从管理视角再次审视过去的股利政策【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：RevisitingManagerialPerspectivesonDividendPolicyIntroductionOneofthemorepuzzlingissuesincorporatefinanceinvolvesdividends.MillerandModigliani(1961)provideacompellingandwidelyacceptedargumentfordividendirrelevanceinaworldwithperfectcapitalmarkets.Manyyearslater,Miller(198

2、6)recognizedthattheobservedpreferenceforcashdividendsisoneofthe"softspotsinthecurrentbodyoftheory."Sowhydocorporationspaydividends,andwhydoinvestorscare?Black(1976)oncedescribedthisissueasadividend"puzzle"with"piecesthatjustdon'tseemtofit."Tohelpexplainthispuzzle,financialeconomistsdevel

3、opedvarioustheories-signaling,tax-preference,agencycosts,andbird-in-the-handexplanations.TheprofusionoftheoriesledAng(1987,p.55)toobserve,“Thus,wehavemovedfromapositionofnotenoughgoodreasonstoexplainwhydividendsarepaidtooneoftoomany."Advocatesofbehavioralfinance,suchasShefrinandStatman(1

4、984),introducedconceptssuchasprospecttheoryandmentalaccountingtoexplainwhyinvestorslikedividends.Statman(1997)contendsthatsolvingthedividendpuzzleisimpossiblewhileignoringthepatternsofnormalinvestorbehavior.Today,corporatemanagersareleftwithavastandoftenconflictingbodyofresearchaboutdivi

5、dends.Onewaytoenhanceourunderstandingofwhycorporationspaydividendsistoexaminetheviewsofmanagerswhoareresponsibleformakingsuchdecisions.Pastfieldworkandsurveyshaveprovidedimportantinsightsintohowmanagersdeterminetheirfirm'sdividendpayoutsandtheirviewsaboutvariousdividendpolicyissues.Forex

6、ample,Lintner(1956)conductedtheseminalfieldstudyaboutthedeterminationofdividendpolicy.OtherresearchersincludingBaker,Farrelly,andEdelman(1985)andBakerandPowell(1999)surveyedmanagerstoobtaintheirviewsaboutdividendpolicy.Suchstudiescomplementothertypesofempiricalresearchondividendpolicy.Ou

7、rstudyexamineshowmanagersviewdividendpolicybutusesadifferentdatasettoextendandrefinethescopeofprevioussurveyresearch.Specifically,wesurveycorporatemanagersofNASDAQfirmsthatconsistentlypaycashdividendstodeterminetheirviewsaboutDividendpolicy,therelationshipbetweendividendp