Model 2: The Model of Lintner
Lintner made a model in which he tries to explain distribution policy adopted by some of the dividends leaders. His model is based on questionnaires conducted with 28 management teams of U.S. companies (Sullivan 2003, p. 278). Lintner tests over the period 1918-1941, show that model explains about 85% of changes in dividends. The average speed of adjustment ci is 30% per year and the ratio of target distribution is 50%.
It shows that the dividend policies of companies are varied, however, there are common denominators in responses on the questionnaires, which has the following conclusions:
• Corporate Finance Managers are far more interested in the distribution rate that amount of the dividend.
• Most Corporate Finance Managers avoid changing the rate if uncertain to keep the medium and long term (Sullivan 2003, p. 281).
• The requirements of the investment policy do not influence general policy of distributing dividends.
These findings show that managers are trying to establish some relationship between the rate of dividend distribution and the benefits. It shows that dividends are linked to profits in the long term and that companies follow a target dividend payout ratio. It also notes that the leaders of the companies pay a lot significant variations in the dividend over the years before, they use the dividend as a signal of growth prospects of the company and it has informational content.
模式2：林德纳模型
林德纳做了一个模型中，他试图解释分配政策的一些领导人所采取的股利。他的模型是基于美国公司28管理团队进行问卷调查（沙利文，2003，p. 278）。林德纳试验期间1918-1941，表明模型解释了改变股利85%。调整词的平均速度是每年30%和目标分配的比例为50%。
结果表明，公司的股利政策是多种多样的，但是，在问卷调查中反应的共同点，并得到以下结论：
•公司财务经理，分红金额的分配率更感兴趣。
•大部分公司的财务经理避免如果不保持中长期变化率（沙利文2003，281页）。
•的投资政策的要求，不影响股利分配政策。
这些研究结果表明，管理层正试图建立股利分配和收益率之间的关系。结果表明，股息是在长期的利润挂钩，公司遵循目标股利支付率。它还指出，企业的领导者付出了许多显着的变化在股利在几年前，他们使用的股利政策作为公司的增长前景信号具有信息含量。
