上市公司股利政策研究外文文献

GrowthandtheValuationofSharesLintnerListedcompaniesinthedividenddistributionpolicytosomeextentdirectimpactontheoperationoffundsoflistedcompanies.Thecompanypaidtoitsshareholderstheremainingsurplusofretainedearningsintheenterprise,thereCixiaobizhangrelationship.Th|erefore,thedividenddistributionpolicyisdecidedhowmuchdividenddistributiontoshareholders,hasdecidedtostayinthenumberofenterprises.Reducethedividenddistribution,whichwillincreasecorporateretainedearnings,reducingtheexternalfinancingneeds.Sodividendpolicyisalsofina|ncingtheinternaldecision-makingenterprises.Inthispaper,oftenusedtomakeadividenddistributionpolicybrieflydiscussed.Dividendintheactualoperation,thechoiceofdividenddistributionpolicyhasthefollowingfour:First,theremainingdividenddistributionpolicyDividendandthecomp|any'scapitalstructurerelatedtoinvestmentandcapitalstructure,inturn,constitutethenecessaryfunds,thedividenddistributionpolicyshouldinfactbethecostofcapitalandinvestmentopportunitiesinthedoubleimpact.Theremainingdividenddistributionpolicyisthatthecompanyhasgoodinv|estmentopportunities,inaccordancewiththeobjectivesofcertaincapitalstructure(theoptimalcapitalstructure),tocalculatetherequiredequitycapitalinvestment,thefirstofretainedearnings,andthentheremainingsurplusasadividendtobeDistribution.Ifthereisnosurplus,notdividends|.Usetheremainingdividenddistributionpolicytobefollowedbyfivesteps:(1)identificationofinvestmentprojects,lookingforprofitableinvestmentopportunities.(2)targetcapitalstructure,whichisidentifiedwiththedebtequitycapitalratioofcapitaltotheweightedaveragecostofcapital|(integratedcostofcapitalrate)reachedthelowestlevelasthestandard.(3)targetcapitalstructureoftheequityinvestmentrequiredamount.(4)maximizetheuseofthecompany'sretainedearningstomeettheinvestmentprogrammesoftheequitycapitalrequiredamount.(5)investmentprogrammeforequ|itycapitalhavebeenmetiftheremainingsurplus,andthenasdividendspaidtoshareholders.Choiceoftheremainingdividenddistributionpolicy,willmeanthatonlytheremainingsurplusfordividendpayment.Themodelisbasedonthestockpricehasnothingtodowiththedistributionofdividends,invest|orsinthedividendandcapitalgainsdonothaveapreferred,butwillinvestorsgetdividendsonthesecondaryposition,itsfundamentalpurposeistomaintaintheidealcapitalstructure,theweightedaveragecostofcapitalMinimum,thusrealizingthecompanytomaximizeprofits.Second,thecontinuedgro|wthoffixedordividenddistributionpolicyThecontinuedgrowthoffixedordividenddistributionpolicyistodistributetheannualdividendfixedataspecificleve