vestreaВестник Российского экономического университета имени Г. В. ПлехановаVestnik of the Plekhanov Russian University of Economics2413-28292587-9251Plekhanov Russian University of Economics10.21686/2413-2829-2018-5-139-148vestrea-576Research ArticleМАРКЕТИНГ, ЛОГИСТИКА, СФЕРА УСЛУГMARKETING, LOGISTICS, SERVICE SECTORВлияние дивидендной политики на оценку стоимости компании (на примере индекса промышленных и высокотехнологичных компаний Nasdaq 100)The impact of dividend policy on estimating the company value (illustrated by index of industrial and highly technological companies Nasdaq 100)СавченкоE. О.SavchenkoE. O.

Евгений Олегович Савченко, кандидат политических наук, доцент кафедры экономики промышленности.

Москва.

Eugene O. Savchenko, PhD, Assistant Professor of the Department for Industrial Economics.

Moscow.

Savchenko.EO@rea.ruРоссийский экономический университет имени Г. В. Плеханова.РоссияPlekhanov Russian University of Economics.Russian Federation20182410201805139148Copyright © Савченко E.О., 20182018Савченко E.О.Savchenko E.O.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://vest.rea.ru/jour/article/view/576

Дивидендная политика является одним из важных факторов определения инвестиционной привлекательности ценных бумаг компаний и, как следствие, принятия соответствующего решения об их покупке или продаже. В случае выбора данной стратегии нужно понимать, какие факторы оказывают влияние на дивидендную политику и какое влияние она оказывает на стоимость компании. Исследование источников показало наличие двух точек зрения на указанную проблематику: что она влияет на стоимость компании и что не влияет на стоимость компании. При этом сторонники каждой из них приводили свои аргументы. Анализ показал рост в последнее время числа публикаций, в рамках которых на основе проводимых расчетов подтверждается, что дивидендная политика все же оказывает влияние на стоимость компании. В статье на основе применения метода регрессионного анализа (простой регрессии) в рамках трех основных подходов к оценке стоимости компании проводится эмпирическая проверка связи между выплачиваемыми дивидендами и стоимостью компании. Сделанные автором выводы продемонстрировали как сам факт такого влияния, так и его положительный характер, что подтверждает выводы работы исследователей Ф. Фамы и К. Френча, опубликованной в 1998 г., о наличии положительной корреляции между дивидендной политикой и стоимостью компании. 

The dividend policy is one of the most important factors of investment appeal of securities and therefore, of making a relevant decision about their buying or selling. In case of choosing this strategy it is necessary to understand which factors influence the dividend policy and what impact it exerts on the company value. Studying sources showed that there are two points of view on this problem: that it influences the company value and that it does not. Followers of each of these views provided their arguments. Analysis demonstrated the growth in the number of publications, where on the basis of calculations it was proved that dividend policy does exert impact on the company value. The article by using the method of regressive analysis (simple regression) within the frames of three key approaches to estimation of the company value carries out empiric test of the relation between dividends being paid and the company value. Conclusions drawn by the author show both the fact of such impact and its positive nature and it can confirm conclusions made by F.Fam and K.French, which were published in 1998 about positive correlation between the dividend policy and the company value.

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The authors declare that there are no conflicts of interest present.