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1、本科毕业论文（设计）外文翻译原文：TheImpactofDividendPolicyonShareholders’Wealth1.IntroductionInanever-increasingIndianeconomy,globalization,liberalizationandprivatizationtogetherwithrapidstridesmadebyinformationtechnology,havebroughtintensecompetitionineveryfieldofactiv
2、ity.So,Indiancompaniesatpresentaredazed,confused,andapprehensive.Tomaintainthecompetitivenessof,andaddvaluetothecompanies,today’sfinancemanagershavetomakecriticalbusinessandfinancialdecisionswhichwillleadtolong-runperspectivewiththeobjectiveofmaximizingt
3、heshareholders’wealth.Shareholders’wealthisrepresentedinthemarketpriceofthecompany’scommonstock,which,inturn,isthefunctionofthecompany’sinvestment,financinganddividenddecision.Managements'primarygoalisshareholders'wealthmaximization,whichtranslatesintoma
4、ximizingthevalueofthecompanyasmeasuredbythepriceofthecompany’scommonstock.Shareholderslikecashdividends,buttheyalsolikethegrowthinEPSthatresultsfromploughingearningbackintothebusiness.Theoptimaldividendpolicyistheonethatmaximizesthecompany'sstockpricewhi
5、chleadstomaximizationofshareholders'wealthandtherebyensuresmorerapideconomicgrowth.Thepresentstudyisintendedtostudyhowfarthedividendpayouthasimpactonshareholders'wealthingeneral;andinparticulartostudytherelationshipbetweentheshareholders'wealthandthedivi
6、dendpayoutandtoanalyzewhetherthelevelofdividendpayoutaffectsthewealthoftheshareholders.2.StatementoftheProblemsInIndiafewstudieshaveanalyzedtherelationshipbetweentheshareholders'wealthanddividendpayment.Netearningsaredividedintotwoparts–retainedearningsa
7、nddividends.Theretainedearningsofthebusinessmaybereinvestedandtreatedasasourceoflong-termfunds.Thedividendshouldbedistributedtotheshareholdersinordertomaximizetheirwealthastheyhaveinvestedtheirmoneyintheexpectationofbeingmadebetterofffinancially.Therefor
8、e,thepresentstudymainlyanalyseshowfarthelevelofdividendpayoutaffectstheshareholders'wealth,particularlyin(OrganicandInorganic)ChemicalCompaniesinIndia.3.ObjectivesoftheStudy•Tostudytherelationshipbetweendividendpayoutandsh
