Model essay on dividend distribution policy 1: An interpretation of the company's moderate dividend distribution policy [Paper Keywords] dividend policy and company value of listed companies
[Abstract] According to the principle of profit maximization in economics, if dividend payment is regarded as a "factor of production" input in the company's operation, then the optimal level of dividend payment refers to the level when the marginal cost and marginal utility of dividend payment are equal in theory, but in practice, this optimal level is difficult to determine, so we have to seek an appropriate dividend payment level. The appropriate dividend payment level should be an operating level that can meet the company's profitable investment needs, achieve the lowest financing cost and stable equity structure, and then achieve a substantial increase in the company's value under the target debt/capital ratio. In addition, the dividend policy of listed companies is formulated by controlling shareholders from the perspective of maximizing their own interests, so it should also serve the interests of controlling shareholders.
As one of the three major financial decisions of the company, dividend distribution policy plays a vital role in the company's operation, and its choice is related to the smooth financing channels, the level of financing costs and the rationality of capital structure. Appropriate dividend policy is conducive to the stability of the company's shareholding structure, providing an effective defense barrier when the company faces the threat of external takeover, and is conducive to the stable and sustainable development of the company's operation and the maximization of the company's value (shareholder wealth).
First, the connotation and characteristics of the appropriate dividend distribution policy of listed companies
Appropriate dividend distribution policy can be summarized as: an operable dividend policy that can meet the company's profitable investment needs, achieve the lowest financing cost, stabilize the equity structure, and further realize the substantial increase of the company's value. Specifically, the appropriate dividend distribution policy of listed companies should have the following characteristics: the goal of appropriate dividend policy is to greatly improve the company's value. Meeting the company's profitable investment needs, reducing financing costs and realizing the stability of the equity structure all serve this goal. In view of the immaturity of China's capital market, the manifestation of the company's stock value and the frequent fluctuation of the intrinsic value of the stock, it is unreasonable to simply take "market value maximization" as the target operation of the appropriate dividend policy. It is necessary to further define "company value".
Second, the utility and cost of dividend payment.
(A) in the modern dividend theory, the various effects brought about by issuing cash dividends.
(1) Reduce agency costs. Dividend distribution agents believe that dividend policy actually reflects the agency problem between insiders and external shareholders. Appropriate dividend policy helps to ensure that managers' actions are in the interests of shareholders. The so-called appropriate dividend policy means that the company's profits should be paid more to shareholders. Otherwise, these profits may be abused by insiders.
(2) Improve the effectiveness of investors when there are few investment opportunities. Because when the company's cash increases, there will be excessive investment, and the excess cash will be distributed to shareholders, who can make other high-yield investments.
(3) Expand financing channels. Dividends show that the company has good development prospects. If the company's share price rises and new shares are issued, the rights issue price can be determined at a higher level.
(2) the cost involved in paying dividends
(1) Tax burden cost. If cash dividends and capital from stock repurchase are taxed differently, then in the eyes of companies and investors, paying cash dividends is no longer the optimal dividend distribution policy. It can be seen that under the premise of different taxes, companies choose different dividend payment policies, which will not only have different effects on the company's market value, but also make the company's tax burden different. (2) The increase of financing cost. When the company is faced with investment opportunities, due to the payment of dividends, the company has to raise funds from outside, such as issuing new shares, allotment and borrowing. And modern financial theory generally believes that the cost of external financing is higher than profit retention. (3) Agency fee. Dividends and fund-raising should employ relevant intermediaries, such as accounting firms and investment banks, and the participation of these intermediaries will involve related intermediary fees.
Third, the appropriate dividend distribution policy of listed companies should take the maximization of the interests of controlling shareholders as the behavior and goal.
