signal n. 1.信号,暗号;信号器。 2.动机,导火线 (for)。 3.预兆,征象。 call signal 【无线电】呼号。 an alarm signal 警报(器)。 an information signal 〔美国〕暴风警报(旗)。 an international code of signals 国际通用信号。 a signal of distress =a distress signal 船只失事信号。 adj. 1.暗号的,作信号用的。 2.显著的,非常的,优越的。 a signal victory [defeat] 大胜[败]。 vt.,vi. (〔英国〕 -ll-) 发信号[警报]给(人、船等);用信号[警报]通知(暴风、危险等);用动作[手势]示意;预示。 a signaling bomb 信号弹。
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 最具代表性的三种现代股利理论:追随者效应理论、信号假说和代理成本理论。
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,调出深证40的股票和调出上证180的股票的指数效应符合价格压力假说,调入和调出上证30的指数效应符合信号假说。
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 本文对现代西方财务学的几个重要特征,尤其是与股利政策研究密切相关的部分作简要评述,并对西方股利政策理论发展作综合性评述,为中国将来股利政策研究提供了借鉴性理论基础。
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 “一鸟在手”理论主张公司支付高股利,认为股利支付越多,公司价值越高;股利无关论也即mm理论认为公司支不支付股利无所谓,不会影响公司的价值;税差理论则认为在资本利得与股利之间存在税收差异时,少发股利或不发股利对投资者有利,而且这样可以有延迟纳税的好处,所以税差理论主张低股利政策。
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 这些理论分别在各自的框架内解释了影响债务期限选择的决定性因素。总体来看,成长机会(包括托宾q值和增长机会) 、资产期限、公司规模、公司质量、边际税率以及非债务税盾等因素对债务期限结构的选择起着决定性作用。