The main purpose of the management of any company is to increase the business value and its value in the eyes of the owners.It is not surprising that the financial relationship with the owners have a very significant impact on the development strategy of any company.Decision-making in this area, such as the dividends are paid, performed under ongoing dividend policy.This policy is an important part of the overall strategy of the bank, aimed at optimizing the proportions between the parts of the net profit to increase the share capital.The main types of dividend policy is to pay dividends on a residual basis, the policy of a fixed amount of the dividend, "Extra-dividend" and the policy of continuous dividend growth.Dividends on shares are paid out on the basis of the choice of the company's dividend policy.This choice is due to several factors, most important of which is the legal, political and socio-economic environment of functioning of the company, its investment opportunities, the availability of alternative sources of financing as well as tax on dividends.
There are three approaches to assess the feasibility of the company's dividend policy.The theory of irrelevance, and based on its residual policy used by corporations with high investment potential when the failure of dividend payments and the risk is offset by a significant increase in the share price.The theory is preferably used the most advanced companies, the assets of which are becoming loyal to investors - pension and investment funds, as well as a variety of insurance companies.There was another theory - the theory of differentiation of taxes that promotes optimal distribution of earnings reinvested part of consumption and in terms of unequal taxation of corporate profits and dividend payments.
How to pay dividends is an important task of financial management.And because the task is updated to optimize financial flows.Rate wealth of the owners can profit, which brings an activity of the company.At the same time, the profit - is expected by the financial result.Actual receipts and payments are out of time (and sometimes - value) to the income and expenditure.Consequently, there will be the same as the net cash flow and profits.And it was a pure cash flow shows how the amount of money actually will have the owner of the company.
to make good decisions in the management of financial flows, it is necessary to understand the difference between revenues and costs, on the one hand, and cash flow - on the other.Revenues and expenses reflect the process of the formation of the profits out of which, in fact, paid dividends.Cash flows - this is the real receipts and payments, be accompanied by the movement of finance, or their equivalents.Flow analysis it is advisable to carry out two methods: direct and indirect.The first makes it possible to identify the most important sources for companies and funds, which helps to focus on the most important for the company's financial flows.Indirect method reveals the reasons for the discrepancy between the results and net cash flows in order to increase it;to determine the optimal structure of the cash flow.
Make a cash flow forecast is expedient in the form of the budget, which reflects the cash flows of the entire scheme.Its purpose is to provide long-term liquidity and solvency of the company, to minimize the cost of attracting resources to maximize revenue from available funds.Scheduling cash flow it is advisable to make a payment in the form of a calendar.
methods of financing the temporary lack of cash: the optimization of working capital, bank lending, factoring, the issue of money market instruments.Methods of investment: the commission of advance payments, the abolition of discounts to customers, early repayment of short-term loans, certificate of deposit, a deposit or short-term government.In these cases, many companies also do not pay and dividends.
