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Дивидендная политика высокотехнологичных компаний в условиях цифровой экономики // The Dividend Policy of High-Tech Companies in the Digital Economy

Author

Listed:
  • S. Shchurina V.

    (Financial University, Moscow)

  • E. Mustafina F.

    (“Walt Disney KOMPANI of the CIS”, Moscow)

  • С. Щурина В.

    (Финансовый университет, Москва)

  • Э Мустафина Ф.

    (ООО «Уолт Дисней Компани СНГ», Москва)

Abstract

The subject of the research is the improvement of the dividend policy of high-tech companies. The purpose of the work was to develop recommendations for improving the dividend policy to ensure the stable development of companies and increase their value based on comparison of the US and Russian practices. The performance indices of the company’s dividend policy are calculated. Recommendations on improving the dividend policy are given. It is concluded that US companies do not have a positive correlation between the market price of a share and the dividend per share, and the dividends payout ratio has a tendency to decreasing in comparison with the share buyback ratio, which is associated with a high level of return on equity. The borrowed capital costs US companies cheaper, so they actively pursue the buyback policy rather than paying cash dividends. Russian companies that have worse ROE indicators are recommended to reduce their equity by buying back their own shares and reduce the cash dividend payment base. Предмет исследования — процесс совершенствования дивидендной политики высокотехнологичных компаний. Цель работы — разработка рекомендаций по совершенствованию дивидендной политики, способной обеспечивать стабильное развитие компаний и увеличивать их стоимость на основе сравнения опыта работы американских и российских компаний. Рассчитываются показатели оценки эффективности дивидендной политики компании. Даются рекомендации по совершенствованию дивидендной политики. Делается вывод о том, что у американских компаний нет положительной зависимости между ценой акции на рынке и выплачиваемым дивидендом на акцию и наблюдается тренд к снижению доли прибыли, направляемой на выплату дивидендов в виде наличных денежных средств по сравнению с долей прибыли, предназначенной на обратный выкуп акций, что связано с высоким уровнем рентабельности собственного капитала. Заемный капитал обходится американским компаниям дешевле, поэтому они активно проводят политику обратного выкупа акций, а не выплат дивидендов в виде наличных денежных средств. Российским компаниям, имеющим худшие показатели рентабельности собственного капитала, рекомендуется сокращать долю собственного капитала путем выкупа собственных акций и уменьшать базу выплаты дивидендов в виде наличных денежных средств.

Suggested Citation

  • S. Shchurina V. & E. Mustafina F. & С. Щурина В. & Э Мустафина Ф., 2018. "Дивидендная политика высокотехнологичных компаний в условиях цифровой экономики // The Dividend Policy of High-Tech Companies in the Digital Economy," Экономика. Налоги. Право // Economics, taxes & law, ФГОБУ "Финансовый университет при Правительстве Российской Федерации" // Financial University under The Government of Russian Federation, vol. 11(2), pages 90-102.
    • Handle: RePEc:scn:econom:y:2018:i:2:p:90-102
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    References listed on IDEAS

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