统计研究 ›› 2004, Vol. 21 ›› Issue (8): 30-3.

• 论文 • 上一篇    下一篇

信息不对称条件下的股利分配效应

张玉明;孟祥仲   

  1. 山东大学;山东经济学院
  • 收稿日期:1900-01-01 修回日期:1900-01-01 出版日期:2004-08-15 发布日期:2004-08-15

  • Received:1900-01-01 Revised:1900-01-01 Online:2004-08-15 Published:2004-08-15

Abstract: The message that expressed by dividend policy is very abundant. Under strict assumption, dividendpolicy is irreverent with corporate value. But under information asymmetry condition, dividend distributionis relevant with stock price, which will cause the corporate actual investment level lower than the optimallevel of Fisher standard, but the proportion that distributed actually higher than the optimal level of Fisherstandard. So when the corporation makes dividend policy decision, it should consider the balancebetween the extra tax expense produced by the dividend and the signaling and free cash flow effect due todividend distribution commitment.