In the case of non-circulation of major shareholders' equity, under the current capital market environment in China, the proportion of minority shareholders' shareholding is relatively low and extremely scattered, and the purpose of minority shareholders' shareholding is generally not the holding purpose. The income from investing in stocks includes capital income and cash dividend income. Among the two income forms, the cash dividend rate of listed companies in China is significantly lower than that of western developed countries for a long time. For example, from 1998 to 2004, the weighted average cash dividend yield of circulating shareholders of all listed companies was 0.58%, 0.54%, 0.38%, 0.92%, 0.98%, 1. 14 respectively. Compared with the investment cost, the cash dividend income obtained by investors is negligible. Because it is difficult for institutional investors and individual investors who hold the tradable shares of listed companies to get the cash dividend return of the listed companies they invest in, they can only turn to earning the difference in the circulation market to get the return on investment, which is also the inevitable choice for maximizing the behavior of investors in China stock market. Non-tradable shareholders (mainly the controlling shareholders of listed companies) are generally major shareholders, so the company's important business decisions and the appointment and dismissal of senior managers are mainly influenced by the opinions of non-tradable shareholders, and the non-circulation of controlling shareholders' shares has obvious defects for controlling shareholders. According to the relevant regulations of our country, state shares and legal person shares cannot be transferred in the secondary market, but can only be transferred by agreement according to law. As a rational market subject, the special way to realize the interests of major shareholders determines the behavior and characteristics of major shareholders and listed companies. Due to the lack of more effective exit channels, major shareholders tend to find all possible ways to improve the net assets per share of listed companies. Specifically, there are the following channels: first, improve the company's performance, which is the basis of the company's market value, and the improvement of performance will inevitably increase the net assets per share; Second, refinancing is carried out through allotment, issuance or issuance of bonds convertible into shares (referred to as convertible bonds). Because the allotment price, offer price or conversion price of convertible bonds are generally much higher than the company's net assets per share, the result will inevitably lead to a corresponding increase in the net assets per share of listed companies after allotment or issuance. Appropriate dividend distribution policy is a continuous concept. That is to say, for a company, the moderate dividend distribution policy is not an annual concept, but should remain relatively stable in an industrial cycle. However, it does not mean that the appropriate dividend policy is static, and should be adjusted accordingly with the changes in the company's development stage.
In the initial stage, the company can only understand its own market environment through rational expectations, but can't make a very accurate judgment on market conditions and product sales. In other words, due to lack of experience, it is impossible to accurately measure its operating income. The investment target of the newly established new company has been determined, so it is not necessary to look for other investment opportunities immediately, and the profit retention ratio can be appropriately smaller. Most of the profits are used to pay dividends to attract investors' attention to the company and establish a good image of the company in the public. Therefore, it is in the interests of both enterprises and investors to implement the high flexibility dividend policy with low dividend and extra dividend. From the perspective of enterprises, low dividends can enable enterprises to cash dividends even if their operating income is not ideal, without damaging the image of enterprises in the public. When the income is abundant, you can pay extra dividends to shareholders to encourage the public to invest enthusiastically. For investors, there is still hope to get unexpected dividend income under the premise of fixed income protection. Both parties will be satisfied with the dividend policy.
In the growth period, there is a strong demand for company scale expansion, and the company faces more investment opportunities. If sufficient capital can be obtained, the company's development speed will be accelerated. At the same time, the company's profitability has been enhanced, and profits have increased year after year. At this stage, the company needs to concentrate and try its best to get enough sources of funds at the lowest cost. The most effective measures are to keep a lot of profits, use their own capital, avoid borrowing or pay more dividends. So does the low dividend with residual dividend policy make the company value determined by dividend discount model too low? From the actual situation, for growth companies, the relationship between dividends and stock prices has been weakened by the company's policy of "development first, giving consideration to dividends", so low dividends will not make prices low. On the contrary, due to the huge development potential and profitability of the company, the actual price of the company's stock will rise. This is not to say that the relationship between dividends and stock prices has completely disappeared, but that stock prices are no longer directly determined by dividends.
In the mature period, the company has rich operating experience in this industry, stable market share, stable profitability and the ability to maintain relatively stable dividend payment. The company should adopt a stable dividend payment policy. Of course, compared with other dividend policies, under this policy, the company should be aware of the retained profits and make planned arrangements for the company's development planning.
refer to
[1] Qian hongqi, dividend policy analysis of listed companies in China [M], Beijing, China financial and economic publishing house, 2004.
[2]__ _ article, analysis of influencing factors of rights issue decision of listed companies in China [J], Economic Science, 2003.
According to the profit maximization principle in economics, if dividend payment is regarded as a "factor of production" input in the company's operation, then the optimal level of dividend payment refers to the level when the marginal cost of dividend payment is equal to the marginal utility in theory, but in practice, this optimal level is difficult to determine, so we have to seek a moderate dividend payment level. This paper holds that the appropriate dividend payment level should be a management level that can meet the company's profitable investment needs, achieve the lowest financing cost and stable equity structure, and further realize the substantial increase of the company's value under the target debt/capital ratio.
