从管理视角再谈股利政策

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1、原文：RevisitingManagerialPerspectivesonDividendPolicyMuchempiricalresearchexistsinvestigatingwhetherdividendpolicyaffectsfirmvalue.GrahamandDodd(1951)andGordon(1959)arguethatanincreaseinthedividendpayoutincreasesstockprice(value)andlowersthecostofequity,butempiricalsupportforthispositionis

2、weak.OtherssuchasLitzenbergerandRamaswamy(1979,1982),Blume(1980),andAngandPeterson(1985)taketheoppositeposition.Theirstudiesreportthatstockswithhighdividendpayoutratioshavehigherrequiredreturnsandthereforelowerprices.StillotherssuchasBlackandScholes(1974),MillerandScholes(1978,1982),Mill

3、er(1986),andBemstein(1996)maintainthatdividendpolicymakesnodifferencebecauseithasnoeffectoneitherstockpricesorthecostofequity.Researchershavetestedthesealternativetheoriesofdividendpolicybuthavenotobtainedconclusiveresults.Thus,theissueofwhichexplanationofdividendpolicyismostcorrectremai

4、nsunresolved.Weaddressthreemajorresearchquestionsinthisstudy.First,whatviewsdoNasdaqmanagersfromdividend-payingfirmshaveonthedividend-settingprocess?WeexpectthatoursurveyrespondentsstronglyagreewithstatementsinvolvingLintner's(1956)modelondividendpolicy.Lintner'sfamousinvestigationofdivi

5、dendpolicystressesthatfirmsonlyincreasedividendswhenmanagementbelievesthatearningshavepermanentlyincreased.Aspreviouslydiscussed,muchsupportexistsforLintner'sdescriptionofhowfirmssettheirdividendpayments.WeexpecttheNasdaqfirmsstudied,allofwhichhaveestablishedpatternsofpayingdividends,toh

6、oldsimilarviews.Second,docorporatemanagersofdividend-payingNasdaqfirmsbelieveafirm'sdividendpayoutcanaffectfirmvalue?Basedonasetofhighlyrestrictiveassumptions,MillerandModigliani(1961)contendthatdividendpolicyhasnoeffectoneitherthepriceofafirm'sstockoritscostofcapital.Weexpectthatmanager

7、sgenerallybelievethatdividendpolicymattersbecausetheyoperateinaworldinwhichmarketimperfectionscanmakedividendpolicyrelevant.Therefore,weexpecttoobservegeneralagreementbymanagersofNasdaqfirmsparticipatinginourstudywithstatementsrelatingtotherelationshipbetweendividendpolic