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文献出处：
Amidu M. THE STUDY ON VALUATION OF SHARES
AND DIVIDEND POLICY[J]. The journal of risk finance, 2017, 2(2): 136-145.
原文
THE STUDY ON VALUATION OF SHARES AND DIVIDEND
POLICY
Amidu M
Although these questions of fact have been the subject of many empirical
studies in recent years no consensus has yet been achieved. One reason
appears to be the absence in the literature of a complete and reasonably
rigorous statement of those parts of the economic theory of valuation bearing
directly on the matter of dividend policy. Lacking such a statement,
investigators have not yet been able to frame their tests with sufficient
precision to distinguish adequately between the various contending
hypotheses. Nor have they been able to give a convincing explanation of what
their test results do imply about the underlying process of valuation.
EFFECT OF DIVIDEND POLICY WITH PERFECT MARKETS, RATIONAL BEHA/IOR, AND
PERFECT CERTAINTY
The meaning of the basic assumptions. -Although the terms" perfect
markets," "rational behavior," and "perfect certainty" are widely used
throughout economic theory, it may be helpful to start by spelling out the
precise meaning of these assumptions in the present context.
1. In "perfect capital markets," no buyer or seller (or issuer) of
securities is large enough for his transactions to have an appreciable impact
on the then ruling price. All traders have equal and costless access to
information about the ruling price and about all other relevant
characteristics of shares (to be detailed specifically later). No brokerage
fees, transfer taxes, or other transaction costs are incurred when securities
are bought, sold, or issued, and there are no tax differentials either
between distributed and undistributed profits or between dividends and
capital gains.
2. "Rational behavior" means that investors always prefer more wealth
to less and are indifferent as to whether a given increment to their wealth
takes the form of cash payments or an increase in the market value of their
holdings of shares.
3. "Perfect certainty" implies complete assurance on the part of every
investor as to the future investment program and the future profits of every
corporation. Because of this assurance, there is, among other things, no
need to distinguish between stocks and bonds as sources of fund sat this
stage of the analysis. We can, therefore, proceed as if there were only a
single type of financial instrument which, for convenience, we shall refer
to as shares of stock.
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