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1. Introduction
The vital decision made by the enterprise to correctly distribute the profits of the company has become one of the topics of debate among experts. Typically， companies have three options for distributing profits. The first is to keep profits in the company to invest in good projects in the future. When suitable investments are hard to find， and shares float enough， companies may buyback options to dilute them. The last way is to distribute profits to investors in the form of dividends. This policy of distributing cash to shareholders is called dividend policy. （Hillier， Grinblatt and Titman， 2012）. When analyzing dividend policies from the perspective of a company， it is necessary to combine many practical situations and consider potential factors. Potential factors include taxes， future growth opportunities， shareholder expectations， stable earnings， and the need for capital.
2. Literature Review
2.1 Dividend Irrelevance Hypothesis
Modigliani-miller （1963） theorem （M
The vital decision made by the enterprise to correctly distribute the profits of the company has become one of the topics of debate among experts. Typically， companies have three options for distributing profits. The first is to keep profits in the company to invest in good projects in the future. When suitable investments are hard to find， and shares float enough， companies may buyback options to dilute them. The last way is to distribute profits to investors in the form of dividends. This policy of distributing cash to shareholders is called dividend policy. （Hillier， Grinblatt and Titman， 2012）. When analyzing dividend policies from the perspective of a company， it is necessary to combine many practical situations and consider potential factors. Potential factors include taxes， future growth opportunities， shareholder expectations， stable earnings， and the need for capital.
2. Literature Review
2.1 Dividend Irrelevance Hypothesis
Modigliani-miller （1963） theorem （M