M M Theory of stock interest distribution policy and CLIENTELE Effect show that market value of listed companies has nothing to do with the distribution of interest at sight. Different interest level can attract particular investors.

• 股票红利政策的M -M理论以及clientele效应 ,指出上市公司的市值与其即期分红无关 ,不同的分红水平可以吸引特定类型的投资者 ,机构投资者的投资行为更取决于其对上市公司的成长性预期而不是短期的红利要求。