个人陈述代写

代寫-股利政策和利潤政策對股票價格的影響

代寫-股利政策和利潤政策對股票價格的影響。Aharony和Swary(1980)以紐約證券交易所149家向股東支付現金股利的上市公司為例,研究了股利政策和利潤政策對股票價格的影響。研究發現,股利與股票價格有直接的關系,而利潤政策對市場的影響不如股利政策顯著。這項研究的一個特別之處在於,它消除了盈利公告日和股息公告日之間11天內的樣本數據。通過分析各案例中各衍生變量之間的關系來研究股票價格的變化。此外,本文的結論也將通過對樣本數據的橫截面分析來驗證。本文將得出結論,留存收益會給投資者帶來更多的不確定性,因此,投資者更喜歡股票股利而不是資本收益。論文范文代寫-股利政策和利潤政策對股票價格的影響分享給留學生閱讀。

Aharony and Swary (1980) examined the influence of dividend policy and profit policy on stock price based on 149 listed companies in NYSE paying cash dividend to shareholders. The research concludes that the dividend is in direct relation with stock price, while the influence of profit policy on market is less significant than dividend policy. One thing special about this research is that it eliminates the sample data in 11 days between profit announcement date and dividend announcement date.

Through questionnaire, Lintner (1956) conducted survey on the financial managers in 600 listed companies in U.S., and carried out analysis based on research result. According to the research, Lintner believes that dividend policy of listed companies can convey the company’s profit information to the market. In addition, stock price is in direct correlation with payout ratio. This depicts that the higher the payout ratio is, the higher the stock price will be. On the other hand, a higher stock price will contribute to greater company value. This paper also explained why some enterprises prefer dividend distribution to stock repurchase. The reason why companies distribute their dividend is to attract more organization investors, which can supervise listed companies to ensure that the latter can stand an edge in management.

Gordon (1959) believes that when purchasing stock, investors will take three factors into consideration, which are retained earnings and capital gain. The third factor is a combination of both. Through analyzing the relationship among derived variables in each case to study the change of stock price. In addition, the conclusion of this paper will also be examined through analyzing the sample data in cross section. This paper will come to the conclusion that retained earnings will bring more uncertainty to investors, therefore, investors prefer stock dividend instead of capital earnings.

Taking listed companies paying cash dividend in NYSE during 1947 and 1968 as samples, Charest (1978) carried out his analysis through even study approach. Charest believes that the change of the payment level of cash dividend can effectively convey information to the market, with a higher payment level of cash dividend leading to increase in stock price. However, Charest did not eliminate other factors that might lead to change in stock price in his research.

論文范文代寫-股利政策和利潤政策對股票價格的影響就為留學生分享到這裏。留學生論文寫作提升,可以找新西蘭論文代寫Advanced Thesis平台機構,此平台的論文代寫價格公平合理,擅長寫作科目廣泛,有essay代寫、report代寫、assignment代寫等論文服務,良好的口碑和信譽、豐富的論文代寫經驗值得留學生選擇和信賴!