摘要
股利政策是上市公司财务理论的一个中间工具。股利支付方式是股利政策的表现形式 ,股利支付比率是股利政策的核心内容。西方股利理论研究的前期关注的是股利政策是否影响公司价值 ,形成股利无关论和股利相关论 ,后期在基本认同股利相关论的基础上 ,形成客户效应理论、信号传递理论和代理成本理论 ,但诸多理论在总体上缺乏概括性、可操作性 ,并没有坚持企业价值最大化的原则性目标。
Dividend policy is the intermediate means of the listed company*ss financial theory,The way in which dividend paid is the form of dividend policy,the rate of which is the core of dividend policy.The research of the dividend policy in the early period in Western society concerns whether the dividend policy will affect the value of the company or not,hence,formed the unrelated theory and related theory;later on the baisi of identity of relater theory of divident,formed the theories of tax clientele effects,information effects and agency-cost.On the whole,so many theories lack of generality and operability and don*st abide by the principle of maximize the enterprise*ss value.
出处
《华东经济管理》
2002年第4期102-105,共4页
East China Economic Management
