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A STUDY OF DIVIDEND POLICY, NEW SHARES AND SHARE REPURCHASE.

股息政策、新股和股票回购的研究。

基本信息

批准号：
08630117
负责人：
UZAKI Kiyotaka
金额：
$ 1.34万
依托单位：
OITA UNIVERSITY
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
1996
资助国家：
日本
起止时间：
1996 至 1998
项目状态：
已结题

项目摘要

M-M theory (Modigliani Franco and Merton MilIer, 1958) says that investment is independent of how it is financed.Indeed , this is true if there are no taxes or if there are no bankruptcies and the corporate tax rate is equal to the individual marginal tax rate (with the dividend tax and the capital gains tax rates being zero) But if both taxes and bankruptcies are present the value of the firm is not independent of its financial structure and the firm's investment and financial decisions are interrelated.A tax-based model assumes that the firm determines investment and financial policies so as to maximize its share price while allowing many menus of tax rates. The main results of this model can be summarized as follows.If the firm's after tax profits are small relative to the level of investment, the firm finances investment by retention and debt.If they are large relative to the level of investment, additional investment projects are financed with new shares and debt. In the intermediate case, additional finance comes entirely through debt.However this model doesn't explain the fact that firms pay dividends, despite obvious tax disadvantages. Nor does it explain the common practice of paying dividends and issuing new equity simultaneously, since a company could presumably reduce dividends and new equity issues by equal amounts, thereby reducing tax liabilities without altering net distributions.Why do companies pay dividends ?This is next question that has proven to be one of the most vexing puzzles in economics.Many theories including the tax-based model have been proposed, but none has earned general acceptance. In this project, I aim to offer another explanation of the dividend puzzle and financial hierarchy, based upon a simple model in which firms attempt to signal profitability by distributing cash to shareholders.

M-M 理论（Modigliani Franco 和 Merton MilIer，1958）认为，投资与融资方式无关。事实上，如果没有税收或没有破产，并且公司税率等于个人边际税率（股息税和资本利得税率为零），那么这是正确的。但是，如果税收和破产都存在，那么公司的价值就不会独立于其财务结构和公司的财务结构。投资和财务决策是相互关联的。基于税收的模型假设公司确定投资和财务政策，以最大化其股价，同时允许多种税率。该模型的主要结果可概括如下。如果公司的税后利润相对于投资水平较小，则公司通过保留和债务为投资融资。如果相对于投资水平较大，则通过新股和债务为额外的投资项目融资。在中间情况下，额外的融资完全来自债务。然而，尽管存在明显的税收劣势，但该模型并不能解释公司支付股息的事实。它也不能解释同时支付股息和发行新股的常见做法，因为公司大概可以等量地减少股利和发行新股，从而在不改变净分配的情况下减少纳税义务。为什么公司支付股利？这是下一个已被证明是经济学中最令人烦恼的难题之一的问题。已经提出了包括基于税收的模型在内的许多理论，但没有一个获得普遍认可。接受。在这个项目中，我的目标是基于一个简单的模型，对股息之谜和财务层次结构提供另一种解释，在该模型中，公司试图通过向股东分配现金来表明盈利能力。