对股东财富影响的股利政策【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：TheImpactofDividendPolicyonShareholders’Wealth1.IntroductionInanever-increasingIndianeconomy,globalization,liberalizationandprivatizationtogetherwithrapidstridesmadebyinformationtechnology,havebroughtintensecompetitionineveryfieldofactivity.So,Indiancompaniesatprese

2、ntaredazed,confused,andapprehensive.Tomaintainthecompetitivenessof,andaddvaluetothecompanies,today’sfinancemanagershavetomakecriticalbusinessandfinancialdecisionswhichwillleadtolong-runperspectivewiththeobjectiveofmaximizingtheshareholders’wealth.Shareholders’wealthisrepresentedinth

3、emarketpriceofthecompany’scommonstock,which,inturn,isthefunctionofthecompany’sinvestment,financinganddividenddecision.Managements'primarygoalisshareholders'wealthmaximization,whichtranslatesintomaximizingthevalueofthecompanyasmeasuredbythepriceofthecompany’scommonstock.Shareholdersl

4、ikecashdividends,buttheyalsolikethegrowthinEPSthatresultsfromploughingearningbackintothebusiness.Theoptimaldividendpolicyistheonethatmaximizesthecompany'sstockpricewhichleadstomaximizationofshareholders'wealthandtherebyensuresmorerapideconomicgrowth.Thepresentstudyisintendedtostudyh

5、owfarthedividendpayouthasimpactonshareholders'wealthingeneral;andinparticulartostudytherelationshipbetweentheshareholders'wealthandthedividendpayoutandtoanalyzewhetherthelevelofdividendpayoutaffectsthewealthoftheshareholders.2.StatementoftheProblemsInIndiafewstudieshaveanalyzedthere

6、lationshipbetweentheshareholders'wealthanddividendpayment.Netearningsaredividedintotwoparts–retainedearningsanddividends.Theretainedearningsofthebusinessmaybereinvestedandtreatedasasourceoflong-termfunds.Thedividendshouldbedistributedtotheshareholdersinordertomaximizetheirwealthasth

7、eyhaveinvestedtheirmoneyintheexpectationofbeingmadebetterofffinancially.Therefore,thepresentstudymainlyanalyseshowfarthelevelofdividendpayoutaffectstheshareholders'wealth,particularlyin(OrganicandInorganic)ChemicalCompaniesinIndia.3.ObjectivesoftheStudy•Tostudytherelationshipbetween

8、dividendpayoutandsh