The dividend policy is the formal action of the company which determines the form and amount of the profits will be distributed through payments made to shareholders (i.e. dividends) and gains that are reinvested in the company. Consequently, the dividend policy should consider and analyze the relationship between the distribution of profits as dividends and retained earnings.
This policy must be followed whenever you decide about the distribution of dividends that must be addressed from the two basic objectives: Maximize the performance of the business owners and provide sufficient funding (Baker and Wurgler 2002, p. 57). Thus, the form and amount depends on a number of factors, both economic and administrative, including strategic, especially if the company issuing the publicly traded shares. In fact, the dividend policy is closely related financing activities of the company would seek that the dividend does not involve a financial cost very far from that would pay for using other sources of funding. Clearly, the shareholders of the company require a certain return on the monetary resources they have invested in the company and the payment of cash dividends, which reduces the amount of retained earnings, meets this requirement.
这一政策必须遵循当你决定股利分配，必须从两个基本目标：最大限度地解决企业所有者的性能和提供足够的资金（Baker和Wurgler 2002，p. 57）。因此，形式和量取决于许多因素，经济和行政管理，包括战略，特别是如果该公司发行的股票。事实上，股利政策是密切相关的融资活动的公司将寻求，股利不涉及财务成本非常远，就要使用其他的资金来源。显然，股东的公司需要对他们投资的公司的货币资金和现金股利的支付一定的回报，从而降低了留存收益的数额，以满足这一要求。