As one of the three major financial decisions of the company, dividend distribution policy plays a vital role in the company's operation, and its appropriateness is related to the smooth financing channels, the level of financing costs and the rationality of capital structure. Moderate dividend policy is conducive to the stability of the company's shareholding structure, providing an effective defense barrier when the company faces the threat of external takeover, thus contributing to the stable and sustainable development of the company's operation and maximizing the company's value (shareholder wealth). For a long time, the company's management and financial experts have been committed to seeking the best dividend policy model, but so far there is no reasonable conclusion that can be generally accepted by all companies. The main reason for this situation is that there are many factors restricting the company's dividend distribution policy, both internal and external; There are markets and non-markets; There are investors, creditors and agents; There are both long-term and short-term, and various factors are interrelated and mutually restrictive. With the development of the company, the situation of these factors often changes. Therefore, choosing the appropriate dividend distribution policy is an extremely complicated issue. Based on the analysis of the best dividend payment mode in western financial theory, this paper qualitatively studies the connotation and characteristics of China Company's moderate dividend distribution policy.
First, the theoretical determination of the optimal dividend distribution policy
There are three main views on determining the optimal dividend distribution policy in western financial theory: the first one is to determine the optimal dividend distribution policy from the relationship between the company's return on investment and the benchmark discount rate, represented by walter (J, E, walter) model.
Scale of dividend payment.
Under a series of assumptions, Walter studied the relationship between stock value and after-tax profit per share, dividend, return on investment and benchmark discount rate, and established corresponding formulas to evaluate stock value.
As follows:
That is, when the company's investment return rate is equal to the benchmark discount rate, the stock value is not only related to the benchmark discount rate, but also related to the company's after-tax profit, and has nothing to do with the company's dividend policy.
(2) If r>ρ, that is, the company's return on investment is greater than the benchmark discount.
Under the cash interest rate, the less dividend distribution, the higher the stock value. Especially when the dividend rate is zero, the stock value is the highest, in other words, at this time, the optimal dividend should be zero.
(3) If R
Thirdly, the agency cost theory holds that the best level of dividend payment should be the level when the agency cost of dividend payment is equal to the tax cost of dividend payment. As shown in figure 1.
, MC 1 represents the marginal cost of dividend payment, which gradually increases, indicating that the marginal tax rate increases with the increase of dividend level. MR 1 represents the marginal income of dividends, that is, the agency cost is reduced due to dividend payment, such as the management working harder.
For the benefit of shareholders; Management is more innovative; Management is less "skimming" and so on. At first, the agency cost of unit dividend payment is increasing, which shows that the utility of dividend payment is increasing at this stage; When the dividend payment level reaches Q0, the agency problem of the company weakens, and correspondingly, the marginal utility of increasing dividends begins to decline. According to the profit maximization principle in western economics, if dividends are regarded as the input factors in the company's operation, the dividend level Q 1 represented by the intersection of MC 1 in the figure is the optimal dividend payment level considered by the agency cost theory.
The above three viewpoints put forward the best dividend payment level from the perspectives of investment opportunities, market performance and reducing agency costs. These optimal dividend payment levels are reasonable to some extent, but as a company as a whole, they all have the disadvantage of generalizing. However, the determination of the above three optimal dividend levels provides us with a way of thinking. If the utility of dividend payment is integrated, the utility function of dividend payment can be given. Similarly, the cost function of dividend payment can be obtained by summarizing the various costs of dividend payment. If dividend payment is regarded as a "factor of production" input in the company's operation, then the optimal level of dividend payment should theoretically exist when the marginal cost and marginal utility of dividend payment are equal. The benefits of dividends include: (1) reducing agency costs. (2) Improve the effectiveness of investors when there are few investment opportunities. Because when the company's cash increases, there will be over-investment. If this excess cash is distributed to shareholders, shareholders can make other high-yield investments. (3) Expand financing channels, and dividends can show the company's future prospects.
