教育学论文金融学论文 国际商务管理论文 市场营销论文 会计学论文 社会学论文 旅游管理论文 计算机论文 人力资源管理论文 广告媒体学 物流学论文 Engineering Thesis sociology Thesis MBA论文 linguistic Thesis Journalism and Mass Communicat Law Thesis Economics Thesis
返回首页

股利公告对股东价值的影响

时间:2016-04-28 09:36来源:www.ukthesis.org 作者:英国论文网 点击联系客服: 客服:Damien

股利公告对股东价值的影响
Impact Of Dividend Announcement On Shareholder Value

 

不同的研究表明,股利支付对股票持有者的价值在税收和市场不完善的情况下没有影响。当企业有盈余的时候,他们应该把它投资于具有积极净现值的项目上。另一种方法是,股票价值取决于预期未来的股票股利。因此,公司必须努力体现一个可持续增长,同时宣布股息。本研究探讨股利公告对股东价值的影响。本研究以卡拉奇证券交易所上市的17家分红公司为研究基础。研究结果表明,投资者未从股利公告中获得信息,但在30天内通过前20天分红后的股利公告在期限内失去了一定的价值。研究结果支持假设的股息不敬,没有效益分红公告股东。
 
企业法人的终极目标是股东价值最大化。为了实现这一目标,财务经理需要三种重要的决策。第二个决定是投资和融资决策,第三个是关于把股利支付给股东。现在的问题是,支付股息是否增加股东价值。股利平均奖励公司的股东,所以它是由股票价值下跌调整(波特菲尔德1959和1965)。一般来说,股东更倾向于现金股利,而理性是税收模式。与资本收益相比,通常股息按较高税率征税。所以,如果我们忽视了税收和其他限制的假设,那么股利宣告对股东价值没有影响(米勒和莫迪利亚尼,1961)。

投资者价值一美元的预期股息高于预期资本收益的美元,因为股息率成分是不那么高风险的增长成分。

Different studies suggest that dividend payment has no impact on share holder value in the absence of taxes and market imperfection. Whenever companies have surplus earning, they should invest it in projects having positive net present value. Another approach is that, the stock value depends upon expected future dividend of that stock. So companies must try to reflect a sustainable growth while announcing dividends. This study is to examine the impact of dividend announcement on shareholder value. This study is based on 17 dividend paying companies, listed on Karachi Stock Exchange. The result shows that investors did not gain from dividend announcement, but lost some value over a period of 30 days prior to dividend announcement through 20 days after ex-dividend date. Results of study is supporting the dividend irreverence hypothesis, that there is no benefit of shareholder in announcement of dividend.


Literature Review:——文献综述


The ultimate objective of any corporate entity is to maximize the shareholder value. For the accomplishment of this objective, Finance managers take three kinds of important decisions. First two decisions are investment and financing decisions and the third one is regarding dividend payment to shareholders. Now the question is that whether the payment of dividend increases shareholder value or not. As dividend mean reward that shareholders already own in a corporation, so it is adjusted by decline in stock value (Porterfield 1959 and 1965). Generally shareholders prefer capital gain over cash dividend and the reason is tax pattern. Normally dividend is taxed at high rate as compared to the capital gain. So if we neglect the assumption of tax and other restrictions, then dividend announcement has no impact on shareholders’ value (Miller and Modigliani, 1961).(责任编辑:anne)



------分隔符-------------------------------------
UK Thesis Base Contacts
推荐内容