欢迎来到天天文库
浏览记录
ID:342651
大小:64.00 KB
页数:10页
时间:2017-07-25
《股利政策:争议问题【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、原文:Dividendpolicy:TheIssues1.IntroductionThedeterminantsofdividendpolicyareacontinuingpuzzle,asnotedbyBlack(1976).Inthispaperwereviewthemajorissuesindividendpolicyandrelatethemtosomeofthethemesexploredincompanionpapersinthisvolume.Thepaperisdividedintofivesections.Section2surveystheliteratureonthei
2、nformationsignallingpropertiesofdividends.Section3discussessometaxissuesrelatedtodividendpolicyandsection4drawsonsomeagencycostsexplanationsfordividendpayments.Theconclusiondrawstogethertheargumentsandhighlightssomeoftheunresolvedissues.2.DividendpolicyandinformationsignallingIntheirclassicpaper,Mi
3、llerandModigliani(1961)provideacogentargumentfortheclaimthatdividendpolicydoesnotaffectthevalueofthefirm.Theyassumeaworldwithouttransactionscostsandtaxes,agiveninvestmentpolicyandfullyinformedinvestors.Inthesecircumstancesitfollowsthat"theirrelevanceofdividendpolicy,giveninvestmentpolicy,is'obvious
4、,onceyouthinkofit'"(p.414).Withagivenlevelofinvestment,ifafirmchoosestopayadollarmoreofdividendnow,itwillhavetoraiseanextradollarofexternalfinancetosupportitsinvestment:Thehighercurrentdividendtoexistingshareholderswillbeexactlyoffsetbyadecreaseinfuturedividendsasthefirmmustnowpaydividendstoitsnews
5、hareholders.Intheabsenceoftaxeffectsandtransactionscostsandgivenfullinformation,thevalueofthefirmtoexistingshareholderswillnotbeaffectedbyitsdividendpolicy.Dividendpolicyisthereforeirrelevant.MillerandModigliani(1961)notethatthe"informationalcontent"ofdividendsisassumedabsentfromtheirmodel.Theynote
6、,however,thatinpractice"whereafirmhasadoptedapolicyofdividendstabilizationwithalong-establishedandgenerallyappreciated'targetpayoutratio',investorsarelikelyto(andhaveagoodreasonto)interpretachangeindividendrateasachangeinmanagement'sviewsoffutureprofitprospectsforthefirm".Thisechoedthestancerecorde
7、dbyLintner(1956)inhissurveyofU.S.companypracticeswhichledhimtodevelopthe'partialadjustment'modelofdividendbeha-viour.Lintnersuggeststhattheprimarydeterminantofdividendpaymentsistherelationshipbetweentheexis
此文档下载收益归作者所有