Dividends show that the company has good development prospects. If the company's share price rises and new shares are issued, the rights issue price can be determined at a higher level. The costs involved in dividends include: (1) tax costs. (2) The increase of financing cost. When the company is faced with investment opportunities, due to the payment of dividends, the company has to raise funds from outside, such as issuing new shares, allotment and borrowing. And modern financial theory generally believes that the cost of external financing is higher than profit retention. (3) Agency fee. Dividends and fund-raising should employ relevant intermediaries, such as accounting firms and investment banks, and the participation of these intermediaries will involve related intermediary fees. Based on these considerations, we can also give the overall dividend payment of the company.
The marginal utility curve (MR) and marginal cost curve (MC) of the variable are shown in Figure 2. The dividend payment level q corresponding to the intersection point a of curve MR and curve MC is the optimal dividend payment level of the company.
Secondly, the connotation and characteristics of China Company's moderate dividend distribution policy. Although the dividend payment level determined according to the principle of maximizing interests is the optimal dividend level and the optimal choice that the company management should recognize in theory, there are many constraints in choosing this optimal scheme. This is mainly reflected in the determination of the aforementioned marginal utility curve and marginal cost curve.
Figure 2
In the cost function of dividend payment, tax burden cost and intermediary cost are relatively easy to calculate, but the increase of financing cost is caused by various aspects of the company and the specific environment of the capital market, and it is difficult to distinguish how many of them are caused by dividend payment, so the cost function of dividend payment exists in theory and is difficult to determine quantitatively in practice. Relatively speaking, it is more difficult to determine the utility function of dividends. For example, the agency cost caused by dividend payment is reduced by one item, because the effect of agency cost transforming into dividend is realized through the management's efforts to consider the promotion of company value brought by shareholder wealth. There are two problems here: first, the management's efforts, the factors considered for shareholders' wealth and the pioneering nature of the company's investment are extremely difficult to measure, and insiders will interpret all kinds of "skimming" behaviors as companies. Secondly, the reduction of agency cost is one of the factors leading to the increase of company value, and it is difficult to form a fixed quantitative relationship between the reduction of agency cost and the increase of company value. Therefore, the optimal dividend level formed by the intersection of the above-mentioned marginal cost curve and marginal utility curve exists in theory, but it is difficult to determine in real life. We have to settle for the second best, choose the suboptimal scheme and seek a moderate dividend payment policy. For China company, the appropriate dividend distribution policy can be summarized as: under the target debt/capital ratio, it can meet the company's profitable investment needs, achieve the lowest financing cost, stabilize the ownership structure, and further realize the operability of the company's value. Specifically, China's moderate dividend distribution policy should have the following basic characteristics:
1. The goal of the moderate dividend policy is to greatly improve the company's value, meet the company's profitable investment needs, reduce financing costs, and achieve the stability of the shareholding structure, all of which serve this goal. In view of the immaturity of China's capital market and frequent fluctuations in the intrinsic value of company stocks, it is unreasonable to simply take "maximizing market value" as the target operation of appropriate dividend policy. It is necessary for us to further define "company value", and we can choose two financial indicators to replace it in operation.
(1) Net assets per share. Net assets per share refers to the actual value of the company's shares in the current period, and the book value of the company is equal to the product of net assets per share and the number of issued common shares. Compared with the market value of the company, the book value of the company calculated by net assets per share can better reflect the actual investment value of the company, especially in the speculative stock market, where the stock price fluctuates violently due to market information. If the market price is used to measure the company's value, it is too flexible and obviously does not conform to the actual situation of the company's operation; If the book value of the company is calculated by net assets per share, it will not make the company's value easily disturbed by external factors, and it can truly reflect the company's current value geometry. At this point, the maximization of the company's market value was replaced by the maximization of the net asset value per share, thus "squeezing out" the "bubble" generated by the maximization of market value. Maximizing net assets per share can also better reflect the interests of all parties in the company.
First of all, from the perspective of company operators, the maximization of net assets per share urges them to improve their management, improve the efficiency of capital operation and strive to increase the company's value. At this point, the maximization of net assets per share is not contradictory to the maximization of market value and profit. Because the greater the appreciation of net assets per share, it means that the company has more profits, and the increase in profits will increase the value of the company in the eyes of investors, which will lead to an increase in the market price of the company's stock and maximize it. At this time, the maximization of the company's market value is based on the company's performance, and it is no longer a passive water and a tree without roots. It can be seen that the maximization of net assets per share overcomes the irrational factors in the maximization of market value, and at the same time achieves a better unity with the maximization of market value.
