英国留学生经济学dissertation指导范文：股利政策理论的分析Dividend Policy Theory Literature Review
What should the company tax profits distributed to shareholders or to stay within the company ? Should take what way the dividends distributed to shareholders ? Dividend should be allocated to the shareholders ? Dividend distribution in the amount and manner corporate value and shareholder wealth have what effect ? the problem has never been the same answer , and thus , the company 's dividend policy has also become areas of corporate finance has long been a research hotspot and difficult.
企业税后利润到底应当分配售股东仍然留在企业内里?应当采取怎样的形式把股息红利分配售股东?应当分配若干股息红利给股东?股息红利分配的钱数和形式对企业价值和股东财富裕怎样的影响?
First foreign study
一、国外研究
Western countries listed company shares a long history of monetary policy research , and securities valuation analysis was first linked , not the formation of a specialized field of study . On the dividend policy really began in the 1960s . 1961 University of Chicago two financial Miller and Modigliani scientists issued a " dividend policy , growth and stock valuation ," a text , sometimes as many scholars dividend policy research hotspot . Since then , many financial experts published a number of papers on this , and the formation of the traditional and the modern theory of dividend policy dividend policy theory . The former is mainly focused on the research dividend policy and stock price correlation , the formation of a dividend irrelevance theory and tax differential theory ; while the latter focuses on the research dividend stock price movements caused by the reasons for the formation of followers effect theory , dividend signaling theory and agency cost theory .
西方国度对于上市企业股币政策的研讨历史较长，最先是和证券估价剖析结合在一块儿，还没形成一个专门的研讨领域。对股息红利政策的真正研讨着手于20百年60时代。1961年美国芝加哥大学两位财务学家米勒和莫迪格利安尼刊发了《股息红利政策、提高和股票估价》一文，股息红利政策一时变成很多学者的研讨热点。
( one ) The traditional theory of dividend policy
Traditional theory holds that dividend policy , investors prefer cash dividends , not like the retention of profits to the company. This is because : For investors, the cash dividend was " a bird in his hands ," is the truth, and the company Friuli is " hiding in the forest bird", at any time may fly away. Now that interest does not necessarily translate to stay for future dividends , then investors, the company distributed dividends , the more the greater the company's market value . 1956 Harvard University John Rinne (John.1inther) first proposed the company's dividend distribution behavior of a theoretical model , opened the dividend policy of the regiment.
1 . "A bird in the hand" theory . "~ Bird in hand" theory is the main representative Gordon . 1962 Gordon (Grordon.M.J) and Sharp (EliShapiro) in numerous studies derived based on Gordon model The theory is based on current income and current investor preference dividends features can eliminate uncertainty that large changes in stock prices , dividend income in the eyes of investors than the retained earnings reinvested capital gains brought more reliable as investors are generally risk averse , preferring now receives less dividends , do not want to assume greater risks until future dividends received more , so investors generally prefer cash dividends rather than capital gains. With this in mind , the theory that the dividend policy with shareholder wealth is closely related to the improvement of dividend payments will increase shareholder wealth .
2 . Dividend irrelevance theory . The most famous MM dividend irrelevance theory by Modigliani (Modigliani) and Miller (Miller) made in 1961 , because they are the first letter of last name and referred to as MM M theory . Modigliani and Miller believes that in a perfect capital market information symmetry , in the investment decision-making under the conditions established , the company's value and the company's financial decisions is irrelevant , therefore , whether the distribution of cash dividends to shareholders wealth and value of the company is not impact , dividend policy and share price has nothing to do , the company's dividend Policy will not affect the stock market value.
3 . Tax effect theory . Peleg (Farrar) and Selwyn (Sel-wyn, L) through research that does not exist under the conditions of tax factors , the company choose which way to pay dividends is not very important. However, if the cash dividend and capital gains taxes can be different , such as cash dividends than capital gains tax taxes , then, in the company and investors, payment of cash dividends is no longer optimal dividend policy . Thus , there is a difference in taxes under the premise , the company chose a different way of dividend payment , the market value of the company will not only have different effects , but also make the company ( and individual investors ) differences between the tax burden , even the same rate as in the case of capital gains realized when only pay capital gains tax , as opposed to cash dividends for tax purposes , still has a tax-deferred benefits.
( Two ) Modern Dividend Policy
Modern dividend policy that in perfect capital market environment, the dividend policy is not important, at no cost to each shareholder can choose the company's dividend policy to suit their own preferences, so the dividend does not affect the value of the company . However, in the real economy , as capital markets asymmetric taxes, asymmetric information and transaction costs three kinds of defects , the company's dividend policy will have an impact on the company's value , then the dividend policy is very important .
1 . Followers effect theory . Followers tax differential effect theory is the further development of the theory . The theory is that a different level of shareholders' tax , leading them to different attitudes towards the level of dividends . Some high tax brackets , and some low tax brackets . Company dividend policy should be adjusted accordingly to match the desire to achieve a balanced shareholder . High dividend payout ratio of the stock will attract a class of followers , by the marginal tax rate in the low level of investors holding ; low dividend payout ratio of stocks will attract another type of followers in high marginal tax rates by the level of investors holding .
2 . Signaling theory . Dividends have information content ideas germinated in Lintner, first proposed by the MM . Bhattacharya (1979) established the first dividend signaling model . The school from the relaxation theory investors and regulatory authorities have the same information assumes departure , that the authorities and outside the enterprise information asymmetry exists between investors , regulatory authorities occupy more about business prospects of internal information .
