Fundamentalsoffinancial,2004,(8):23--pany'',panies,thedividendpolicychoiceshouldconsiderfactorswereanalyzed,:Dividendtheory;dividenddistribution;:(1)Howmuchofitsfreecashflowshoulditpassontoshareholders?(2)Shoulditprovidethiscashtoshareholdersbyraisingthedividendorbyrepurchasingstock?(3)Shoulditmaintainastable,consistentpaymentpolicy,orshoulditletthepaymentsvaryasconditionschange?Whendecidinghowmuchcashtodistributetoshareholders,financemanagermustkeepinmindthatthefirm’,thetargetpayrateratio—etobepaidoutascashdividends—shouldbebasedinlargepartoninvestors’preferencefordividendsversuscapitalgains:doinvestorsprefer(1)eascashdividendsor(2)tohaveiteitherrepurchasestockorelseplowtheearningsbackintothebusiness,bothofwhichshouldresultincapitalgains?Thispreferencecanbeconsideredintermsoftheconstantgrowthstockvaluationmodel:panyincreasesthepayoutration,,takenalone,,ifisraised,thenlessmoneywillbeavailableforreinvestment
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