一、股利理论在股份制公司的理财决策中,股利政策具有举足轻重的作用。它是理财决策的一部分,它决定了权益资本的成本。对公司管理者来说,如何使股利发放与公司的未来发展相协调,又使公司的股票市场价值稳中有升,是公司两者都想兼顾的理想目标。股利政策与公司奉行的股利理论紧密相关。股利理论主要讨论股利的支付和股票市价的关系。目前有两大理论派系:股利与市价相关理论和股利与市价不相关理论。1、股利与市价相关理论股利与市价相关理论认为股利政策与股票市价有较大的相关性。股利的支付受诸多因素的制约,在各种因素不确定的情 First, the dividend theory In the joint-stock company’s financial decision-making, dividend policy has an important role. It is part of financial decision-making, which determines the cost of equity capital. For the managers of the company, how to coordinate the distribution of dividends with the future development of the company and make the stock market value of the company rise steadily are the ideal goals both companies want to take into consideration. Dividend policy is closely related to the dividend theory pursued by the company. Dividend theory focuses on the relationship between dividend payments and stock market prices. There are currently two major theoretical factions: dividend-to-market theory and dividend-to-market theory. 1, dividend and market price theory Dividend and market price theory that the dividend policy and the stock market price has a greater correlation. Dividend payments are subject to many factors, uncertainties in a variety of factors