signal n. 1.信號,暗號;信號器。 2.動機,導火線 (for)。 3.預兆,征象。 call signal 【無線電】呼號。 an alarm signal 警報(器)。 an information signal 〔美國〕暴風警報(旗)。 an international code of signals 國際通用信號。 a signal of distress =a distress signal 船只失事信號。 adj. 1.暗號的,作信號用的。 2.顯著的,非常的,優(yōu)越的。 a signal victory [defeat] 大勝[敗]。 vt.,vi. (〔英國〕 -ll-) 發(fā)信號[警報]給(人、船等);用信號[警報]通知(暴風、危險等);用動作[手勢]示意;預示。 a signaling bomb 信號彈。
Signaling hypothesis believes that dividend policy can affect stock ’ s price . agency cost hypothesis believes that the payout of dividend will decrease the agency cost 最具代表性的三種現(xiàn)代股利理論:追隨者效應理論、信號假說和代理成本理論。
Among all index replacements , index effects of stocks deleted from szse40 and sse180 conform to the price pressure hypothesis while index effect of sse30 replacement satisfies the signal hypothesis 其中,調出深證40的股票和調出上證180的股票的指數(shù)效應符合價格壓力假說,調入和調出上證30的指數(shù)效應符合信號假說。
These theories have respective reasonable aspects , however they also have respective shortcomings . meanwhile with the change of economic environment and the development of subject , people probe it from wider fields and make some new study achievement , such as clientele effect theory signaling hypothesis , agency cost hypothesis 本文對現(xiàn)代西方財務學的幾個重要特征,尤其是與股利政策研究密切相關的部分作簡要評述,并對西方股利政策理論發(fā)展作綜合性評述,為中國將來股利政策研究提供了借鑒性理論基礎。
The bird - in - the - hand theory recommends high dividend , mm theory believes that it doesn ’ t matter whether the dividend is paid or not , and tax differentials - theory recommends low dividend . and the modern theories include clientele effect - theory , signaling hypothesis , and agency cost hypothesis . clientele effect - theory believes that corporation should adjust dividend according to the shareholders ’ preference “一鳥在手”理論主張公司支付高股利,認為股利支付越多,公司價值越高;股利無關論也即mm理論認為公司支不支付股利無所謂,不會影響公司的價值;稅差理論則認為在資本利得與股利之間存在稅收差異時,少發(fā)股利或不發(fā)股利對投資者有利,而且這樣可以有延遲納稅的好處,所以稅差理論主張低股利政策。
And contracting - cost hypotheses , signaling hypotheses , tax hypotheses and maturity matching hypotheses ( also called immunization hypothesis ) have been well - known , while tobin ’ s q , the grow , the asset maturity , the size , the quality , the marginal rate and the non - debt tax shield are known as the main determinants to corporate debt maturity structure 這些理論分別在各自的框架內解釋了影響債務期限選擇的決定性因素??傮w來看,成長機會(包括托賓q值和增長機會) 、資產(chǎn)期限、公司規(guī)模、公司質量、邊際稅率以及非債務稅盾等因素對債務期限結構的選擇起著決定性作用。