The Different Distribution Policies for Dividends
Different practices in the distribution of dividends may be considered:
The Distribution of the Total Profits
This theory was developed by Rubner (1966) which suggests retention of profits zero (Dittmar and Thakor 2005, p.131). It is based on the fact that shareholders prefer to receive the highest possible amount of dividends. In practice, companies do not adopt this strategy as they are not encouraged by taxation or by the shareholders. This is mainly due to the fact that the distribution of dividends greatly affects the flow of society and the tax rate is often higher coupons than capital gains.
Residual Dividend Policy
To the extent that the company adopts the projects profitable, with positive net present value, any profit extra shall be distributed as dividends: it the approach of a residual dividend.
The Absence of Dividend
Clarkson and Elliot (1966) suggest that the dividend is a luxury that neither the company nor the shareholders cannot afford it (Jones Frank 2002, p. 596). In practice, this theory is scarce.
The Policy of a Stable Dividend
In rejecting the hypothesis of a distribution of 100% profits as dividends and the retention of all earnings, we observe that societies attribute an importance to dividends from the previous year.
These results suggest believing that companies tend to follow a payout ratio relatively stable over time (Rajanand & Zingales 1998, p. 46). These policies dividends remain mostly theory, what about in reality? What are the policies adopted in practice?
股利分配政策的不同
在股利分配不同的做法，可以考虑：
的总利润的分配
这个理论是由鲁布纳（1966）以利润为零保留（Dittmar和Thakor 2005，第131页）。它是基于这样的事实，股东更喜欢收到的股息的最高金额。这主要是由于这样的事实，股利分配的社会流动和资本收益的税率比往往较高的优惠券，极大地影响。
剩余股利政策
在某种程度上，公司采用项目盈利，有正的净现值，任何额外的利润应作为股利分配：它的剩余股利的方法。
股利的缺失
克拉克森和埃利奥特（1966）认为，股利是一种奢侈品，无论是企业还是股东无法负担得起（琼斯2002，596页）。在实践中，这一理论是稀缺的。
一个稳定的股利政策
在拒绝一个分布100%的利润作为股息和所有盈余保留的假设，我们观察到的社会属性的重要性股息从上年的。
这些结果表明，相信公司倾向于遵循的派息率是相对稳定的时间（rajanand & Zingales 1998，p. 46）。这些政策红利仍然基本理论，什么是现实？在实践中采用的政策是什么？
