What Policies can be followed in Practice by Corporate Finance Managers?
Model 1
According to Asquith and Mullins (1986) a study of 258 companies on the period 1970-1979 listed on the French market; they arrived at the conclusion that there are six variations of the distribution policy of dividends:
Alternative A is the result of political the adoption of a dividend strictly proportional to the benefits per share for the year (Asquith and Mullins 1986, p. 69). A close variation of it is the Alternative B, which without being proportional to the earnings per share annual dividend evolves in the same direction as the latter. At first these two variants is associated with a characteristic essential behavior of business leaders concerned: Indeed, it is accepted by them because of the “pass” or a more dividends in the event of adverse results the company (p. 72).
It should however be opposed to this first type of behavior, one characterized by a reluctance to “pass” or even a single dividend. The study shows the effect of the 258 companies studied over the period 1970-1979 more half had passed a dividend, in spite of difficulties related to the crisis which had to face many of them. Variants C, D, E and F correspond to as many variations of such behavior to a certain level of regulation annual dividend.
什么样的政策可以在实践中企业财务经理？
模型1
根据阿斯奎斯和穆林斯（1986）的258家公司在期1970-1979在法国市场上市的研究；他们得出结论，有股利分配政策六的变化：
另一种是政治的股息为每股收益每年严格成正比的结果通过（阿斯奎斯和穆林斯，1986，p. 69）。一个密切的变化是替代B，这不是每股收益每年分红比例的发展方向一样，后者。首先，这两个变量与企业领导所关注的一个特征必不可少的行为有关：的确，它被他们因为“通行证”或不利结果的公司事件的更多的红利（72页）。
但应反对这一行为的类型，其特征在于由一个不情愿的“通行证”或甚至一个单一的股利。研究表明，所研究的258家公司在这段时期，更影响了1970-1979一半股息，在所面临的危机有关的许多人虽有困难。变种C，D，E和F对应的很多变化，这种行为的监管年度股息一定水平。
