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1、外文文献翻译译文原文：DIVIDENDPOLICYINSIDETHEFIRMThestatisticalanalysisoffirm-leveldataonU.S.multinationalcompanieswasconductedattheInternationalInvestmentDivision,BureauofEconomicAnalysis,U.S.DepartmentofCommerceunderarrangementsthatmaintainlegalconfidentialityrequirements.Theviewsexpressed
2、arethoseoftheauthorsanddonotreflectofficialpositionsoftheU.S.DepartmentofCommerce.WethankNedHowenstine,RayMataloni,andBillZeileatBEAforguidance,BillSimpsonforstatisticalsupport,andKevinHassett,LaurieHodrick,StewartMyers,RichardRuback,AndreiShleifer,RichardZeckhauser,andvarioussemi
3、narparticipantsforhelpfulcommentsonearlierdrafts.FinancialsupportfromtheInternationalTaxPolicyForum,theLoisandBruceZenkelResearchFundattheUniversityofMichiganandtheDivisionofResearchatHarvardBusinessSchoolisgratefullyacknowledged.Theviewsexpressedhereinarethoseoftheauthorsandnotne
4、cessarilythoseoftheNationalBureauofEconomicResearch.AbstractThispaperanalyzesdividendremittancesbyalargepanelofforeignaffiliatesofU.S.multinationalfirms.Thedividendpoliciesofforeignaffiliates,whichconveynosignalstopubliccapitalmarkets,neverthelessresemblethoseusedbypubliclyheldcom
5、paniesinpayingdividendstodiffusecommonshareholders.Robustnesschecksverifythatdividendpoliciesofforeignaffiliatesarelittleaffectedbythedividendpoliciesoftheirparentcompaniesorparentcompanyexposuretopubliccapitalmarkets.Systematicdifferencesinthepayoutbehaviorofaffiliatesthatdifferi
6、norganizationalform,andthosethatfacedifferingtaxcostsofpayingdividends,revealtheimportanceoftaxfactors;nevertheless,dividendpoliciesarenotsolelydeterminedbytaxconsiderations.Theabsenceofcapitalmarketconsiderationsandtheincompletenessoftaxexplanationstogethersuggestthatdividendpoli
7、ciesarelargelydrivenbytheneedtocontrolmanagersofforeignaffiliates.1.IntroductionAmajorimpedimenttounderstandingcorporatedividendpolicyistheavailabilityofmultipleplausibleexplanationsforobservedbehavior.MillerandModigliani(1961)clarifiedthetheoreticalsettingofthisproblembyshowingth
8、at,absentinformationalasymmetries
