派股息會令股價相應下調，收股息是收自己的錢，派息作用在哪？

You can think of it this way,
- Company that does not paid dividend tend to be growing companies. And companies with dividend are with more stable revenue.
- Company with profit but not paying dividend is similar to asking you for reinvestment. This mean you roll your profit of the company into investment again,
Example, company A share price is $1 with profit $0.2. If they don't pay you dividend this year, your share price should be around $1.2. If next year comapny repoted a loss instead of profit, you loss not only your initial $1 investment but also the previous $0.2 profit.
- So company with dividend payment tend to be bigger companies with stable return and less need of shareholders' money for new investment.
Hope this help
Cheers

2009-06-01 13:38:25 補充：
To clarify what I'm saying, payment of dividend have a effect of reducing your total investment risk as in a longer run, you should recieve back most of your money via dividend but you are still owning the same amount of company shares.
Cheers

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Dividend is just like the interest, a return on your investment. It is better than no return in someone's eyes. When a company pays dividend, the cash will be reduced and hence the net assets value will be reduced and thus its share price. The share price is mainly affected by its future earnings and prospect - its future P/E ratio. If the share price goes up, you could sell it and get a profit and not simply on its dividend paid out.