3 . Agency cost theory . Jensen and Meckling (1976) theory of agency costs for the entire company commissioned - Agent Problem laid the theoretical framework and analytical foundation. Jensen and Meckling agency relationship will be defined as a contract , in this contract , a person or more persons ( the principal ) engage another person ( ie an agent ) to perform certain services on their behalf , including increasing the number of decision-making authority entrusted to the agent . Generated due to asymmetric information and moral hazard and adverse selection problems , agency costs thus they will be positioned as the principal place oversight of the expenditures , the agent binding occurs expenditures and residual loss borne by the client .
4 . Dividend asymmetric information theory, transaction cost theory , theory of growth opportunities . Information asymmetry is that the company managers and investors in the company information exist on the timing and amount of inconsistency . Dividend asymmetric information theory is that the company's managers occupy more than outside investors inside information , and the timing is much earlier than outside investors . Transaction cost theory that, while shareholders may create self dividends they receive dividends or reinvested in the transaction will occur , but transaction costs ( such as brokerage fees , etc.). Opportunities for growth theory refers to when the company enters achievement period, usually starting from a certain time to pay dividends , and gradually increase the proportion of the net profit attributable to dividends . Empirical evidence shows that the general pattern of dividend policy remains unchanged , when the dividend policy changes, the average stock price will change dramatically. Therefore, companies generally maintain a stable dividend policy.
Second, the domestic research
Britain's dividend policy of a late start , the early 1990s , the British established a capital market in the late 1990s and gradually began to explore dividends . Translation from Western dividend mature and complete theoretical and empirical research methods combined with the actual situation of the British capital market is the UK dividend research studies in this area is a major feature . Current theoretical and empirical research on ownership structure and dividend policy research different focus. On the shareholding structure of the ownership structure of the company focuses on the impact and results of operations have been a number of empirical results . For the study of dividend policy for dividend distribution policy biased in favor of a comprehensive analysis of a number of factors , and less from the ownership structure aspects were analyzed. Between the two there is a strong correlation between both ownership structure and less involved with the relationship between policies . In fact, for research results of operations for the result of a process belonging to the scope of ex post control , and dividend policy has a dual meaning , on the one hand , chose not conducive to development of the company 's distribution, will directly affect the performance of the company ; http://www.ukthesis.org/dissertation_writing/Ecommerce/ hand performance of the company paid dividends in turn become a constraining factor , both during and after the control effect, can help investors to detect problems and take measures to protect their own interests. 1999 , LV Changjiang and Wang Kemin using factor analysis on dividend distribution may affect the listed company 's 38 variables based on principal component analysis constructs 8 and cash dividends are statistically significant factor , and further using stepwise regression analysis study of factors and dividend payment relationship between the level display , state-owned shares and legal person shares holding ratio greater internal control , the stronger , the company's dividend payment is lower ; state-owned shares and legal person shares lower the ratio , the company more inclined to retained profits in the future development of easy to use stock dividends in lieu of cash dividend payment policy .
2001 , Zhao Chunguang , Zhang Wenli , Ye Long before the end of 1999, selected the 210 companies listed on a sample of dividend policy choices motivation, results also show that the higher the concentration of ownership may not allocate more stock dividends . Original Red 2001 on Shanghai and Shenzhen Stock Exchanges 1994-1997 than financial stocks outside the company's dividend distribution plan for sub-annual cross-sectional analysis, conclusions show that controlling shareholders of listed companies exist through cash dividends from listed companies to transfer cash behavior , while stock dividends retained in the presence of internal waste of money . Weygand in 2001 to 389 companies 1367 sample observation value basis , using multiple regression analysis Legit dividends of listed companies and shareholding structure of the relationship , found the proportion of state-owned shares and legal person shares the higher the proportion of listed companies the higher the probability distribution of dividends ; the contrary, the proportion of state-owned shares and legal person shares lower the ratio , the probability distribution of dividends of listed companies lower .
Third, the summary
From the current relevant literature, whether traditional or modern theory of dividend dividend theory , either from tax differential theoretical perspective , the signal effect perspective , or from the perspective of agency cost theory , Chinese and foreign scholars have failed to reach consensus , " dividend puzzle " is still an unknown. Modern corporate finance is relaxed MM assumptions based on the conditions and on the basis of realistic conditions develop. From a theoretical development context can be seen, has been more and more involved and between stakeholders differentiate between the interests of the shareholders on the dividend policy. In other countries, dividend policy studies usually are clues in MM theory , by relaxing its strict assumptions to study real-world problems dividends . After entering the 1970s , financial scholars asymmetric information theory research results in financial theory , these theories in the real world given the company's financial decision-making re- interpretation , breaking the traditional externally visible only factors of importance while ignoring the distributable income individuals have the power to decide motivation , people began to realize asymmetric information determines the contract is not perfect as a decision-making body which will result in personal motivation to play in financial decisions can not be underestimated , but with motives related companies internal governance structure and external governance environment has also become a focus of the study . Domestic research is mainly reflected as follows: Application foreign dividends theory to explain the special circumstances of the UK , few systems from the company's internal governance and external governance environment starting to study the UK listed companies pay dividends stakeholder motivations . Therefore . In the UK, starting from a corporate governance mechanism , research UK listed companies dividend policy will be a new bright spot.
