 593

 19.2

     
*

 	   	   
	    		    		    
					
0,104	10	0,401	10	11	10
0,182	30	0,525	30	32	30
0,251	50	0,584	50	42	50
0,339	70	0,660	70	54	70
0,470	90	0,779	90	72	90
  0,269	  0,591	  42

"   296     1946  1966 .
: Eugene F. Fama, The Empirical Relationship Between the Dividend and Investment Decisions
of Firms, American Economic Review, 64, no. 3 (June 1974), p. 310.

19.3

  

 ,        -
  ,     (    -
).     (asymmetric information) ,
         ,  
   . ,   .     -
        
 .    ,     
   6.

19.3.1    

         , 
        
 .       -
 ,   ,      -
 . ,      
     .  
     ,   ,  -
       .    , 
        ,  
    .

        
  ,   (19.2),   -
 ()  .       (D^  ,_^) 
;   ,      -
   . ,    
     .