从市场失灵的视角分析股利理论产生的不同预期

Different Expectations on Formation of Dividend Theory from the Perspective of Market Malfunction

依据市场失灵的理论基础,对不同股利原理进行比较分析,认为股利信号理论和股利代理成本理论面对市场信息不对称水平和公司外源融资时产生了截然不同的结论,而对于资本结构的啄食理论而言,产生的预期相同。

According to the market malfunction,the paper made a comparative analysis of different dividend principles and drew a conclusion that the dividend signaling theory and the dividend agency cost theory have totally different conclusions in asymmetry level of market information.They created the same expectation for the pecking theory of capital structure.