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( 1 ) The basic idea : that the company has a good investment opportunity , according to certain target capital structure , a measurement of equity capital required for investment , start them retained earnings , then the remaining surplus shall be allocated as dividends . ( 2 ) using the residual dividend policy , you should follow the following steps: ① set target capital structure , which determine the equity capital and debt capital ratios. In this capital structure , the overall cost of capital will reach the lowest level ; ② target capital structure to determine the required investment in the amount of shareholders' equity ; ③ maximize the use of retained earnings to meet the required equity capital investment program amounts ; ④ investment programs required equity capital has been met if the remaining , and then distributed to shareholders as dividends ; uses the residual dividend policy the fundamental reason is that maintain an optimal capital structure, the lowest overall cost of capital . ( 3 ) the implementation of the residual dividend policy rationale underlying rationale is to enable companies to maintain an optimal capital structure , and allows the lowest overall cost of capital .

Fixed dividend policy

(1)基本思想:这种政策将每年发放的股利固定在一个固定的水平上并在较长的时间内保持不变,只有当公司认为未来盈余将会显著的、不可逆转的增长时,才提高年度的股利发放额。(2)固定或稳定增长股利政策的内容和政策依据这种股利政策是将每年发放的股利固定在一个固定的水平上并在较长的时期内不变,只有当公司认为未来盈余将会显著地、不可逆转地增长时,才提高年度的股利发放额。

( 1 ) Basic idea: This policy will be an annual fixed dividend to be paid at a fixed level and over a longer period of time remains the same , only when the Company believes that future earnings will be significant and irreversible growth only when increase in annual dividend payout amount . ( 2 ) fixed or stable growth dividend policy content and policy basis for such a dividend policy is the annual fixed dividend to be paid at a fixed level and change in the longer period of time , only when the Company believes that future earnings will be significantly , the irreversible growth only when they increase the amount of the annual dividend payout . ( 3 ) the reasons for adopting the policy is: ① stable dividends to give the market the company's normal development of the information will help establish a good corporate image, enhance investor confidence in the company , stabilize the stock price ; ② arrangements conducive to investors dividend income and expenditure ; ③ stable dividend policy may not meet the residual dividend theory, but in order to maintain a stable level of dividends , even postpone some investment programs or temporarily deviate from target capital structure may also reduce dividends or lower than dividend growth rate is more favorable . ( 4 ) The disadvantage is that the dividend policy to pay dividends out of line with earnings , but did not like the residual dividend policy to maintain a lower cost of capital.

Fixed dividend payout ratio policy
( 1 ) The basic idea : The dividend policy of the company to determine an accounting surplus ratio , this ratio to pay long-term dividends . In this policy, the amount of dividends each year with the quality of operations fluctuate , the surplus amount of multi- year high dividends , on the contrary , it is small. ( 2 ) adopt the