股利无关论

自从基于MM理论的股利无关论出现以后，企业股利政策和公司价值之间的关系便不断受到理论界的质疑。

Ever since the appearing of the MM theory of dividend irrelevance , theorists from theoretical circle began to pose doubts on the relationship between dividend policy and company value .

传统学派主要有一鸟在手理论，MM股利无关论、税差理论；

Traditional school includes bird-in-hand theory , MM theory and tax difference theory ;

自从1961年Miller和Modigliani提出股利无关论以来，国外学术界从不同角度来对公司的股利政策进行解释，对MM理论提出挑战。

Since Miller and Modigliani published their classical paper in 1961 , there have been many professors who brought out different ideas to explain dividend policies to challenge the MM theory .

Miller和Modigliani在1961年提出的股利无关论认为，在完全资本市场中股利政策与公司价值无关。

Miller and Modigliani proposed " irrelevant the dividend theory " in 1961 to believe that , the dividend policy had nothing to do with in the complete capital market with the company value .

综合评述了股利无关论和股利相关论，指出了二者最重要的区别在于应用前提不同；

In this chapter , the author comprehensively comments on correlative dividend theory and irrespective dividend theory , and points out that the major difference between the two theories is applying different preconditions .

股利政策无关论，是现代财务理论的基础理论之一。

The irrelevance of dividend policy is one of the basic theories of finance .

理论界关于股利政策的观点有两大流派：股利无关论和股利相关论。

In theoretical circles there are two schools about dividend policy : relevant dividend view and irrelevant dividend view .

首先围绕股利是否影响公司市场价值，介绍三种具有代表性的传统理论观点：股利无关论、一鸟在手理论和税差理论。

The chapter one first introduces several views on the western traditional and modern dividend theories according to whether dividend influences the market value of company : dividend indifference theory , bird-in-one-hand theory and taxation difference theory .