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uld follow the following steps: (1) set the target capital structure, which determine the ratio of equity capital and debt capital. Under the capital structure, cost of capital will reach the lowest level; (2) identify the target capital structure under the required amount of shareholders' equity investment; (3) maximum use of retained earnings to meet the required amount of equity capital investment programs; (4) after the investment plan is equity capital is needed to meet if there is residual, again will be distributed to shareholders as dividends; Using fundamental reason for the surplus dividend policy is to maintain the ideal capital structure, low comprehensive cost of capital. (3) the basic reason to implement the fundamental reason of the residual dividend policy is to make the company to maintain an ideal capital structure, and can make the low comprehensive cost of capital. 
3.2 the fixed dividend policy 
(1) the basic idea: this policy will be issued each year fixed on a fixed level of dividend and remain the same in a long time, only when the company think that future earnings will be significant, irreversible growth, to increase the annual amount of the dividend payments. (2) fixed or the content of the stable growth of dividend policy and the policy on the basis of the dividend policy is to be distributed annually fixed on a fixed level of dividend and in a long period of time constant, only when the company believes the future surplus will increase significantly, irreversible, to improve the annual amount of the dividend payments. (3) the reason of this policy is to: (1) the stability of the dividend to the normal development of the information market transmission company, to establish a good image of the company, enhance investor confidence in the company, the stability of the price of the stock; (2) is helpful for investors to arrange dividend income and expenditure; (3) the stability of the dividend policy may be is not in conformity with the residual dividend theory, but in order to maintain the dividend at a stable level, even if put off some investment plan or temporary deviation from the target capital structure, also may be more advantageous than the lower dividend or reduce the dividend growth rate. (4) the dividend policy of the drawback is that dividend payments and surplus disconnect, unlike surplus dividend policy, at the same time can't keep the lower cost of capital. 
3.3 the fixed rate of dividend payment policy 
(1) the basic idea: this policy is to determine a company dividend ratio of surplus, according to the ratio of pay dividends for a long time. Under this policy, the dividend amount in each of the fluctuate according to the business of good or bad, surplus more than year high dividend amount, on the other hand, is less. (2) to adopt this policy is that doing so can make dividend closely cooperate with the surplus, in order to reflect more surplus points, less surplus less points, regardless of the principle of tracker. But this policy in each of the changes in the dividend is larger, easy to cause the company unstable feeling, adverse to the stability of the stock price. 
3.4 low normal add extra dividend policy 
(1) the basic idea: the company in general only a year to pay a fixed amount, the lower the dividend, the surplus number of years, and then according to the actual situation to本论文由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。