股利

最后以B公司为例，对其股利政策决策进行实证分析，提出合理建议。

Finally , it chooses B Company as an example , analyzing its dividend policies and putting forward rational advices .

于是，通过放松MM理论某些前提假设下，研究人员尝试着提出更为接近现实的各种解释，并形成了一系列关于股利政策的现代理论。

Thus , under the assumption that certain prerequisites to relax the MM theory , the researchers tried various explanations closer to reality , and formed a series of modern theories on dividend policy .

传统学派主要有一鸟在手理论，MM股利无关论、税差理论；

Traditional school includes bird-in-hand theory , MM theory and tax difference theory ;

利用STEPWISE回归分析，对2001&2003年我国1885家上市公司现金股利支付水平的影响因素进行了动态检验。

The influencing factors of the cash dividends level of ( 1 885 ) China Listed Companies from 2001 to 2003 were tested dynamically by use of STEPWISE regression analysis .

在这个基础上，本文利用线性时间序列理论上十分成熟的自回归模型（AR）建立了未来现金股利的预报模型，并通过计算机模拟技术对参数进行了估算。

In the basis of that , the autoregressive model , which is very mature in the theory of linear time series , was used for establishing the future cash dividend predicted model . Parameters were estimated by computer simulation .

LeeandXiao（2002）更是明确提出了股利政策的大股东掠夺观。显然，在当前的制度背景下，现金股利究竟扮演了什么样的角色还需要进一步的经验证据的支持。

Lee and Xiao even more clearly proposed the majority shareholder of plunder concept about the dividend policy . Obviously , under the current system background , what role cash dividends actually played needs the support of further empirical evidence .

通过分析我国上市公司实施MBO的特点提出以下假设前提条件：（1）管理层偿还融资利息的资金来源于股利与卖出部分股权的收益；

By analyzing the characteristics of MBO of listed company in our country , it proposes postulated conditions : ( 1 ) The funds repaid for the interest of financing stem from dividend and earnings of transferring of the stock ;

验证公司治理对现金股利政策的影响是否符合LLSV（2000）提出的股利代理的结果模型假说。

And the paper validate the relationship between corporate governance and cash dividend policy according with outcome model which LLSV ( 2000 ) have proposed .

因此，根据FamaandMacBeth（1973）回归结果，本文认为不同股市周期下，现金分红情况对股价波动的影响不同，下降市场时期，现金股利分红作用更大。

Thus , according to Fama and MacBeth ( 1973 ) regression results , this paper considers that under different market cycles , the impact between cash dividends and stock price fluctuations is different .

Modigliani和Miller（1958）的经典文献指出公司的资本结构政策和股利政策均与公司价值无关。

In their celebrated papers , Modigliani and Miller ( 1958 ) argued that the capital structure decision and dividend policy is a matter of irrelevance , affecting neither the value of corporation nor its cost of capital .

然后考虑到两个不同的股票市场对A-H股国有控股上市公司的影响，文章还检验了这些公司在2004年发放的现金股利在两个市场的效应。

Second , we tested the two market 's domino affection of cash dividends distributed in 2004 considering infection of those two different stock markets to those listed companies .

基于股利政策的公司盈余和成长性预测

Forecasting Earning and Growth of Company Based on Its Dividend Policy

股利分配形式多样但比较集中于派发现金股利；

The forms of distributing fastening cash dividends in various ways ;

最后，针对我国旅游上市公司股利政策的现状，对旅游上市公司的管理者提出了相关的政策建议。

Finally , propose some relevant policy recommendations to the managers .

现金股利与上市公司未来收益的实证分析

Empirical Analysis of Cash Dividends and Future Earnings of Listed Corporations

上市公司股利政策的行为金融学诠释

An Explanation of Dividend Policy in Listed Firms by Behavioral Finance

上市公司股利政策的代理成本理论诠释

The Illustration for Agency Cost Theory of Listed Companies Dividend Policy

上市公司股利收益率分析

Low Dividend Earning Ratio of listed companies and the Reason Analysis

（二）公司分配股利或者增资的计划；

A company 's plan for distributing dividends and increasing capital ;

不同的股利支付方式会产生不同的市场效应。

Different dividend distribution modes would cause different market effect .

双重委托代理下的股利政策研究

Study on Dividend Policy under Double Principal - agent Theory

上市公司股利政策的决策因素，包括外部因素和内部因素。

Motives of dividend decisions include internal and external factors .

股利决策对股价影响的研究

A Study on the Influence of Decision upon Stock Price

上市公司现金股利政策的现状及影响因素分析

Present Situation and Affecting Factors of Cash Dividend Distribution in Listed Companies

股利分配战略：不分配股利的公司占多数；

Dividend strategy : The undistributed company takes the majority ;

股利政策市场效应的实证分析

An Empirical Analysis on the Market Effect of Dividend Policy

第二，对强制分配股利之诉的立法态度不同。

Second , the attitude of mandatory distribution is different .

但是，鲜有人将股利政策与会计稳健性联系起来。

However , few people would link dividend policy and accounting conservatism .

盈余变动下的公司股利政策

Corporate Dividend Policy Under the Change of Earnings in China

第一部分是关于股利政策的理论。

The first part is about dividend policy theory .