股利政策约束下的公司筹资决策优化模型

Optimizing model of company financing decision making under dividend policy

现代公司的股利政策会对其筹资决策产生重大影响 ,导致公司在普通股、债务、内部权益等筹资方式中寻求不同的筹资来源 ,但资本成本最小始终是公司的筹资目标 .该文分别以固定股利支付率政策和剩余股利政策为例 ,讨论两种股利政策对筹资决策的不同约束 ,构建出我国上市公司筹资决策优化模型 。

The dividend policy in modern company will have great influence on its financial decision making. In order to achieve the goal of minimizing the capital cost, its necessary for the decision maker to finance among stock, debt and reserved earning . Two optimizing models for financing decision making are built in this article: one is restrained by fixed rate dividend policy, the other is confined by residual dividend policy. Furthermore, this article presents how to build the optimizing model under other dividend policies.