外文文献翻译股利分配政策中英文

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1、股利政策外文文献翻译(含：英文原文及中文译文)文献出处：EugeneBrigham.JoelHouston.DividendpolicyfJ]Fundamentalsoffinancial,2004,(8):23-25・英文原文DividendpolicyEugeneBrigham,JoelHoustonAbstract:Dividendpolicyplaysanimportantroleinbusinessdecision-makinginthestockisthecompany'scorefinancialissues.

2、Thusthedividenddistributionpolicyhasbeenthecompany'sstakeholder9ssharesarecloselywatched・Onthebasisofthetextoftheintroductionanddividendpolicybasictypesoftraditionalandmoderntheoriesofdividendpolicyelaborateon,focusingonthestatusofthedividenddistributionpolicyoflis

3、tedcompanies,thedividendpolicychoiceshouldconsiderfactorswereanalyzed,anddealwiththeproblemsraisedcorrespondingconstructivecomments・Keywords:Dividendtheory;dividenddistribution;policyrecommendations1IntroductionProfitablecompaniesoftenfacethreeimportantissues:(1)Ho

4、wmuchfreecashflowshouldbeallocatedtoshareholders?(2)Howtodistributethecashtoshareholdersthroughtheissuanceofdividendsorrepurchaseofthecompany*sstock?(3)Doweneedtomaintainaconstantdividendpaymentpolicyorletthedividendpaymentvarywitheachyear'ssituation?Whenthefinanci

5、almanagerdecideshowmuchcashshouldbepaidtoshareholders,hemustrememberthatthecompany'sgoalistomaximizeshareholdervalue,andthetargetpayoutrateasapercentageofnetincomefromcashdividendpayoutsshouldbebasedoninvestorpreference・Thestockisstilldeterminedbycapitalgains・Inves

6、torsprefer(1)todistributeincomeintheformofcashdividends;orto(2)repurchasestocksorreinvestearningsintothecompany?Thispreferencecanbeconsideredthroughastockvaluationmodelinwhichindividualsincreaseproductionstably.Anychangeinthedividendpolicywillhavetwooppositeresults

7、・Therefore,thecompany'soptimaldividendpolicymuststrikeabalancebetweenthecurrentexerciseofdividendsandfuturegrowthsothatthestockpricecanreachthehighestlevel.Inthispartoftheliterature,wewillanalyzeandevaluatethethreetheoriesofinvestorpreference:(1)dividend-independen

8、ttheory;(2)nabirdinhand1*theory;(3)taxpreferencetheory.1dividendtheory1.1TheoryofdividendindependenceIfthedividendpolicydoesnothaveasignificantef