【作者】 童玉媛；

【导师】 张荣；

【作者基本信息】 重庆大学 ， 金融学， 2005， 硕士

【摘要】 股利政策是被称为“红利困惑”的财务难题,在这一领域所产生的各种争论不仅扩展了财务学家的研究视野,同时也为公司理财和政府制定相关法规提供了理论依据。我们注意到,随着控制理论的发展,最优控制在企业投融资、股利分配中的应用越来越广泛,并且取得了丰富的成果。本论文将运用最优控制理论研究税收差异这一因素对公司股利政策的影响,以期从数学模型的角度来得到一些比较严谨的结果。论文首先以完全权益公司为研究对象,利用一较为简单的最优控制模型来分析公司的最优股利政策;然后将资本结构作为一控制变量引入模型,对公司的最优股利政策和融资决策进行研究。研究表明,公司在不同的发展阶段应当采取不同的股利策略:(1) 在初始阶段暂不分配股利,应当以发展为首要任务;(2) 在临近经营结束时,也不宜分配股利。这是因为,虽然公司价值的增值小于股利本身的增值,但是这一损失被税收差异所抵消;(3) 如果借款利率始终高于折现率,公司在持有债务资本阶段不宜进行股利分配;相反,如果借款利率始终低于折现率,公司应当在保持最大产权比率期间分配股利。论文还分析了模型中各参数对公司最优策略的影响。研究表明,税收差异对公司的股利决策有重要影响。当股利所得税率与资本利得税率之间的差异越小时,公司分配股利的时间应当越长,公司在这种情况下也不宜一味追求规模效应,盲目扩大资本;而过大的税收差异则会促使公司产生不分配股利的动机。另外,当不存在税收差异时,即股利所得税率与资本利得税率相等,关于股利政策的一些经典结果也蕴涵于本文的模型之中。论文的研究有助于公司制定合理的股利政策和融资决策,并对政府试图改变许多上市公司不发放股利等现象提供了一定的理论参考。更多还原

【Abstract】 Dividend policy is a financial problem known as “the dividend puzzle”. Various disputes of this area not only extend its research vision, but also propose theoretical basis for corporation finance and government’s decision. We have noted that there is more and more research on the application of the optimal control theory to financial, investment and dividend policy, and many achievements have been made. The paper uses the optimal control theory to study the effect of the tax rate differences on the dividend policy. The mathematical tool used is optimal control theory. The paper first studies a firm without debt, and formulates a simple optimal control model. Then capital structure as a control variable is introduced into the model. Research shows that the dividend strategy at different stages should be different: (1) Dividend should not be paid and development should be the first task at the starting stage. (2) Although the marginal profit is less than the discount rate in the final stage, the firm should not issue dividend. This is because the loss is counterbalanced by the tax advantage of capital gain over dividend income. (3) If the interest rate is always higher than the discount rate, dividend should not be paid when the firm has debt. Whereas if the former is always lower than the latter, dividend should be paid during the equity ratio is maximum. Moreover, this paper studies dividend and financing strategy when parameters are changeable. Research shows that tax rate differences has important impact on dividend policy. The less the difference between tax rates on dividend and capital gain is, the longer the stage of dividend distribution is, and the firm should not blindly pursue scale effect and expand the capital. Whereas, too much differences motivates firms not to pay dividend. When there is no difference between the tax rates on dividend and capital gain, some classical results are contained by the model in this paper. Results from the model are helpful for the firm to make dividend policy and financing decision, and they are also useful for the government when it wants to change the situation that the most list companies generally do not pay dividend in China.更多还原