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错综复杂的股息和分红政策可能会让从事金融专业的人感觉到不安。虽然传统观念认为,支付股息同时影响公司价值和股东财富，影响盈利增长和机会扩张，但是这种说话至今仍然存在很大争议，尤其是对股息的决定如何导致价值最大化这一论断。股利政策是公司财务管理的一个重要组成部分，这是公司决定使用的政策,影响到企业在扩张的时候或股票回购的时候应该投资多少钱，并且向股东支付多少股息。红利支付或以现金的形式支付，都是常见的分红模式，很长一段时间内，公司的股利政策已经吸引了许多学者和研究人员的研究欲望，投资者的红利作为企业发展的一个重要指标，对他的研究迫在眉睫。

Dividends and Dividend policy

CHAPTER ONE

INTRODUCTION

The intricacies of Dividends and Dividend policy can leave even the most seasoned financial professional feeling a little uneasy. While conventional wisdom suggests that paying dividends affects both firm's value and shareholder wealth to retain earnings to explore growth opportunities, much debate still surrounds this dynamic discipline; especially when it comes to how dividend decisions can lead to value maximization Kent (2003). Dividend policy is an important component of the corporate financial management policy. It is a policy used by the firm to decide as to how much cash it should reinvest in its business through expansion or share repurchases and how much to pay out to its shareholders in dividends. Dividend is a payment or return made by the firm to the shareholders, (owners of the company) out of its earnings in the form of cash. For a long time, the subject of corporate dividend policy has captivated the interests of many academicians and researchers, resulting in the emergence of a number of theoretical explanations for dividend policy. For the investors, dividend serve as an important indicator of the strength and future prosperity of the business, thereby companies try to maintain a stable dividend because if they reduce their dividend payments, investors may suspect that the company is facing a cash flow problem. Investors prefer steady growth of dividends every year and are reluctant to investment to companies with fluctuating dividend policy. Over time, there has been a substantial increase in the number of factors identified in the literature as being important to be considered in making dividend decisions. Thus, extensive studies have been done to find out various factors affecting dividend payout ratio of a firm. However, there is no single explanation that can capture the puzzling reality of corporate dividend behavior. Ocean deep judgment is involved by decision makers to resolve this issue of dividend behavior. The decision of companies to retain or pay out the earnings in form of dividends is important for the maximization of the value of the firm (Oyejide, 1976). Therefore, companies should set a constructive target dividend payout ratio, where it pays dividends to its shareholders and at the same time maintains sufficient retained earnings as to avoid having raise funds by borrowing money.

A tough challenge was faced by financial practitioners and many academics, when Miller and Modigliani (M&M) (1961) came with a proposition that, given perfect capital markets, the dividend decision does not affect the firm value and is, therefore, irrelevant. This proposition was greeted with surprise because at that time it was universally acknowledged by both theorists and corporate managers that the firm can enhance its business value by pro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。