clientele effect

To understand the influence of the taxation on dividend policy, the article discusses M& M's theory of irrelevance of dividend policy, clientele effect and the influence of taxation on CAPM.

税收对股利分配的影响分析了MM的股利无关理论、顾客效应理论、税收对资本资产定价模型的影响。

the third chapter used the western dividend theories to explain this problem, such as signaling hypothesis, agency cost hypothesis, bird-in-the-hand theory, clientele effect.

第三章西方股利理论对高派现行为的解释本部分主要从股利信号传递理论、代理成本理论、一鸟在手理论、追随者效应理论等西方股利理论的角度来对高派现行为进行解释。

Then according to how dividend influences the market value of company, it illustrates signal transfer theory, agency cost theory and clientele effect theory.

然后围绕股利如何影响公司市场价值，主要介绍具有代表性的信号传递理论、代理成本理论、客户效应理论的观点内容。

Modern school mainly contains clientele effect thought, signaling hypothesis and agency cost theory.

现代学派主要有追随者效应学派, 信号假说,代理成本理论.