Secondly, from the perspective of investors, the maximization of net assets per share not only reflects the level of investors' investment income, but also provides an important reference for investors' investment decisions. The greater the net assets per share, the better the preservation of the investor's principal and the greater the possibility of appreciation. When making investment choices, investors are always willing to invest in enterprises whose net assets per share increase rapidly.
But the index of net assets per share is a judgment of the historical value of the company. As for reflecting the future development trend of the company, we can choose another indicator: profit growth rate.
(2) Profit growth rate. The profit of an enterprise depends on many factors such as sales price, manufacturing cost, market share (determining sales volume) and so on. The improvement of these factors depends on improving management, reducing product cost, improving product quality and service, and expanding market share. Therefore, the improvement of enterprise profit rate stimulates enterprises to make positive progress in the above aspects. Profit growth rate is a proportional index, which can dynamically reflect the development of enterprises relative to profit. For example, other things being equal, the company's current profit is 2 million yuan, which may be considered a high profit in the same industry, but compared with the company's previous profit of 3 million yuan, the profit has declined. The reason for the decline in corporate profits may be the decline in product competitiveness, shrinking market share or poor management, which all represent the partial loss of corporate development potential. It can be seen that only by comparing the profitability of enterprises vertically can we find the development potential of enterprises and determine their actual investment value, so that the consideration of enterprise value will move from short-term to long-term
2. Appropriate dividend policy is not a fixed model, which varies from company to company. Any company will have a dividend policy only suitable for itself because of its own characteristics and specific environment, that is to say, there is no dividend distribution policy suitable for all companies. In this regard, the unique dividend policy of Berkshire Hathaway is an important example. According to the general practice of American companies, the better the prospects and the better the performance, the higher the dividend level will be, instead of
Distribution companies are often loss-making companies. However, as an excellent company, Hasway has long adhered to the dividend policy of neither paying dividends nor sending shares, so that the company's total share capital was still only 2.26 million shares at the end of 1998, and the share price was nearly 80,000 US dollars per share. For such a dividend policy, Buffett, chairman of Hathaway, explains this: First, the split share structure will make it easier for new investors to buy Berkshire shares and facilitate existing shareholders to sell them. Therefore, Buffett believes that he does not want Berkshire's stock to be controlled by speculators, and an extremely expensive stock is the most effective way to stop speculation. Second, not paying dividends avoids double taxation on shareholders and companies, and you don't have to spend any energy on dividends, so you can reinvest dividends and get more income. Third, the company has many investment opportunities and a very high profit rate. Shareholders can make more money by investing in Berkshire than by investing in other fields. At the same time, Buffett also said that if he found that his shareholders could find a way to make more money than investing in Berkshire, he would pay dividends temporarily at that time. Then, by comparing and analyzing two excellent domestic companies: chunlan shares and Sichuan Changhong, it is found that their dividend distribution policies are completely different. Chunlan shares pays more attention to dividends, while Sichuan Changhong pays more attention to a high proportion of bonus shares. However, the operating performance of the two companies has remained at a good level (as shown in table 1), which also provided investors with a high return on investment. Take Sichuan Changhong as an example. If 1996 65438+ 10 holds 1000 shares of Changhong for long-term investment at the price of 7.40 yuan in October, then three years later, at the end of19965438+10, calendar
After the period of stock issuance, dividend distribution and allotment, the number of shares held increased to 3,952, and the cost of holding shares was10,340 yuan, while the stock market value reached 64,695 yuan, and the return on investment was as high as 530%. According to the same calculation, the return on investment in chunlan shares in the same period is as high as 330%. Two completely different dividend distribution policies support the continuous growth of the performance of the two companies and their good performance in the capital market, which shows that these two dividend distribution policies are moderate for the two companies.
