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1、外文翻译原文TheCapitalStructurePuzzleMaterialSource:PaperResourcesAuthor:StewartC.MyersTHISPAPER'STITLEISINTENDEDtoremindyouofFischerBlack'swell-knownnoteon"TheDividendPuzzle,"whichheclosedbysaying,"Whatshouldthecorporationdoaboutdividendpolicy?Wedon'tknow."Iwillstartbyasking,"H
2、owdofirmschoosetheircapitalstructures?"Again,theansweris,"Wedon'tknow."Thecapitalstructurepuzzleistougherthanthedividendone.Weknowquiteabitaboutdividendpolicy.JohnLintner'smodelofhowfirmssetdividends1201datesbackto1956,anditstillseemstowork.Weknowstockpricesrespondtounanti
3、cipateddividendchanges,soitisclearthatdividendshaveinformationcontent-thisobservationdatesbackatleasttoMillerandModigliani(MM)in1961.Wedonotknowwhetherhighdividendyieldincreasestheexpectedrateofreturndemandedbyinvestors,asaddingtaxestotheMMproofofdividendirrelevancesuggest
4、s,butfinancialeconomistsareatleasthammeringawayatthisissue.Bycontrast,weknowverylittleaboutcapitalstructure.Wedonotknowhowfirmschoosethedebt,equityorhybridsecuritiestheyissue.Wehaveonlyrecentlydiscoveredthatcapitalstructurechangesconveyinformationtoinvestors.Therehasbeenli
5、ttleifanyresearchtestingwhethertherelationshipbetweenfinancialleverageandinvestors'requiredreturnisasthepureMMtheorypredicts.Ingeneral,wehaveinadequateunderstandingofcorporatefinancingbehavior,andofhowthatbehavioraffectssecurityreturns.Idonotwanttosoundtoopessimisticordisc
6、ouraged.Wehaveaccumulatedmanyhelpfulinsightsintocapitalstructurechoice,startingwiththemostimportantone,MM'sNoMagicinLeverageTheorem(Proposition1)1311.Wehavethoughtlongandhardaboutwhattheseinsightsimplyforoptimalcapitalstructure.Manyofushavetranslatedthesetheories,orstories
7、,ofoptimalcapitalstructureintomoreorlessdefiniteadvicetomanagers.Butourtheoriesdon'tseemtoexplainactualfinancingbehavior,anditseemspresumptuoustoadvisefirmsonoptimalcapital7structurewhenwearesofarfromexplainingactualdecisions.Ihavedonemorethanmyshareofwritingonoptimalcapit
8、alstructure,soItakethisopportunitytomakeamends,andtotrytopushresearchinsomenewdirections.
