconsistent with the remaining dividend theory, but taking into account the stock market will be a variety of factors, including the psychological state of shareholders and other requirements, in order to maintain a stable dividend level, Even if some deferred investment programme or temporarily deviate from target capital structure, may also reduce the dividend or lower than the dividend growth rate of more favorable.
In view of this, the company only used or continued growth in the fixed dividend distribution policy in order to maximize the company shares in order to achieve the maximization of the company's financial goals. The dividend distribution policy is that the shortcomings of the dividends paid out of touch with the surplus. When the lower earnings still support a fixed dividend, it might lead to a shortage of funds, financial situation worsened, not the same as the surplus into the dividend distribution policy as to maintain a lower cost of capital.
Third, to pay a fixed dividend rate policy
Dividend policy to pay a fixed rate, the company set a dividend amount of the surplus ratio (dividend payment rate), this ratio of long-term policy to pay dividends. In this dividend distribution policy, the dividends for investors as the company's net profit after tax changes and fluctuations, when the company increased net profit, the stock dividend for investors has increased, but decreased. The higher rate of pay fixed dividends, the company retained surplus is less. Fixed rate of dividend payment distribution model first consider the distribution of dividends, before considering the retained earnings, with the remaining dividend distribution model contrary to the order. In the policy, the dividend payment rate, once established, generally are not allowed to randomly change, the company's profit after tax is determined by calculation, the distribution of the dividend will accordingly identified.
Fixed rate of dividend payment policy is based on investor risk aversion, like the reality of the proceeds to determine the distribution of dividends to meet the
aspirations of investors, and the distribution of dividends and stock price are relevant and meet the aspirations of the investors, will support the company Shares in a higher position, shares will maximize the realization of the company's financial goals to maximize. But in this policy under the annual dividend for the larger changes, the company easily create the impression of instability, adverse to stabilize stock prices.
Third, to pay a fixed dividend rate policy Dividend policy to pay a fixed rate
The company set a dividend amount of the surplus ratio (dividend payment rate), this ratio of long-term policy to pay dividends. In this dividend distribution policy, the dividends for investors as the company's net profit after tax changes and fluctuations, when the company increased net profit, the stock dividend for investors has increased, but decreased. The higher rate of pay fixed dividends, the company retained surplus is less. Fixed rate of dividend payment distribution model first consider the distribution of dividends, before considering the retained earnings, with the remaining dividend distribution model contrary to the order. In the policy, the dividend payment rate, once established, generally are not allowed to randomly change, the company's profit after tax is determined by calculation, the distribution of the dividend will accordingly identified.
Fixed rate of dividend payment policy is based on investor risk aversion, like the reality of the proceeds to determine the distribution of dividends to meet the aspirations of investors, and the distribution of dividends and stock price are relevant and meet the aspirations of the investors, will support the company Shares in a higher position, shares will maximize the realization of the company's financial goals to maximize. But in this policy under the annual dividend for the larger changes, the company easily create the impression of instability, adverse to stabilize stock prices.
The last,Yurika additional shares normal low dividend policy
Yurika additional shares normal low dividend policy, a company in normal circumstances only pay a fixed annual amount of the dividend lower in corporate earnings more and better financial situation of the year, according to the actual situation further release of additional dividends to shareholders. However, additional dividends is not fixed, does not mean that the company permanently raise the required rate of dividend payment. Stock real goods or services provided to the customer business entity. The delivery of these goods and services customers time may also influence the cash flow. Articles in the excessive inventory becomes expensive, because they are more easily damaged, or can become obsolete. Although there is now way, the company can reduce the loss of goods allowed to cancel out, commercial enterprises have set up sales of goods and services, without their product is out of date. The company needs a responsible person to understand what is inventory, and this information must be effectively communicated to the sales force. An effective sales force training can use this information to the understanding of what the pricing model, in order to recruit. At the same time, the sales manager can use this information to the foundation and development unit.
Adopt this policy was mainly due to: first, such dividend distribution policy so that companies with greater flexibility, when compared with fewer or more of the
capital investment required, to maintain a lower but set the normal dividend The level of dividends, shareholders will not have dividends fell flu, to maintain the existing stock prices and achieve its goals. When companies have a more substantial increase in earnings and surplus cash, the issuance of additional dividend may be appropriate. The company's dividend will be distributed additional information to stock investors so that they enhance the company's confidence is conducive to the stability and stock prices rose. Second, the dividend distribution policy that will enable those who rely on the shareholder dividend to live at least a year could be lower though, but relatively stable dividend income, which attracted this part of the shareholders.
Several more dividend distribution policy claims, the company in dividend distribution, we should learn from its basic ideological decision-making, to suit their own specific reality of the dividend distribution policy, enabling the company to maintain stability, sustained growth, Shareholders can receive more benefits in order to achieve the company's financial goals to maximize.。