股利政策毕业论文外文资料翻译.pdfVIP

中文 3943 字 2135 单词 Fundamentals of financial，2004，（8）:23-25. Dividend policy Eugene F. Brigham. Joel F.Houston Abstract Dividend policy plays an important role in business decision-making 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 shareholdersby 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