Growth and the Valuation of Shares
Lintner
Listed companies in the dividend distribution policy to some extent direct impact on the operation of funds of listed companies. The company paid to its shareholders the remaining surplus of retained earnings in the enterprise, there Cixiaobizhang relationship. Therefore, the dividend distribution policy is decided how much dividend distribution to shareholders, has decided to stay in the number of enterprises. Reduce the dividend distribution, which will increase corporate retained earnings, reducing the external financing needs. So dividend policy is also financing the internal decision-making enterprises. In this paper, often used to make a dividend distribution policy briefly discussed.
Dividend in the actual operation, the choice of dividend distribution policy has the following four:
First, the remaining dividend distribution policy
Dividend and the companys capital structure related to investment and capital structure, in turn, constitute the necessary funds, the dividend distribution policy should in fact be the cost of capital and investment opportunities in the double impact. The remaining dividend distribution policy is that the company has good investment opportunities, in accordance with the objectives of certain capital structure (the optimal capital structure), to calculate the required equity capital investment, the first of retained earnings, and then the remaining surplus as a dividend to be Distribution. If there is no surplus, not dividends. Use the remaining dividend distribution policy to be followed by five steps: (1)identification of investment projects, looking for profitable investment opportunities. (2)target capital structure, which is identified with the debt equity capital ratio of capital to the weighted average cost of capital (integrated cost of capital rate) reached the lowest level as the standard. (3) target capital structure of the equity investment required amount.(4)maximize the use of the companys retained earnings to meet the investment programmes of the equity capital required amount. (5)investment programme for equity capital have been met if the remaining surplus, and then as dividends paid to shareholders.
Choice of the remaining dividend distribution policy, will mean that only the remaining surplus for dividend payment. The model is based on the stock price has nothing to do with the distribution of dividends, investors in the dividend and capital gains do not have a preferred, but will investors get dividends on the secondary position, its fundamental purpose is to maintain the ideal capital structure, the weighted average cost of capital Minimum, thus realizing the company to maximize profits.
Second, the continued growth of fixed or dividend distribution policy
The continued growth of fixed or dividend distribution policy is to distribute the annual dividend fixed at a specific level, and in the longer period of time regardless of how the companys profitability, the financial situation of how the distribution of the dividend remains unchanged. Only when the company that future earnings will be significant, and irreversible growth, will be able to maintain the amount of dividends paid to a higher level, will increase the annual dividend payment amount. However, inflation in the circumstances, most companies will then raise the surplus, and the majority of investors want companies to provide more than offset the adverse effects of inflation dividends, long-term inflation in the years should also increase the amount of dividend payment .
Sustained growth of fixed or dividend distribution policy is aimed at avoid because of poor management and reduction of dividend. To take such dividend distribution policy of the reasons is: First, a stable dividend for the company to market convey the normal development of the information, to establish a good image of the company, enhance the confidence of investors in the company, stable stock prices. Second, the stability of the amount of dividends to investors for dividend income and expenditure, especially for those who are dependent on dividends shareholders especially. Mandrax Mandrax high dividends and low stocks, will not be welcomed by these shareholders, the stock price will drop. Third, the stability of the dividend distribution policy may be inconsistent with the remaining dividend theory, but taking into account the stock market will be a variety of factors, including the psychological state of shareholders and other requirements, in order to maintain a stable dividend level, Even if some deferred investment programme or temporarily deviate from target capital structure, may also reduce the dividend or lower than the dividend growth rate of more favorable.
In view of this, the company only used or continued growth in the fixed dividend distribution policy in order to maximize the company shares in order to achieve the maximization of the companys financial goals. The dividend distribution policy is that the shortcomings of the dividends paid out of touch with the surplus. When the lower earnings still support a fixed dividend, it might lead to a shortage of funds, financial situation worsened, not the same as the surplus into the dividend distribution policy as to maintain a lower cost of capital.
