The theory that a company's stock price will move according to the demands and goals of investors in reaction to a tax, dividend or other policy change affecting the company. The clientele effect assumes that investors are attracted to different company policies, and that when a company's policy changes, investors will adjust their stock holdings accordingly. As a result of this adjustment, the stock price will move.
举个例子，一个电力公司一直属于高分红，很多退休老人持有该公司股票，如果该公司突然减少分红，那些依靠分红维持生活的老年投资者必将抛售该股票，导致股票价格下跌，这也是很多公司宁可发行新股也要维持分红的原因。

明白了。呵呵，谢谢。