Kuzmina I.G., Lazarev A.D. ABOUT MODELS DETERMINE THE OPTIMAL DIVIDEND PAYOUTDividend policy the organization is an important part of the overall strategy of any public company. From determining the optimal size of the dividend payout depends on market value of shares, of which, in turn, develops the market value of the company. Biased assessment of the market value of the company, which will be very different from the carrying value of the company, may mislead investors at various levels, from individual investors to public funds, and bring a host of unpleasant consequences. At the moment, universal model, allowing to determine the necessary size of dividend payments, does not exist. However, in the early 60-ies of the last century, a number of researchers from the USA have proposed several models to determine the optimal value of dividends, depending on a number of factors: the company's share price, shareholder value, indicators of firm size, economic situation in the industry of the enterprise, the ratio of demand and supply for securities, the debt to equity ratio of the company, the liquidity index and other, more complex factors. Among these models, we can distinguish the model of James Porterfield, based on what the firm must pay dividends at a fixed amount, after payment of which the share price will remain at the same level, the Gordon model, in which the size of dividends depends on the market value of the company, the model of Lerner and Carleton, in which the value of the shares is determined by the ratio of supply and demand for these securities. These models, despite some assumptions, collectively, will help the company to find the optimal value of dividends and do shares in their company more protected from sharp fluctuations, protecting investors from the high probability of losing the invested in shares of the funds.Key words: dividends, the cost of campaigns, models, investors, income.
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Author: Kuzmina I.G.
|Sergey Aleksandrovich |