股利政策

以往的股利政策理论主要受MM理论中股利政策与股票价值无关论的影响，因而对公司股利政策的研究不够重视。

The main reason for insufficient study on dividend policy can be attributed to MM theory in which irrespective conclusion is made between dividend policy and stock value .

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 .

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 .

首先是在MM条件下论证了存在最优股利政策，虽然股利政策不会影响股票价值，但它会影响股东效用。

Firstly , proved the existence of the optimal dividend policy on the condition of MM theory ( although dividend policy can not affect stock value , it can affect shareholder 's utility ) .

我国A-H股国有控股上市公司现金股利政策影响因素研究

A Study on Determinants of Cash Dividends Policy of A-H Share State Listed Companies in China

笔者还发现股利政策是价值相关的，这与Ohlson（1995）的结论相反。

Third , Contrary to Ohlson ( 1995 ), I find that dividends policy is value-relevant .

自MM理论问世以来，股利政策就受到诸多学者的研究，而红利之谜也是行为金融学中的一大谜团，成为各式各样文献的研究对象。

Since the MM theory appears , many scholars began to study the dividend policy . Bonus mystery as one of behavioral finance mysteries has been studied by a variety of literatures . However , research on dividend policy is still inconclusive since now .

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 .

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 .

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 .

LLSV法只适用于研究不同国家间的投资者权益保护研究，本文建立在同一个国家或同一制度下，投资者法律保护和公司股权结构对股利政策的影响模型。

LLSV indicator system is suit for the investor protection between different countries . We construct the model that investor law protection and company ownership structure to dividend policy , which is suit under the same country .

实证结果表明，影响我国A-H股国有控股上市公司现金股利政策的因素主要有上市公司的盈利能力、以前年底的现金股利、H股市场的市价、持股前5名占总股本比例等因素。

The demonstration results show that there are some determinants effect A-H share listed companies cash dividend policies . Such as : payoff ability , dividends distributed in last year , stock value in H share market , the control cash dividends share holders .

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

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 .

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

我国股利政策税收效应的实证研究

An Empirical Study on Tax Effect of Dividend Policy in China

股权结构与股利政策的发展综述及展望

Review and Prospect on Ownership Structure and Dividend Policy 's Development

其中，上市公司的股利政策就是一个值得我们关注的领域。

Chinese listed companies are not pay attention to dividend policy .

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 .

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

股利政策市场效应的实证分析

An Empirical Analysis on the Market Effect of Dividend Policy

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

股利政策一直是财务管理的难题之一。

Dividend policy has always been a baffling problem of financial management .

股利政策约束下的公司筹资决策优化模型

Optimizing model of company financing decision making under dividend policy

股利政策与盈余持续性关系的实证研究

The Empirical Study on the Relationship between Dividend Policy and Earnings Persistence

第一部分是关于股利政策的理论。

The first part is about dividend policy theory .

所得税制度、股利政策与投资者保护

Income Tax System , Dividend Policy and Investor Protection