公司价值与股利−−− 基于对英国上市公司的面板单位根和协整检定【外文翻译】

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1、外文翻译原文CorporateValuationandDividends:UKEvidencefromPanelUnitRootandCointegrationTestMaterialSource：InternationalAtlanticEconomicSociety2009Author：AndrosGregoriouAbstract:Inthisstudyweinvestigatethelongrunrelationshipbetweendividendsandcorporatevaluationwithth

2、euseofpanelunitroottestsandpanelcointegrationanalysis.ThelongrunrelationshipisestimatedusingfullymodifiedOLSforapanelconsistingof479firmslistedontheLondonStockExchangeoverthetimeperiod1984–2007.Theempiricalresultsprovideclearsupportforthehypothesisthatthereis

3、asingleequilibriumrelationbetweenmarketvalue,bookvalue,earningsanddividends,andthatdividendshaveapositiveimpactoncorporatevaluation.Keywords:Accounting-basedvaluation.Dividends.Panelunitroots.PanelCointegrationIntroductionTheempiricalrelationshipbetweendivide

4、ndsandmarketvalueinthecorporatevaluationmodeldevelopedbyOhlson(1989)hasbeenattheforefrontofaccountingresearchoverthelastdecade.Rees(1997)andAkbarandStark(2003)discoverthatdividendshaveapositiveinfluenceoncorporatevaluationintheUK.GinerandRees(1999)repeattheRe

5、es(1997)andAkbarandStark(2003)resultsfortheUSAandSpainrespectively.Thepositiveimpactofdividendsoncompanyvaluationcouldbeattributedtothefactthattheysignalmanagers’privateinformationaboutfutureprofitability(Rees1997;AkbarandStark2003),andbecausetheyareaproxyfor

6、investors’mispricingofcurrentearningsorbookvalue(HandandLandsman2005).Thetypicaleconometricapproachforthestudiesmentionedaboveistouseasampleofobservationstakenformanycompaniesoverseveraltimeperiods,withestimationbeingbasedonOLSpooledtechniques(wherealltheyear

7、sareassumedidentical).Animplicitassumptionmadeinthismethodologyisthattheexplanatoryvariablesinthecorporatevaluationmodelfollowastationaryprocess.ItiswellestablishedthattheuseofOLSregressiontoanalyseanonstationaryseriescanleadtoseriousproblemsforinferentialsta

8、tistics.Thisisbecausetheresidualtermgeneratedfromtheregressionisseriallycorrelatedthroughtime.Theviolationoftheassumptionthatresidualtermsareindependentanduncorrelatedtypicallyleadstoanun