摘要
基于Jensen的自由现金流量理论,在不考虑股票回购的条件下,将公司派发的现金股利低于、等于和高于自由现金流量分别定义为低现金股利政策、适度现金股利政策和高现金股利政策。研究显示,其他条件不变时,只有适度现金股利政策才能使股东财富最大,低或高现金股利政策都不利于股东财富最大化;提高或降低现金股利并不总是能提高股东财富,只有在低现金股利政策内提高现金股利政策才会提高股东财富,同样,在高现金股利政策内降低现金股利也能提高股东财富。
Based on Jensen＇s theory of free cash flow,this paper firstly defines the low cash dividend policy,moderation cash dividend policy and high cash dividend policy by the dividend paid out to stockholders lower than,equal to and higher than the free cash flow,without regard to stock repurchase. Study reveals that only the moderation cash dividend policy can maximize stockholders＇ wealth,while the other two cash dividend policies will reduce the wealth of stockholders under the circumstances that other condictions remain unchange. Increasing or decreasing cash dividend will not necessarily increase stockholders＇ wealth. This paper demonstrates that only within low cash dividend policy,increasing cash dividend will increase stockholders＇ wealth; and so is with decreasing cash dividend only within high cash dividend policy.
出处
《广东商学院学报》
北大核心
2011年第1期83-91,共9页
Journal of Guangdong University of Business Studies
