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澳洲金融留学生英语作业模板下载-An analysis of profitabilityratio and the dividend payout

时间:2013-11-15 10:02来源:www.ukthesis.org 作者:英国论文网 点击联系客服: 客服:Damien
澳洲金融留学生英语作业模板下载-An analysis of profitabilityratio and the dividend payout
 
1. Introduction
No matter listed or non-listed companies, dividend policy has raise attention of corporate stakeholders. Excessive dividend distribution may affect corporate development, and even survival. Insufficient dividend distribution to shareholders may cause complain, or even disinvestment.Shareholders do not pay dividends in long term may be condemned as stingy. 
 
"The Dividend Puzzle"written by American scientist Black Fischer(1976) I read said that the more we study carefully on dividend ,the more we find it is a mystery. Miller and Modigliani(1961) published a report entitled "Dividend policy, growth and stock value" and put forward "cash dividend policy irrelevance" and since that, many western researchers  study cash dividend policy in different way and develop many theory like MM theory,followers effect, the signal theory, agency theory, behavioral theory and so on. Although the study on dividend policy is numerous, the dividend policy research has not reach on consensus.Jain and Kini(1994) responesed to this phenomenon that many public listed companies in the stock market with high profit ratio but do not pay out their profit.As the important part of the company's financial decision-making, the dividend policy has been the focus of attention from theorists and participators. Closely related to the dividend policy and shareholders own interests, the shareholders usually very concern about the company's dividend policy, especially the cash dividend payout, with strong relations to the substantive issues of shareholder returns. 
无论上市还是非上市公司,股息政策,提高企业利益相关者的关注。股利分配过多可能会影响企业的发展,甚至生存。向股东分派股息不足可能会导致抱怨,甚至disinvestment.Shareholders的长期不分红可能在被谴责为吝啬。
 
“股利之谜”由美国科学家黑色菲舍尔(1976年)我读写说,我们越仔细研究的股息,我们就越发现这是一个谜。米勒和莫迪利安尼(1961年)出版了一本题为“股息政策,增长和股票价值”的报告,并提出了“现金分红政策无关”以来,许多西方研究者的研究现金股利政策以不同的方式和喜欢的MM理论,开发了许多理论,追随者的影响,信号理论,代理理论,行为理论,并依此类推。对股利政策的研究虽然众多,股利政策的研究还没有达到consensus.Jain和基尼(1994) responesed的这种现象,许多上市公司在股市的高利润的比例,但不支付他们的利润。作为公司的财务决策的重要组成部分,股息政策,一直是人们关注的焦点,从理论家和参与者。密切相关的股息政策及股东的利益,股东通常非常关注公司的分红政策,尤其是现金分红派息,股东回报的实质性问题具有很强的关系。(责任编辑:anne)


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