公司股利政策培训教程(pdf 38页)-精.pdfVIP

12 (Dividend Irrelevance Theory) MM1961“Dividend Policy, Growth, and Valuation of Shares” NOI tt DIV tt I tt n tt S tt P tt k; DIV t n t P t ( 1) ( ) ( 1) + + + S t ( ) (1+k ) NOI t+1+m t+1P t+1=DIV t+1+I t+1 DIV t+1= NOI t+1+m t+1P t+1- I t+1 + + + + − + + + NOI (t 1) m(t 1)P (t 1) I (t 1) n(t)P (t 1) S (t) (1+k ) + − + + + + + NOI (t 1) I (t 1) P (t 1)[m(t 1) n(t)] (1+k ) + − + + + + NOI (t 1) I (t 1) P (t 1)n(t 1)