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股份公司的税后留利基本上有两个用途:支付股息和再投资。较多地支付股息会提高公司股票的当期市场价格,但是股息的提高意味着再投资的减少,会使公司未来增长率降低,从而降低了公司股票的未来市场价值,公司股票的市场价格是反映公司业绩的综合指标,它不仅影响公司股东对公司前景的信心,而且会影响公司进一步在社会上筹集资金。因此,最优的股息政策应该是能够使当期股息和未来增长得到平衡,从而在长期内最大程度地
The post-tax retained interest of a stock company basically serves two purposes: payment of dividends and reinvestment. More payment of dividends will increase the current market price of the company’s shares, but the increase in dividends means that the reduction of reinvestment will reduce the company’s future growth rate, which will reduce the future market value of the company’s stocks. The market price of the company’s stock is reflected The comprehensive indicator of company performance not only affects the confidence of the company’s shareholders in the company’s prospects, but also affects the company’s further raising of funds in society. Therefore, the optimal dividend policy should be able to balance current dividends and future growth so as to maximize