【关于新西兰电信股利分配政策的研究初探（英文版）】股利分配方式
时间：2020-02-27 09:34:59 来源：柠檬阅读网 本文已影响 人 
dividend policy to the
Enter 21 century more and more people pay more attention on the invest which can increase their value. A significant number of people invest to the stock company. They get the dividend from the companise every year. In this essay we will analyze dividend policy of the
Profit distribute is s the main point of the company financial management movement. In the stock companies the dividend distributes are the hard-core of the profit distribute. Dividends are the principal means by which companies return cash to shareholders.1 It is the part of the corportain payout item. Dividend policy is a plan for a company determination of the pay not do not pay the dividends to the shareholders and how much proportion of profits paid out to shareholders.1 Dividend policy is the main point of the stock company financial management movement. It will be much closed to the purpose of the companies’ development financing and maximize shareholder wealth. One side because the keep the profit is the main method of internal financing in a company it decide the cash flow in-company. It can keep enough cash for the company to pay the debt buy more assets and grow. It very important for companies because the companies must have enough cash to paid some unexpected payout. For example, a significant number of corporation do not pay cash dividends in purpose to conserve cash, they are inclined to buy back shares as a way of returning cash to their shareholders and many corporation pay a regular cash dividend each quarter of every year. The other side dividend policy decides the shareholders income in fact. Dividend as signals which one the one hand dividend increases send good new about cash flows and earnings, on the other hand dividend decreases send bad new about cash flow and earning and it will fall the investment confidence of the shareholders. There will be decrease the companies value and financing again if the dividend make shareholds dissatisfactory. In our opinion basic objectives of dividend policy as plan which based in the equipoise companies value and shareholders value, maximize shareholder wealth, keep enough cash for the company permeance the dividend policy show shareholds to the companies financial and management status and companies future plan. Dividend policy also can give the information for shareholders invest orientation. It can be change companies market value. (The stock price). So, people no matter the shareholders and manager must be regard the dividend policy very careful.
Whether a dividend should be paid, and if so how much are important decisions that depend on the firm’s dividend policy. Companies can pay out dividend to their shareholders in two ways. They can pay a cash dividend or they can buy back some of their outstanding shares
In this case there are only treat of cash dividend policy which are regular cash dividend and the special dividend. Regular cash dividend is that the director expected to maintanin the payment in the future. If they did not want to give that kind of assurance, that could have declated both a regular and special dividend. Investors realize that special dividends are less likely to be repeated.2 Special dividend is a dividend that is stated to be a special dividend when it is declared. The main reason for declaring a dividend special is to make it clear that it is a one-off. This is a signal to investors that it is not part of a sustainable increase in dividends.3 The company usual payout the special dividend to the shareholders when their payoffs achieve regular dividends, at the same time the way will give the shareholders confidence to keep on the corportaion stocks. So the special dividend is not fixed price, it depend on the uncertain of the corportaion earning. Such as the Telecom NZ in this case would pay a series of special dividends, starting from the second half of this financial year.
The bird in the hand theory: current dividends reduce uncertainty for risk adverse investor.
