Business

2002 16

8 4 East China Economic Management

Aug. , 2002 Vol. 16 ,No. 4

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The basic mode of dividend pol icy in l isted company and its theoretical analysis

YU Ming2jiang1 , OU YAN G Hao 2 2

(1 Research Instit ute of Higher Education , A nhui Polytechnical U niversity , M a anshan , 243002 Chi na ; ƒ

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A ccounti ng Depart ment , A nhui Instit ute of f i nance & t rade , Bengbu 233041 , Chi na)

Abstract : Dividend policy is t he intermediate means of t he listed companyƒ financial t heory , The way in which dividend paid is t he s form of dividend policy , t he rate of which is t he core of dividend policy. The research of t he dividend policy in t he early period in West2 ern society concerns whet her t he dividend policy will affect t he value of t he company or not , hence , formed t he unrelated t heory and re2 lated t heory ; later on t he baisi of identity of relater t heory of divident , formed t he t heories of tax clientele effects , information effects and agency2cost . On t he whole , so many t heories lack of generality and operability and don t abide by t he principle of maximize t he en2 ƒ terprise s value. ƒ Key words : listed company ; dividend policy ; stock ( Dividend policy) , 20 60 , , , , , , , ( Extra Dividends) , ( Regu1ar Cash Dividends) , :

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