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1、外文文献翻译译文一、外文原文原文:DividendpolicyinSwitzerlandDividendpolicyhaslongbeenasubjectofresearchanddebate.Therearemanytheoreticalandempiricalresultsdescribingthedecisionscompaniesmakeinthisarea.Atthesametime,however,thereisnogenerallyacceptedmodeldescribingpayoutpolicy.Moreover,empiricalfindingsareoftenc
2、ontradictoryordifficulttointerpretinlightofthetheory.IntheidealworldofMillerandModigliani(1961),dividendsareirrelevant.Thevalueofafirmisgivenbyitsinvestmentopportunities.Dividendsarejusttheresidual,andinvestorsfacedwithconsumptionshockscanalwaysgettheirown“homemade”dividends.In“reallife”,however
3、,dividendpolicyisoneofthemainconcernsformanagersandinvestors.Empiricalstudieshavegenerallyfoundthatdividendincreasesareconsideredgoodnewsbyinvestors,whiledividenddecreasesleadtonegativereactions.Severalexplanationsfortheexistenceandimportanceofdividendshavebeensuggestedoverthelastdecades.Dividen
4、dscouldbeusedassignalsfortheactualpositionofafirm.Companiescouldcommunicatetheirbetterqualitybypayinghigherdividends:low-qualityfirmswillnotbeabletoimitatethemsincedividendsinvolvecostsintermsofforegoneinvestment,taxes,ortheneedtoattractexternalcapital.Agencytheorysuggeststhatdividendsmaybeawayt
5、oreducetheoverinvestmentproblemorameanstokeepfirmsinthecapitalmarkets.Dividendsmayalsobeusedtoattractinstitutionalinvestors,whoarebettermonitorsandpreferdividendsforregulatoryreasons.Behavioralaspects,suchasself-control,fairness,orregretaversion,mayalsobeimportantpartsofthepicture.Eachofthemaint
6、heoriesconcerningdividendpolicyhasfoundatleastsomesupportinactualdata.However,empiricalresearchhasalsorevealedweaknessesoftheseexplanations,andabroadconsensusconcerningthe“best”theoryofcorporatepayoutseemsfaraway.Wemayknowmoreaboutthe“dividendpuzzle”,butwearestillwithoutadefinitesolution.Thepres
7、entpaperexaminessomeofthecharacteristicsofdividendpolicyusingSwissdata.Thefirstpartpresentsfactorsthatinfluencevariationsindividendpaymentsacrosscompaniesatagivenpointintime.Thesecondpartanalyzesthechangesindividendsovertime