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1、外文翻译原文：Investment,Dividend,Financing,andProductionPolicies:TheoryandImplicationsAbstractThepurposeofthischapteristodiscusstheinteractionbetweeninvestment,financing,anddividendspolicyofthefirm.AbriefintroductionofthepolicyframeworkoffinanceisprovidedinSect.2.1.Section2.2di
2、scussestheinteractionbetweeninvestmentanddividendspolicy.Section2.3discussestheinteractionbetweendividendsandfinancingpolicy.Section2.4discussestheinteractionbetweeninvestmentandfinancingpolicy.Section2.5discussestheimplicationsoffinancingandinvestmentinteractionsforcapit
3、albudgeting.Section2.6discussestheimplicationsofdifferentpoliciesonthebetacoefficients.TheconclusionispresentedinSect.2.7.KeywordsInvestmentpolicy_Financingpolicy_Dividendpolicy_Capitalstructure_Financialanalysis_Financialplanning,Defaultriskofdebt_Capitalbudgeting_System
4、aticrisk2.1IntroductionThischapterdiscussesthethree-wayinteractionbetweeninvestment,financing,anddividenddecisions.Asshowninfinancialpolicyliterature,thereexistsasetofidealconditionsunderwhichtherewillbenointeractioneffectsbetweentheareasofconcern.However,theidealconditio
5、nsimposedbyacademicianstoanalyzetheeffectsdividendandfinancingpolicyhaveontheinvestmentdecisionandthevalueofthefirmarenotrealistic,whenoneconsidersfinancialmanagementintherealworld.Thus,anoverviewoftheinteractionsoffinancing,investment,anddividenddecisionsisimportantforth
6、oseconcernedwithfinancialanalysisandplanning.Thischaptersequentiallyaddressesthethreeinteractioneffects.InSect.2.2therelationbetweeninvestmentanddividendpolicyisexploredthroughadiscussionofinternalvs.externalfinancing,withtheemphasisontheuseofretainedearningsasasubstitute
7、fornewequity,orviceversa.TheinteractionbetweencorporatefinancinganddividendpolicieswillbecoveredinSect.2.3,wheredefaultriskondebtisrecognized.TheninSect.2.4,theinteractionbetweeninvestmentandfinancingpolicyisdiscussed;theroleofthefinancingmixinanalyzinginvestmentopportuni
8、tieswillreceivedetailedtreatment.Again,therecognitionofriskydebtwillbeallowed,soastolendfurtherp
