股利政策对公司价值的影响.docVIP

股利政策对公司价值的影响 ——以金融业为例分析 【摘要】说起现代公司理财，我们首先要想到的就股利政策，它与筹资、投资活动紧密联系，相互影响，共同为公司理财创造市场价值。因此企业应该着力于公司股利价值的制定，并就公司的企业愿景来分步骤实现。一个公司能否在市场竞争中占据一个有利的地位，能否引起资本的持续注入，在很大程度上是由公司最初制定的股利政策所决定的，根基扎实，公司才能长久发展。在现在的市场条件下，制定合理的股利政策使得企业的市场价值最大化是众多高新技术发展企业所执着最求的关键。而在更早的时候，美国的米勒和莫迪格莱尼两位教授提出股利与公司财务无关，股利理论的探讨自此揭开了新的帷幕。而在当下的学术界，关于股利模型的新观点层出不穷的提出，而中西方的观点在股利政策方面也是不尽相同，本文的创作即是为了解决这个问题。本文以2016年度金融业上市公司的数据为样本，总结归纳出影响股利政策的四个基本要素，通过具体的案例来分析股利政策的制定对企业价值的内在影响。通过研究得出结论，对当下公司股利政策的制定提供参考和理论依据。 【关键词】金融业；企业价值；股利政策 The Analysis on Impacts of Dividend Policy on Enterprise Value ——Taking the Financial Industry as an Example 【Abstract】Speaking of modern company financial management, we should first think about the dividend policy. It is closely related to financing and investment activities and affects each other to create market value for the companys financial management. Therefore, enterprises should focus on the formulation of dividend value and step by step on the companys corporate vision. Whether a company can occupy a favorable position in the market competition and whether it can cause the continuous injection of capital is largely determined by the initial dividend policy of the company, and the firm can develop for a long time. In the current market conditions, making a reasonable dividend policy makes the maximization of the market value of the enterprise is the key to many high-tech development enterprises. In the earlier time, the two professors of Miller and Modi Cellay Ni in the United States proposed that dividends have nothing to do with corporate finance, and the discussion of the dividend theory has opened the new curtain. In the current academic circle, the new views on the dividend model emerge in an endless stream, while the Chinese and Western views are different in the dividend policy. The creation of this article is to solve this problem. Based on the data of the financial listed companies in 2016, this paper summarizes four basic factors affecting the dividend policy, and analyzes th