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ID:11250017
大小:72.00 KB
页数:10页
时间:2018-07-11
《外文翻译--股利政策:一个综述》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库。
1、外文原文Dividendpolicy:areview1.IntroductionExplainingdividendpolicyhasbeenoneofthemostdifficultchallengesfacingfinancialeconomists.Despitedecadesofstudy,wehaveyettocompletelyunderstandthefactorsthatinfluencedividendpolicyandthemannerinwhichthesefactorsinteract.AllenandMichaely(1995)concludethat‘‘mu
2、chmoreempiricalandtheoreticalresearchonthesubjectofdividendsisrequiredbeforeaconsensuscanbereached’’(p.833).ThefactthatamajortextbooksuchasBrealeyandMyers(2002)listsdividendsasoneofthetenimportantunsolvedproblemsinfinancereinforcesthisconclusion.Thefirstempiricalstudyofdividendpolicywasprovidedb
3、yLintner(1956),whosurveyedcorporatemanagerstounderstandhowtheyarrivedatthedividendpolicy.Lintnerfoundthatanexistingdividendrateformsabenchmarkforthemanagement.Companies’managementusuallydisplayedastrongreluctancetoreducedividends.Lintneropinedthatmanagersusuallyhavereasonablydefinitivetargetpayo
4、utratios.Overtheyears,dividendsareincreasedslowlyataparticularspeedofadjustment,sothattheactualpayoutratiomovesclosertothetargetpayoutratio.2.DividendirrelevanceandtaxclientelesWhileLintner(1956)providedthestylisticdescriptionofdividends,thewatershedinthetheoreticalmodellingofdividendswasalmosts
5、urelytheclassicpaperMillerandModigliani(1961),whichfirstproposeddividendirrelevance.Essentially,theirmodelisaone-periodmodelundercertainty.Givenafirm’sinvestmentprogram,thedividendpolicyofthefirmisirrelevanttothefirmvalue,sinceahigherdividendwouldnecessitatemoresaleofstocktoraisefinancesforthein
6、vestmentprogram.Thecrucialassumptionhereisthatthefuturemarketvaluewillremainunaffectedbycurrentdividends.Theargumentrestsontheassumptionsthattheinvestmentprogramisdeterminedindependentlyandthateverystockholderearnsthesamereturn(i.e.thediscountrateremainsconstant).MillerandModigliani’sdividend-ir
7、relevanceargumentiselegant,butthisdoesnotexplainwhycompanies,thepublic,investmentanalystsaresointerestedindividendannouncements.Clearly,theobservedinterestindividendannouncementmustberelatedtosomeviolationoftheMillerandModig
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