「配當政策과 株式評価의 理論에 관한 研究」

Generally, We can define dividend policy as the trade-off between retaing earnings and on the one hand and paying out cash and issuing new share on the other. The critical question in dividend pelicy is whether dividends an influence upon the value of the firm, given its investment decisions, Therefore, we have to evaluate dividend policy in light of the objective of the firm-namely, to maximize the value of the firm to its shareholders. In this paper, we explained how company set their dividend payment and we discussed the controversial question of how dividend policy affects value. There are three opposing points of view about dividend policy. First, on the right there is a conservative group which believes that an increse in dividend payout increses firm value. Second, on the left there is a radical group which believes than an increase in payout reduces value. Third, in the center there is a middle-of-the-road party which claims that dividend policy makes no difference, The middle-of-the-road party was founded in 1961 by Miller and Modigliani, when they published a theoretical paper showing the irrelevance of dividend policy in a world without taxes, transaction costs, or other market imferfections, We have examined the various arguments for and against the importance of dividends policy, especially based on critics of MM evaluation model. In addition, we have overviewed empirical evidence which examines the relationship among the level of dividend payout, the value of the shares, and the amount of investment undertaken by the firm also changes in dividend payout are studied in relation to their effect on share value. Our specified discussions of empirical evidence are : 1) model which simply explain the behavior of corporate dividend policy over time. 2) the possibility of clientele effects. 3) the information content of dividend increases. 4) the relationship between dividend yield and the market value of equity. 5) the empirical literature ralating to share repurchase via tender offer. The purpose of this article is to suggest the possibility of optimal dividend policy. A company should endeavor to establish a dividend policy that will maximize shareholder wealth. In theory, the optimal dividend payout should be determimed in keeping with the firms investment opportunities and any preference that investors have for dividends as opposed to capital gains. Thus, There may be optimal dividend policies which result from a trade-off between the costs and enetits of paying dividends. The list of possible costs includes (1) tax disadvantages of receiving income in the form of dividends rather than capital gains and (2) the cost of raising external capital if dividends are paid out. The possible benefits of dividend payout are (1) higher perceived corporate value because of the signaling content of dividends. (2) lower agency costs of external equity, and (3) the ability of dividend payments to held complete the markets. Furthermore, the dividend policy on general equilibrium model will be more required, in eluding both the consistent theory and the broad empirical evidence.