This article substantiates the necessity for improving approaches towards optimization of a dividend policy of oil and gas companies. Therefore, this research develops a new conceptual approach in the theory of corporate management aiming at substantiating the feasibility for considering a dividend structure factor of a company, while maximizing the company's market value. A quantitative measurement of the level of optimum dividend payouts that are differentiated according to the company's capital structure is an advantage of this approach. A functional dependence of the company's market value against the level of dividend payouts, with regard to the company's capital structure, has been presented. A range of quantitative levels of dividend payouts of oil and gas companies under consideration has been calculated, and a type of the optimum policy regarding the established company's capital structure has been determined, in accordance with such range. Such approach allows for substantiating the most effective type of the dividend policy subject to the financial condition of the company for maximizing its market value. It utilizes the subjectivity in the course of optimizing the company's dividend policy and ensures accurate evaluation of the optimum level of dividend payouts. It facilities increasing efficiency of the net profit of oil and gas companies under consideration and building capacity of the market value of such companies.

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