股利无关论(也称MM理论)认为,在一定的假设条件限定下,股利政策不会对公司的价值或股票的价格产生任何影响。一个公司的股票价格完全由公司的投资决策的获利能力和风险组合决定,而与公司的利润分配政策无关。该理论是建立在完全市场理论之上的。
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 ;
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.
以往的股利政策理论主要受MM理论中股利政策与股票价值无关论的影响,因而对公司股利政策的研究不够重视。
The main reason for insufficient study on dividend policy can be attributed to MM theory in which irrespective conclusion is made between dividend policy and stock value.
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