对于上市公司来说,要想吸引广大的投资者,使公司的股票价格稳定,良好的股利政策对其有相当重要的影响。本文拟就股利政策理论,股利政策类型及其影响因素作一探讨:一、股利政策理论近年来,西方国家关于公司股利政策的理论很多,从股利是否影响股票价格的角度出发,主要有两大学术流派:股利无关论和股利相关论。股利无关论是由米勒(Miller)和莫迪格莱尼(Modigiliani)两位经济学家于1961年提出的。他们认 For a listed company, a good dividend policy can have a significant impact on the company’s share price if it is to attract a large number of investors. This article intends to dividend policy theory, dividend policy types and their influencing factors to make a discussion: First, dividend policy theory In recent years, Western countries on the company’s dividend policy theory, from the dividend whether the impact of stock prices point of view, there are two major Academic Schools: Dividend-Free Theory and Dividend-Related Theory. Dividend-free theory was proposed in 1961 by two economists, Miller and Modigiliani. They recognize