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ID:9898042
大小:59.00 KB
页数:10页
时间:2018-05-14
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1、原文:Dividendpolicy:TheIssues1.IntroductionThedeterminantsofdividendpolicyareacontinuingpuzzle,asnotedbyBlack(1976).Inthispaperwereviewthemajorissuesindividendpolicyandrelatethemtosomeofthethemesexploredincompanionpapersinthisvolume.Thepaperisdividedint
2、ofivesections.Section2surveystheliteratureontheinformationsignallingpropertiesofdividends.Section3discussessometaxissuesrelatedtodividendpolicyandsection4drawsonsomeagencycostsexplanationsfordividendpayments.Theconclusiondrawstogethertheargumentsandhi
3、ghlightssomeoftheunresolvedissues.2.DividendpolicyandinformationsignallingIntheirclassicpaper,MillerandModigliani(1961)provideacogentargumentfortheclaimthatdividendpolicydoesnotaffectthevalueofthefirm.Theyassumeaworldwithouttransactionscostsandtaxes,a
4、giveninvestmentpolicyandfullyinformedinvestors.Inthesecircumstancesitfollowsthat"theirrelevanceofdividendpolicy,giveninvestmentpolicy,is'obvious,onceyouthinkofit'"(p.414).Withagivenlevelofinvestment,ifafirmchoosestopayadollarmoreofdividendnow,itwillha
5、vetoraiseanextradollarofexternalfinancetosupportitsinvestment:Thehighercurrentdividendtoexistingshareholderswillbeexactlyoffsetbyadecreaseinfuturedividendsasthefirmmustnowpaydividendstoitsnewshareholders.Intheabsenceoftaxeffectsandtransactionscostsand
6、givenfullinformation,thevalueofthefirmtoexistingshareholderswillnotbeaffectedbyitsdividendpolicy.Dividendpolicyisthereforeirrelevant.MillerandModigliani(1961)notethatthe"informationalcontent"ofdividendsisassumedabsentfromtheirmodel.Theynote,however,th
7、atinpractice"whereafirmhasadoptedapolicyofdividendstabilizationwithalong-establishedandgenerallyappreciated'targetpayoutratio',investorsarelikelyto(andhaveagoodreasonto)interpretachangeindividendrateasachangeinmanagement'sviewsoffutureprofitprospectsf
8、orthefirm".ThisechoedthestancerecordedbyLintner(1956)inhissurveyofU.S.companypracticeswhichledhimtodevelopthe'partialadjustment'modelofdividendbeha-viour.Lintnersuggeststhattheprimarydeterminantofdividendpaymentsistherelationshipbetweentheexis
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