Third, to pay a fixed dividend rate policy
Dividend policy to pay a fixed rate, the company set a dividend amount of the surplus ratio (dividend payment rate), this ratio of long-term policy to pay dividends. In this dividend distribution policy, the dividends for investors as the companys net profit after tax changes and fluctuations, when the company increased net profit, the stock dividend for investors has increased, but decreased. The higher rate of pay fixed dividends, the c
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上市公司股利分配政策在一定程度上直接影响着上市公司的资金运作。公司向股东支付剩余盈余的企业中，存在着此消彼长关系。因此，股利分配政策决定了股利分配给股东多少，决定了留在企业的数量。减少股利分配，这将增加企业留存收益，减少外部融资需求。因此，股利政策也是企业内部决策的融资渠道。本文主要对股利分配政策作了简要的论述。
股利在实际操作中，股利分配政策的选择有以下四点：
第一，剩余股利分配政策
股利与公司的资本结构有关，投资和资本结构又构成必要的资金，股利分配政策实际上应该是资本成本和投资机会的双重影响。剩余股利分配政策是指公司具有良好的投资机会，按照一定的资本结构（最优资本结构）的目标，计算所需的股权资本投资、留存收益的第一，然后剩余。NG盈余作为股息分配。如果没有盈余，就没有股息。使用剩余股利分配政策遵循五个步骤：（1）确定投资项目，寻找盈利的投资机会。（2）目标资本结构，即以资本的债务权益资本比率与加权平均资本成本（资本成本的综合成本）达到最低水平作为标准。（3）目标资本结构的股权投资需要量。（4）最大限度地利用公司留存收益来满足股权投资所需的投资方案。（5）股权资本的投资方案如果满足剩余盈余，则作为股息支付给股东。
选择余下的股利分配政策，将意味着剩余盈余只剩下股利支付。该模型是基于股票价格与股利分配无关的，投资者在股利和资本利得方面没有偏好，但投资者会在第二位获得股利，其根本目的是保持理想的资本结构、权重。平均资本成本最小，从而实现公司利润最大化。
二是固定股利分配政策的持续增长
固定股利分配政策的持续增长是将年度股息分配固定在一个特定的水平上，而在较长的时间内不考虑公司的盈利能力如何，财务状况如何分配股息保持不变。只有当公司认为未来的收益将是显著的、不可逆的增长时，才能将支付股息的数额维持在较高的水平，将增加年度股息支付额。然而，在通货膨胀的情况下，大多数公司会随之增加盈余，而多数投资者希望公司提供的抵消股息抵消的不利影响，长期通胀也应在年份增加股息支付额。
持续增长的固定或股利分配政策旨在避免由于管理不善和股息减少。采取这种股利分配政策的原因是：第一，稳定的股息为公司向市场传达信息的正常发展，树立良好的公司形象，增强投资者对公司的信心，稳定股票价格。第二，股息的稳定性对股利收入和支出的影响，特别是对于那些依赖股利的股东尤其如此。MunDRAX MangDox高股息和低库存，不会受到这些股东的欢迎，股价会下跌。第三，股利分配政策的稳定性可能与剩余股利理论不符，但考虑到股票市场会有多种因素，包括股东的心理状态等要求，以维持稳定的股利分配。VER，即使一些推迟投资方案或暂时偏离目标资本结构，也可能会降低股息或低于股息增长率更有利的。
鉴于此，公司只使用或持续增长的固定股利分配政策，以最大化公司股份，以实现公司财务目标的最大化。股利分配政策是指股利的瑕疵支付与盈余的联系。当收益较低时仍支持固定股利，则可能导致资金短缺，财务状况恶化，不等于盈余进入股利分配政策，以维持较低的资本成本。
第三，支付固定股息率政策
股息政策要支付固定利率，公司设定股息数额的盈余比率（股息支付率），这一比例的长期政策要支付股利。在股利分配政策中，股息作为投资者的净利润，随着公司税后利润的变动和波动，当公司净利润增加时，投资者对股票的股利有所增加，但减少了。支付固定股息率较高，公司留存盈余较少。固定利率股利分配模型首先考虑股利分配，在考虑留存收益之前，与剩余股利分配模型相反的顺序。在政策上，股利支付率一旦确立，一般是不允许随意变动的，公司的税后利润是通过计算确定的，股利分配将相应地确定。
固定利率股利支付政策是基于投资者的风险厌恶情绪，像现实收益一样决定股利分配以满足投资者的愿望，而股利分配和股票价格都是相关的，满足投资者的意愿，意志。支持公司股份在更高的位置，股份将最大限度地实现公司财务目标的最大化。但在这一政策下，年股息的变化较大，公司容易造成不稳定的印象，不利于稳定股价。
最后，尤里卡增持正常低股息政策
尤里卡增持普通股低股利政策，A公司在正常情况下只支付固定股息的年股息在公司收益较低且财务状况较好的一年，根据实际情况进一步向股东发放额外股息。然而，附加股息不是固定的，并不意味着公司永久提高股息支付所需的比率。向客户业务实体提供真实的商品或服务。这些商品和服务的交付时间也可能影响现金流。库存过多的物品变得昂贵，因为它们更容易损坏，或者会过时。虽然现在有办法，公司可以减少货物的损失，允许取消，商业企业已经建立了商品和服务的销售，没有他们的产品是过时的。公司需要一个负责人来了解库存是什么，并且这些信息必须有效地传达给销售队伍。一个有效的销售队伍培训可以利用这些信息来了解什么样的定价模式，才能招聘。同时，销售经理可以将这些信息运用到基础和开发部门。
采取这一政策的主要原因是：第一，这种股利分配政策使公司具有较大的灵活性，当与所需的资本投资相比少或多时，维持较低但设定正常股息的股利水平，股东就不会有股息。下跌流感，维持现有股票价格并实现其目标。当公司盈利和剩余现金大幅增加时，发放额外股息可能是适当的。该公司的股息将向股票投资者分发额外信息，使它们增强公司信心，有利于股价的稳定和上涨。第二，股利分配政策虽然能使股东股息维持至少一年，但收益相对较低，但相对稳定的股息收入，吸引了这部分股东。
股利分配政策的几大要求，公司在股利分配方面，应借鉴其基本的思想决策，以适应自身具体的股利分配政策的实际情况，使公司能够保持稳定、持续增长，股东可以获得更多的利益，以实现公司的财务目标最大化。
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