Stock Dividend Policy

An integral part of dividend policy is the use of stock dividends and stock splits.

股票红利和股票分割的应用是红利政策中的必要组成。

Other companies developed their policy of dividend distribution purely for the purpose of meeting the developing tendency of the price of the secondary stock market.

或纯粹为了配合二级市场走势而制定分红政策，使股票价格扭曲，更不利于培养具有股利偏好的长期投资者。

The main reason for insufficient study on dividend policy can be attributed to MM theory in which irrespective conclusion is made between dividend policy and stock value.

以往的股利政策理论主要受MM理论中股利政策与股票价值无关论的影响，因而对公司股利政策的研究不够重视。