股利政策-毕业论文外文献翻译.docxVIP

Dividend policy作者：Eugene F. Brigham. Joel F.Houston刊物：Fundamentals of financial，2004，（8）:23-25.Abstract Dividend policy p lays an important role in business decision-ma king in the stock is the companys core financial issues. Thus the dividend distribution policy has been the companys stakeholders shares are closely watched. On the basis of the text of the introduction and dividend policy basic types of traditional and modern theories of dividend policy elaborate on, focusing on the status of the dividend distribution policy of listed companies, the dividend policy choice should consider factors were analyzed, and deal with the problems raised corresponding constructive comments. Keywords: Dividend theory; dividend distribution; policy recommendations 1. Introduction Profitable companies regularly face three important questions: (1) How much of its free cash flow should it pass on to shareholders? (2) Should it provide this cash to shareholders by raising the dividend or by repurchasing stock? (3) Should it maintain a stable, consistent payment policy, or should it let the payments vary as conditions change?When deciding how much cash to distribute to shareholders, finance manager must keep in mind that the firm’s objective is to maximize shareholder value. Consequently, the target pay rate ratio—define as the percentage of net income to be paid out as cash dividends—should be based in large part on investors’ preference for dividends versus capital gains: do investors prefer (1) to have the firm distribute income as cash dividends or (2) to have it either repurchase stock or else plow the earnings back into the business, both of which should result in capital gains? This preference can be considered in terms of the constant growth stock valuation model:If the company increases the payout ration, the raises.This increase in the numerator, taken alone, would cause the stock price to rise. However, ifis raised, then less money will be available for reinvestment, that