一、股利政策理论回顾米勒和莫迪格利安尼的股利无关论定理(简称MM定理)认为,在完全的资本市场条件(MM的基本假设)下,股利政策不会影响公司的价值,公司的价值增加与否完全由其投资决策决定。两人运用股利传递公司未来盈利信息理论解释了公司股票价格会随股利的增减而变动这一重 First, the dividend policy theory review Miller and Modigliani Dividend Theory (MM theorem) that, in the full capital market conditions (MM's basic assumptions), the dividend policy does not affect the company's value, the company The value of the increase or not entirely by their investment decisions decision. The two use dividend transfer company earnings information theory to explain the company's stock price will change with the dividend