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ID:52481387
大小:94.00 KB
页数:10页
时间:2020-03-28
《外文翻译--股利政策:一个综述.doc》由会员上传分享,免费在线阅读,更多相关内容在工程资料-天天文库。
1、外文原文Dividendpolicy:areview1.IntroductionExplainingdividendpolicyhasbeenoneofthemostdifficultchallengesfacingfinancialeconomists.Despitedecadesofstudy,wehaveyettocompletelyunderstandthefactorsthatinfluencedividendpolicyandthemannerinwhichthesefactorsinteract.AllenandMichaely(1995)concl
2、udethat"muchmoreempiricalandtheoreticalresearchonthesubjectofdividendsisrequiredbeforeaconsensuscanbereached"(p.833).ThefactthatamajortextbooksuchasBrealeyandMyers(2002)listsdividendsasoneofthetenimportantunsolvedproblemsinfinancereinforcesthisconclusion.Thefirstempiricalstudyofdivide
3、ndpolicywasprovidedbyLintner(1956),whosurveyedcorporatemanagerstounderstandhowtheyarrivedatthedividendpolicy.Lintnerfoundthatanexistingdividendrateformsabenchmarkforthemanagement.Companies,managementusuallydisplayedastrongreluctancetoreducedividends.Lintneropinedthatmanagersusuallyhav
4、ereasonablydefinitivetargetpayoutratios.Overtheyears,dividendsareincreasedslowlyataparticularspeedofadjustment,sothattheactualpayoutratiomovesclosertothetargetpayoutratio.2.DividendirrelevanceandtaxclientelesWhileLintner(1956)providedthestylisticdescriptionofdividends,thewatershedinth
5、etheoreticalmodellingofdividendswasalmostsurelytheclassicpaperMillerandModigliani(1961),whichfirstproposeddividendirrelevance.Essentially,theirmodelisaone-periodmodelundercertainty.Givenafirm'sinvestmentprogram,thedividendpolicyofthefirmisirrelevanttothefirmvalue,sinceahigherdividendw
6、ouldnecessitatemoresaleofstocktoraisefinancesfortheinvestmentprogram.Thecrucialassumptionhereisthatthefuturemarketvaluewillremainunaffectedbycurrentdividends.Theargumentrestsontheassumptionsthattheinvestmentprogramisdeterminedindependentlyandthateverystockholderearnsthesamereturn(i.e.
7、thediscountrateremainsconstant).MillerandModigliani'sdividend-irrelevanceargumentiselegant,butthisdoesnotexplainwhycompanies,thepublic,investmentanalystsaresointerestedindividendannouncements.Clearly,theobservedinterestindividendannouncementmustberelatedtosomeviolationoftheMillerandMo
8、digli
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