英语论文网

留学生硕士论文 英国论文 日语论文 澳洲论文 Turnitin剽窃检测 英语论文发表 留学中国 欧美文学特区 论文寄售中心 论文翻译中心 我要定制

Bussiness ManagementMBAstrategyHuman ResourceMarketingHospitalityE-commerceInternational Tradingproject managementmedia managementLogisticsFinanceAccountingadvertisingLawBusiness LawEducationEconomicsBusiness Reportbusiness planresearch proposal

英语论文题目英语教学英语论文商务英语英语论文格式商务英语翻译广告英语商务英语商务英语教学英语翻译论文英美文学英语语言学文化交流中西方文化差异英语论文范文英语论文开题报告初中英语教学英语论文文献综述英语论文参考文献

ResumeRecommendation LetterMotivation LetterPSapplication letterMBA essayBusiness Letteradmission letter Offer letter

澳大利亚论文英国论文加拿大论文芬兰论文瑞典论文澳洲论文新西兰论文法国论文香港论文挪威论文美国论文泰国论文马来西亚论文台湾论文新加坡论文荷兰论文南非论文西班牙论文爱尔兰论文

小学英语教学初中英语教学英语语法高中英语教学大学英语教学听力口语英语阅读英语词汇学英语素质教育英语教育毕业英语教学法

英语论文开题报告英语毕业论文写作指导英语论文写作笔记handbook英语论文提纲英语论文参考文献英语论文文献综述Research Proposal代写留学论文代写留学作业代写Essay论文英语摘要英语论文任务书英语论文格式专业名词turnitin抄袭检查

temcet听力雅思考试托福考试GMATGRE职称英语理工卫生职称英语综合职称英语职称英语

经贸英语论文题目旅游英语论文题目大学英语论文题目中学英语论文题目小学英语论文题目英语文学论文题目英语教学论文题目英语语言学论文题目委婉语论文题目商务英语论文题目最新英语论文题目英语翻译论文题目英语跨文化论文题目

日本文学日本语言学商务日语日本历史日本经济怎样写日语论文日语论文写作格式日语教学日本社会文化日语开题报告日语论文选题

职称英语理工完形填空历年试题模拟试题补全短文概括大意词汇指导阅读理解例题习题卫生职称英语词汇指导完形填空概括大意历年试题阅读理解补全短文模拟试题例题习题综合职称英语完形填空历年试题模拟试题例题习题词汇指导阅读理解补全短文概括大意

商务英语翻译论文广告英语商务英语商务英语教学

无忧论文网

联系方式

企业管理小作业:为什么公司支付股息?(dividend pays)

论文作者:www.51lunwen.org论文属性:作业 Assignment登出时间:2013-02-14编辑:chengcheng点击率:5932

论文字数:1500论文编号:org201302061150387843语种:中文 Chinese地区:中国价格:免费论文

关键词:企业管理股息支付股利决策​企业财务企业上市

摘要:也许股息代表在该公司的人把他的钱置于风险之中,以获得投资者的回报。也许公司支付的股息,以奖励现有股东,并鼓励其他人高价购买新发行的普通股。​

为什么公司支付股息?为什么投资者十分在意股息?

Why do corporations pay dividends? Why do investors pay attention to dividends?

也许这些问题的答案是显而易见的。也许股息代表在该公司的人把他的钱置于风险之中,以获得投资者的回报。也许公司支付的股息,以奖励现有股东,并鼓励其他人高价购买新发行的普通股。

Perhaps the answers to these questions are obvious. Perhaps dividends represent the return to the investor who puts his money at risk in the corporation. Perhaps corporations pay dividends to reward existing shareholders, and to encourage others to buy new issues of common stock at high prices. Perhaps investors pay attention to dividends because only through dividends or the prospect of dividends do they receive a return on their investment or the chance to sell their shares at a higher price in the future.
Or perhaps the answers are not so obvious. Perhaps a corporation that pays no dividends is demonstrating confidence that it has attractive investment opportunities that might be missed if it paid dividends. If it makes these investments, it may increase the value of the shares by more than the amount of the lost dividends. If that happens, its shareholders may be doubly better off. They end up with capital appreciation greater than the dividends they missed out on, and they find they are taxed at lower effective rates on capital appreciation than on dividends. https://www.51lunwen.org/CorporateAccountability/
In fact, I claim that the answers to these questions are not obvious at all. The harder we look at the dividend picture, the more it seems like a puzzle, with pieces that just don’t fit together. Suppose you are offered the following choice. You may have $2 today, and a 50-50 chance of $54 or $50 tomorrow. Or you may have nothing today, and a 50–50 chance of $56 or $52 tomorrow. Would you prefer one of these gambles to the other? Probably you would not. Ignoring such factors as the cost of holding the $2 and one day’s interest on $2, you would be indifferent between these two gambles.

The choice between a common stock that pays a dividend and a stock that pays no dividend is similar, at least if we ignore such things as transaction costs and taxes. The price of the dividend-paying stock drops on the ex- dividend date by about the amount of the dividend. The dividend just drops the whole range of possible stock prices by that amount. The investor who gets a $2 dividend finds himself with shares worth about $2 less than they would have been worth if the dividend hadn’t been paid, in all possible circumstances.

在本质上,这是的米勒莫迪里阿尼定理。它说,一个公司支付的股息不会影响其股份或投资者的收益,因为较高的股息意味着投资者收到的资本增值较少,无论是公司的经营还是决策的结果。

This, in essence, is the Miller-Modigliani theorem. It says that the dividends a corporation pays do not affect the value of its shares or the returns to investors, because the higher the dividend, the less the investor receives in capital appreciation, no matter how the corporation’s business decision turns out. When we say this, we are assuming that the dividend paid does not influence the corporation’s business decisions. Paying the dividend either reduces the amount of cash equivalents held by the corporation, or increases the amount of money raised by issuing securities.
If this theorem is correct, then a firm that pays a regular dividend equal to about half of its normal earnings will be worth the same as an otherwise similar firm that pays no dividends and will never pay any dividends. Can that be true? How can a firm that will never pay dividends be worth anything at all? Actually, there are 论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

共 1/2 页首页上一页12下一页尾页

英国英国 澳大利亚澳大利亚 美国美国 加拿大加拿大 新西兰新西兰 新加坡新加坡 香港香港 日本日本 韩国韩国 法国法国 德国德国 爱尔兰爱尔兰 瑞士瑞士 荷兰荷兰 俄罗斯俄罗斯 西班牙西班牙 马来西亚马来西亚 南非南非