3. Moderate dividend distribution policy is a continuous concept in stages, that is, for a company, moderate dividend distribution policy is not an annual concept, but should remain relatively stable in an industrial cycle. However, it does not mean that the appropriate dividend policy is static, and should be adjusted accordingly with the changes in the company's development stage. (1) dividend distribution policy suitable for start-up enterprises and companies-high flexibility dividend policy with low dividends and extra dividends. Enterprises and companies in the initial stage can only understand their own market environment through rational expectations, but cannot accurately judge the market conditions and product sales. In other words, due to lack of experience, they can't accurately measure their operating income. The investment target of the newly established new enterprise has been determined, so it is not necessary to look for other investment opportunities immediately, and the profit retention ratio can be appropriately smaller. Most of the profits are used to pay dividends to attract investors' attention to the enterprise and help establish the image of the enterprise in the public. Therefore, it is more in line with the interests of both enterprises and investors to implement a highly flexible dividend policy with low dividends and extra dividends. From the perspective of enterprises, low dividends can enable enterprises to cash dividends even if their operating income is not ideal, and will not damage the image of enterprises in the public. When the income is abundant, you can pay extra dividends to shareholders to encourage the public to invest enthusiastically. From the perspective of investors, under the premise of a fixed income guarantee, it is also
I hope to get unexpected dividend income. Both parties will be satisfied with the dividend policy.
(2) The dividend policy suitable for growth enterprises-residual dividend policy.
The characteristics of growth are: due to proper management, the demand for enterprise scale expansion is strong, and enterprises are facing more investment opportunities. If sufficient capital can be obtained, the development speed of enterprises can be accelerated. At the same time, the profitability of enterprises has increased and profits have increased year after year. At this stage, enterprises need to concentrate their efforts and try their best to obtain sufficient sources of funds at the lowest cost. The most effective measure is to keep a lot of profits and avoid borrowing or paying dividends with your own capital, because borrowing costs are high. So does the low dividend with residual dividend policy make the company value determined by dividend discount model too low? From the actual situation, the stock price of high-growth enterprises is usually higher, but this does not violate the principle that the stock market value is determined by dividend discount, because for growth enterprises, the relationship between dividends and stock price has been weakened by the policy of "giving priority to development and giving consideration to dividends", and dividends, as the basic position of stock price formation and the objective standard of evaluation level, have been lost, replaced by corporate income, that is, the calculation formula of stock price has been transformed into:
According to the formula of stock interest rate, the key to determine the stock interest rate is to ensure the profit retention rate in the enterprise income. In the case of obtaining a large amount of profits, increasing the proportion of retained profits will correspondingly reduce the stock interest rate and reduce the profit outflow of enterprises. Reinvestment of huge profits in the form of retained profits will undoubtedly optimize the capital structure of enterprises and promote their rapid development. The stocks issued by such enterprises with great development potential are usually called "growth stocks". The formation of growth stock prices is mainly based on investors' expectations for the future development of enterprises and the market supply and demand of growth stocks formed on this basis. The formation mechanism is that investors foresee the huge development potential and potential income of the enterprise in the future, and expect the stock yield of the enterprise to decrease, which indicates that the stock price of the enterprise will have room for further increase, so the expected stock investment value is large. Good expected investment value changes the relationship between supply and demand of stocks, and finally forms a long-term stock price at the equilibrium point of supply and demand. The investment value of growth enterprises is mainly manifested in: the increase of expected dividend income; The expectation that the enterprise will distribute stock dividends to shareholders; The expected capital gains brought about by the rising stock price, that is, because of the huge development potential of growth stocks, investors can sell stocks in the secondary market to obtain premium income.
To sum up, although growth enterprises implement a moderate residual dividend policy, because the relationship between dividends and stock prices has weakened, low dividends will not depress stock prices. On the contrary, due to the huge development potential and profitability of the company, the actual price of the company's stock will rise. This is not to say that the relationship between dividends and stock prices has completely disappeared, but that stock prices are no longer directly determined by dividends. If growth enterprises have to adopt other distribution policies due to economic cycle, industry competition and other reasons, they should try their best to consider stock dividend distribution, because the equity capital formed by stock dividend is still owned by the enterprise, and the enterprise can continue to control it.
(3) Moderate dividend policy of mature enterprises-stable dividend policy Mature enterprises are characterized by rich operating experience, stable market share, stable profitability and the ability to maintain relatively stable dividend payment. At the same time, because the products operated by enterprises are mature, enterprises need to develop new products or services in order to adjust their business structure and seek new profit growth points, so enterprises must ensure certain R&D capital investment. Apart from allocating some funds from profits to meet the needs of dividend policy, the rest funds can meet the needs of R&D funds. Compared with other dividend policies, under this decision, enterprises should be aware of the retained profits and make planned arrangements for the company's development planning.
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1. graduation thesis on dividend policy
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3. Dividend policy paper
4. Foreign trade papers
5. Classical papers on industrial economics