股利政策：一个综述[文献翻译]

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1、外文文献翻译一、外文原文原文：Dividendpolicy:areview1.IntroductionExplainingdividendpolicyhasbeenoneofthemostdifficultchallengesfacingfinancialeconomists.Despitedecadesofstudy,wehaveyettocompletelyunderstandthefactorsthatinfluencedividendpolicyandthemannerinwhichthesefactorsinteract.Allena

2、ndMichaely(1995)concludethat‘‘muchmoreempiricalandtheoreticalresearchonthesubjectofdividendsisrequiredbeforeaconsensuscanbereached’’(p.833).ThefactthatamajortextbooksuchasBrealeyandMyers(2002)listsdividendsasoneofthetenimportantunsolvedproblemsinfinancereinforcesthisconclusi

3、on.ThefirstempiricalstudyofdividendpolicywasprovidedbyLintner(1956),whosurveyedcorporatemanagerstounderstandhowtheyarrivedatthedividendpolicy.Lintnerfoundthatanexistingdividendrateformsabenchmarkforthemanagement.Companies’managementusuallydisplayedastrongreluctancetoreducedi

4、vidends.Lintneropinedthatmanagersusuallyhavereasonablydefinitivetargetpayoutratios.Overtheyears,dividendsareincreasedslowlyataparticularspeedofadjustment,sothattheactualpayoutratiomovesclosertothetargetpayoutratio.2.DividendirrelevanceandtaxclientelesWhileLintner(1956)provid

5、edthestylisticdescriptionofdividends,thewatershedinthetheoreticalmodellingofdividendswasalmostsurelytheclassicpaperMillerandModigliani(1961),whichfirstproposeddividendirrelevance.Essentially,theirmodelisaone-periodmodelundercertainty.Givenafirm’sinvestmentprogram,thedividend

6、policyofthefirmisirrelevanttothefirmvalue,sinceahigherdividendwouldnecessitatemoresaleofstocktoraisefinancesfortheinvestmentprogram.Thecrucialassumptionhereisthatthefuturemarketvaluewillremainunaffectedbycurrentdividends.Theargumentrestsontheassumptionsthattheinvestmentprogr

7、amisdeterminedindependentlyandthateverystockholderearnsthesamereturn(i.e.thediscountrateremainsconstant).MillerandModigliani’sdividend-irrelevanceargumentiselegant,butthisdoesnotexplainwhycompanies,thepublic,investmentanalystsaresointerestedindividendannouncements.Clearly,th

8、eobservedinterestindividendannouncementmustberelatedtosomeviolationoftheMil