投资决策、融资决策和股利决策,构成了西方财务管理的三个主要课题。相对而言,股利决策的制定更困难一些。因为,现有的股利理论相互矛盾,实务上的股利政策又难分优劣。兹介绍西方几种主要的股利理论及股利政策。 Investment decisions, financing decisions, and dividend decisions constitute three major topics in Western financial management. Relatively speaking, the formulation of dividend decision is more difficult. Because the existing dividend theory is contradictory, the dividend policy in practice is difficult to distinguish between merits and demerits. Here are some of the major western dividend theories and dividend policies.