november 06, 2024

RU/EN

Headings of Vestnik

April 2015, № 4 (179)

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.

Download

References:

1. Batocina E.A. Dividend policy and market value of the company. // Vestnik of the research center of corporate law, management and venture investment of Syktyvkar state University.2010. — No. 3. Pp. 19-33.

2. Borisov D.M., Kiselev S.V., Muratov A.R., " Dividend policy organizations // Bulletin of the Kazan technological University. — 2012. — T. 15. — No. 23. — Pp. 185-187.

3. Bocharova I.Y. Dividend policy in the system of corporate governance // Finance and credit. 2011. — №47 (479). — Pp. 2-9.

4. Brusov P.N., Filatova T.V., Orekhova N.P., Brusov P.P. Brusov, A.P., Filatova I.A. What should be the modern dividend policy of the company? // The Bulletin of the Financial University. 2012. — №4 (70) — Pp. 57-75.

5. Danilochkina S.V. the Basic components of the technology of formation of the dividend policy // RISK: Resources, information, supply, competition. 2010. — No. 1. — Pp. 22-26.

6. Dedova T.V., Pospelova A.E. Optimization of dividend policy organization // April scientific readings. Professor L. T. Gilyarovsky. 2012. — Pp. 103-105.

7. Zavolokin L.I. the company's Dividend policy // Labour and social relations. 2012. — No. 6. Pp. 102-108.

8. Ibragimov, R.G. Panferov, G.A. generalization of the theory of Modigliani-Miller: myth and reality // journal of Financial University. 2014. — №3 (81). — Pp. 114-122.

9. Kornienko E.V. Improvement of their financial condition of the Issuer and the optimization of dividend policy // Bulletin of the Volga region state University of service. 2008. — No. 4. — Pp. 95-102.

10. Rudyk N.B. Problems of self-control and dividend policy of corporations // Financial management. 2008. — No. 4. — Pp. 108-113.

11. Serebryakov, A.A. Dividend policy of Russian companies // Laws of Russia: experience, analysis, practice. 2012. — No. 7. — Pp. 6-9.

12. Sibova N.M. Methods of optimal dividend decisions // journal of Russian entrepreneurship. 2013. — №22 (244). — Pp. 64-72.

13. Teplova T.V., Salzman A. A., Poghosyan A., Rassadin L. Y. Dividend policy // journal of the national Association of stock market participants. 2012. — No. 2. — Pp. 56-59.

14. Trufanov, V.A., Melnikova L. F. Dividend policy of the company // Modern high technologies. — 2014. — No. 71. — Pp. 91-92.

15. Cuxeva S.Y. Dividend and dividend policy: concept and characteristics // Vestnik of Orel state University. 2009. — №4 (8). — Pp. 149-153.

16. ShipilovaE.I.The methods of calculation of the parameters of the dividend policy // Bulletin of the graduate.2014. — №4-2 (31). — Pp. 90-101.

17. Silkin S.A. Dividend policy in the system of financial management of enterprises: the dissertation ... of candidate of economic Sciences: 08.00.10. — Moscow, 2006. 174 p.

18. Sagalaev T.B. dividend policy of the company emerging capital markets: the dissertation ... of candidate of economic Sciences: 08.00.10. — Moscow, 2011. — 181 p.

19. Bromwich M. Analysis of economic efficiency of capital investments. Moscow: INFRA-M. — 1996. 432 p.

20. Graham B. Reasonable investor / lane S. eng. Moscow: Alpina Business Books. — 2015. 568 p.

21. Damodaran A. Investment valuation. The tools and techniques of valuation of any assets / per. s angl. M.: Alpina Business Books. — 2014. 1316 S.

22. Kovalev V. V. Financial management: theory and practice. M.: Prospekt. — 2014. 1104 p.

23. Modigliani F., Miller M. how Much is the firm? The MM theorem. M: Business. — 1999. 316 p.

24. Roche D. the value of the company: from desired to actual. Minsk: Grevcov Publisher. — 2008. 352 p.

25. Hey D. Myrrh D., the Theory of industrial organization: in 2 vol. / SPB.: Economic school. — 1999, Vol. 2 — 384 p.

About this article

Author: Kuzmina I.G.

Year: 2015

Editor-in-chief

Sergey Aleksandrovich
MIROSHNIKOV

© Электронное периодическое издание: ВЕСТНИК ОГУ on-line (VESTNIK OSU on-line), ISSN on-line 1814-6465
Зарегистрировано в Федеральной службе по надзору в сфере связи, информационных технологий и массовых коммуникаций
Свидетельство о регистрации СМИ: Эл № ФС77-37678 от 29 сентября 2009 г.
Учредитель: Оренбургский государственный университет (ОГУ)
Главный редактор: С.А. Мирошников
Адрес редакции: 460018, г. Оренбург, проспект Победы, д. 13, к. 2335
Тел./факс: (3532)37-27-78 E-mail: vestnik@mail.osu.ru