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首页> 外文期刊>Research Journal of Finance and Accounting >Effect of Dividend Policy on the Value of Firms (Emperical Study of Quoted Firms in Nigeria Stock Exchange)
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Effect of Dividend Policy on the Value of Firms (Emperical Study of Quoted Firms in Nigeria Stock Exchange)

机译：股利政策对公司价值的影响（尼日利亚证券交易所上市公司的实证研究）

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摘要

The study empirically investigated the effect of dividend policy on the value of firms as reflected on share holder’s wealth maximization. The data employed in the study was computed as weighted average of five year summary extracted from the audited financial reports of firms selected at random from Nigeria stock exchange; in performing the analysis, rigorous econometric tools such as unit root stationary test, multiple OLS regression, granger causality test, impulse response innovation and variance decomposition test were all employed with the aid of econometric statistical packages version 8. The result of the study revealed that dividend per share is significant and inversely related to share value of the firm while earning per share is both positive and significant to share value of firms; this result is similar to that of Baker, H.K. 1989. Based on this, the study concluded that earning per share is the predominant variable to influence the share value of firms. It is therefore recommended that finance managers should play an important role in the debt-equity mix in the balance sheet in order to magnify the earning per share as will be reflected in the wealth of shareholders.
机译：该研究通过实证研究了股利政策对公司价值的影响，体现在股东的财富最大化上。研究中使用的数据是根据从尼日利亚证券交易所随机选择的公司的经审计财务报告中提取的五年总结的加权平均值得出的;在进行分析时，借助计量经济学统计软件包第8版，使用了严格的计量经济学工具，例如单位根平稳检验，多元OLS回归，格兰杰因果关系检验，冲激响应创新和方差分解检验。研究结果表明，每股股息是重要的，并且与公司的股票价值成反比;而每股收益对公司的股票价值则是正的和重要的;此结果与香港贝克（Baker，H.K.） 1989年。基于此，研究得出的结论是，每股收益是影响公司股票价值的主要变量。因此，建议财务经理在资产负债表中的债务-股权组合中扮演重要角色，以扩大每股收益，这将反映在股东的财富中。

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